The news
On September 24, 2026, The Clearing House, the bank-owned operator of the RTP and CHIPS payment networks, said it has chosen Quant to supply the technology for its On-Chain Money Initiative, a planned network for clearing and settling tokenized deposits between banks.
According to The Clearing House's announcement, Quant's software will let participants' systems work together, orchestrate and manage transactions, and coordinate how tokenized deposit payments clear and settle, with links to the fiat payment systems banks already use.
The Clearing House describes tokenized deposits as digital versions of bank deposits that keep a deposit's protections and regulatory oversight but are recorded and transferred in a new way, moving automatically under conditions institutions set beforehand. The network will link to RTP, its instant payments system, and CHIPS, its high-value payments system.
The network is expected to be available to participating institutions in the first half of 2027, with details on participation and use cases to come. Target uses include corporate treasury, liquidity management, cross-border payments and settlement of digital assets.
Sal Karakaplan, The Clearing House's chief strategy officer, said interbank infrastructure for tokenized deposits "requires proven technology that can scale." Gilbert Verdian, Quant's founder and CEO, said tokenized deposits have become the standard way banks move money on-chain.
The initiative was unveiled on June 5, 2026, with 17 institutions named in that announcement, including Bank of America, BNY, Citi, HSBC, J.P. Morgan, PNC, Truist, U.S. Bank and Wells Fargo. At the time, The Clearing House said the network would support 24/7 settlement with automated workflows and richer transaction data, and listed uses such as programmable treasury operations, real-time liquidity management and agentic commerce, in which software agents initiate payments.
The numbers
- Target availability
- First half of 2027
- Institutions named at June 2026 launch
- 17
- Canadian banks in joint tokenized deposit project
- 6
Why CEOs should care
For corporate treasurers, tokenized deposits are an alternative to stablecoins, as the Bank for International Settlements' general manager has argued: money that moves around the clock on-chain while remaining a regulated bank deposit. Ask your banks whether they plan to join, which of your payment flows could move first, how the service will connect to your enterprise resource planning (ERP) and treasury systems, and what cut-off times and fees would apply compared with RTP or wires.
For CFOs weighing stablecoins, the choice is no longer just crypto versus traditional rails. Tokenized deposits keep deposit protections and sit inside existing bank relationships, while stablecoins may offer wider reach outside the banking system. A useful exercise is to map which counterparties could accept each option in 2027. Community banks and credit unions face a related question: The Clearing House describes the network as open to institutions of all sizes, but participation terms are not yet public, so leaders should ask their core processors and correspondent banks how they would connect and at what cost.
For CISOs and bank technology leaders, the network adds a new critical vendor and new infrastructure. Ask how Quant's software will be governed, tested and audited, how keys and permissions are managed, and how failures would be handled across RTP, CHIPS and the on-chain layer.
The bigger picture
Banks in several countries are moving at the same time. On September 22, 2026, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group said they are jointly exploring Canadian-dollar digital money, starting with tokenized deposits. The first phase covers transfers between Canadian financial institutions; longer term, the banks aim to connect with other digital asset initiatives and expect other deposit-takers to join. Meanwhile, at the Jackson Hole symposium in late August, the Bank for International Settlements' general manager, Pablo Hernandez de Cos, argued that tokenized deposits have an edge over stablecoins because they operate within the two-tier banking system, Banking Dive reported on September 2. A day earlier, Banking Dive reported that 21 institutions, among them Wells Fargo, Bank of America, Citi and PNC (all named in The Clearing House initiative) plus TD and Scotiabank from the Canadian project, back a stablecoin expected to go to market in the first half of 2027, the same window as The Clearing House network. Large banks are pursuing both approaches.
For The Clearing House, the design adds an on-chain layer alongside its existing networks rather than replacing them. Its June 5 and September 24, 2026 announcements both describe a connectivity layer linking blockchain settlement with RTP, CHIPS and other fiat payment systems banks already run.
What’s next
The Clearing House said more details on participation and use cases will follow as development continues. Watch for the list of banks committing to the first phase, pricing, the rules for smaller institutions and whether the U.S. and Canadian efforts eventually connect.
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