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Quant selected for software in The Clearing House tokenized deposits network
The Sept. 24 deal assigns Quant a role in moving tokenized deposit representations between institutions, but it does not clarify whether Quant's QNT token is required for those transactions.
The Clearing House, a bank-owned US payments operator, has selected Quant to supply software for a planned network that will support tokenized bank deposits across institutions, according to CryptoSlate. The September 24 deal positions Quant for the layer that connects systems, orchestrates activity, and manages transactions as deposit representations move between participating banks.
CryptoSlate reports that while Quant will be involved in moving digital representations of bank deposits, the agreement does not address whether the transactions require Quant's QNT utility token. The Clearing House said its On-Chain Money Initiative, announced in June, is designed to help banks clear and settle tokenized commercial-bank deposits across institutions, with settlement and payments triggered when agreed conditions are met.
The initiative is intended to connect tokenized deposit activity to established fiat payment systems, so bank money can move between on-chain and conventional infrastructure, CryptoSlate added. Unlike a publicly issued stablecoin, a tokenized deposit is described as a claim on the issuing bank.
In market terms, CryptoSlate noted that QNT registered an intraday high of $373 on Sept. 27, then retraced on Sept. 28 to an intraday low of $195.35 before rebounding. The article also says The Clearing House selected Quant on Sept. 24 as part of the network's system layer.