The Clearing House Picks Quant to Bridge US Banks' Tokenised Deposit Platforms
Key points
- TCH selected Quant in September 2026 to deliver the interoperability, orchestration, and transaction management layer for the On-Chain Money Initiative, with a target launch in the first half of 2027.
- The initiative is designed to connect separate tokenised deposit platforms operated by large US banks via APIs, enabling payments between customers of different institutions.
- TCH will use its existing RTP and CHIPS infrastructure to handle interbank settlement in central bank money as part of the solution.
- Quant is already providing equivalent functionality to the Great British Tokenised Deposit programme, which has completed its first live customer transactions.
- Target use cases include cross-border payments, treasury liquidity management, and settlement of digital asset transactions.
The Clearing House (TCH) has chosen Quant to supply the interoperability, orchestration, and transaction management layer for its On-Chain Money Initiative, a project designed to let customers of different US banks make payments across their respective tokenised deposit platforms. TCH announced the initiative in June with a target launch in the first half of 2027.
Today’s large US banks each operate tokenised deposit solutions that serve only their own clients. By connecting these siloed platforms via application programming interfaces (APIs), the TCH solution would extend the reach of tokenised deposits to interbank payments, with banks also settling obligations among themselves through TCH’s existing infrastructure. That positioning is significant: TCH already operates the RTP and CHIPS networks, which handle interbank settlement in central bank money, making it a natural anchor for any on-chain clearing layer.
Quant brings relevant precedent to the mandate, having provided comparable functionality to the Great British Tokenised Deposit (GBTD) programme, which recently completed its first live customer transactions. The functionality TCH is targeting includes instant settlement, conditional payment triggers, cross-border payments, treasury liquidity management, and the settlement of digital asset transactions.
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