Quant’s QNT token climbed more than threefold over the past week. CoinGecko data cited in the source report showed QNT trading near $61 in mid-September and rising to about $268 by Monday afternoon Taiwan time, a 7-day gain of roughly 309%. Over the past 24 hours, the token swung sharply between $158 and $358.
TCH selects Quant for tokenized deposit network
The main catalyst came from The Clearing House, or TCH, a core clearing institution in the U.S. banking system. On Sept. 24, TCH announced that Quant will provide technology for its On-Chain Money Initiative.
The project is described as a new payments network for clearing and settling tokenized deposit transactions among financial institutions. Quant will provide the interoperability, orchestration and transaction management layer, while also linking the network to TCH’s existing RTP real-time payments system and the CHIPS large-value payments system. The launch is expected in the first half of 2027.
Sal Karakaplan, chief strategy officer at TCH, said building interbank infrastructure for tokenized deposits requires proven and scalable technology. Quant founder and CEO Gilbert Verdian said tokenized deposits have already become the main way for banks to move money on-chain, and added that TCH sits at the center of the U.S. banking system.
25 large financial institutions have committed to the plan
According to Forkast, TCH’s current systems clear and settle more than $2 trillion each day. The report said the initiative has already secured commitments from 25 large financial institutions, including Bank of America, JPMorgan, Citi, Wells Fargo, BNY Mellon and U.S. Bank.
UK banks have already completed real payments through Quant
A separate catalyst came from the UK. Forkast reported that Barclays, HSBC UK, Lloyds, NatWest, Nationwide, Santander and Monzo have this month completed real customer payments using tokenized pound deposits through Quant’s Overledger platform.
One development involves core clearing infrastructure in the United States. The other involves live payment activity at major UK banks. Together, those developments have pushed Quant into the market spotlight as a technology provider for bank tokenization efforts.
Heavy trading came with sharp volatility
The rally was also accompanied by pronounced volatility. On-chain analyst Ai Yi said QNT recorded about $8.28 billion in 24-hour trading volume, while futures open interest stood at only about $158 million. Price action, according to the report, fell back from around $373 to near $273.
Quotes and intraday highs varied across platforms, but the broad picture was the same: trading activity surged and price swings remained extreme.
Tokenized deposits are gaining traction with banks
The broader theme behind the move is the banking sector’s use of tokenized deposits as a response to stablecoins. The source article noted that Chain News had previously reported that Canada’s six largest banks are also studying tokenized Canadian dollar deposits, while Taiwan’s Financial Supervisory Commission has opened pilot programs for bank deposit tokens.
In the framing used by the report, tokenized deposits preserve the regulatory protections tied to bank deposits while allowing funds to move instantly on-chain. For banks, that makes them easier to align with regulation than issuing stablecoins directly.
Revenue realization remains further out
Still, the report noted a gap between QNT’s current market price and the actual revenue that may eventually come from these partnerships. TCH’s network is not expected to go live until the first half of 2027.
Based on the details available so far, QNT is trading on a mix of identifiable business momentum and very high short-term speculation.