The Clearing House picks Quant Network to build its tokenized-deposit settlement layer

The Clearing House, the payments utility owned by a consortium of the largest U.S. banks and operator of the RTP real-time payments network and the CHIPS wire system, has selected Quant Network to provide the core technology behind its On-Chain Money Initiative — a new network aimed at letting financial institutions clear and settle tokenized deposits.

Under the arrangement, Quant supplies the interoperability, orchestration and transaction-management layer that connects the tokenized-deposit network back to the fiat rails banks already rely on, including RTP and CHIPS. The goal is to let banks issue and move tokenized representations of commercial bank deposits — the digital ledger entries that make up ordinary checking and savings balances — while preserving the connection to the existing regulated payments system rather than routing around it.

Tokenized deposits differ from stablecoins issued by non-bank companies in a structural way: they remain liabilities of a regulated depository institution rather than claims on an external reserve pool. The Clearing House initiative is designed to let banks of varying size and technical sophistication participate, which is why Quant’s offering includes a Tokenized Deposits-as-a-Service option aimed at institutions that do not want to build tokenization infrastructure internally. The initiative is intended to support immediate settlement and automated, condition-based transactions — for example, payments that execute automatically once a specified condition is met, without manual intervention.

The network is scheduled to become available to participating financial institutions in the first half of 2027. It arrives alongside a broader wave of bank-led tokenization efforts, including JPMorgan’s own JPMD deposit token and Kinexys platform, as major banks position infrastructure for a payments system in which tokenized bank money and non-bank stablecoins increasingly compete for the same settlement use cases.