Quant (QNT) posted a sharp rally, rising 342.1% over the past seven days and 97.6% in the last 24 hours to trade at $298.75, according to market data cited by PANews on Sept. 28. The move came after a Sept. 24 announcement that The Clearing House, a U.S. clearing house operator, will use Quant’s technology to support its “regulated liability network” style on-chain money initiative, referred to in the report as the “on-chain money program.”
According to the announcement, the project is designed as a new interoperable payments network that would allow financial institutions of different sizes to clear and settle tokenized deposit transactions. Quant’s technology will provide the network’s interoperability, orchestration, and transaction management layer, coordinating how those tokenized deposit transactions are processed. The system is also intended to connect with the fiat payment rails already used by banks and their clients, including the RTP and CHIPS networks.
The report added that The Clearing House operates U.S. payment networks and processes more than $2 trillion in clearing and settlement volume every day through wire transfers, ACH, check image, and real-time payments.
Quant (QNT) rose 342.1% over the past seven days and 97.6% in the last 24 hours, with the token quoted at $298.75, according to market data cited by PANews.
The Clearing House selects Quant for technical support
A Sept. 24 official announcement said The Clearing House will use Quant, a provider of programmable money infrastructure, to support its on-chain money program.
The project is described as a new interoperable payments network designed to let financial institutions of different sizes clear and settle tokenized deposit transactions. Quant’s technology will support the network’s interoperability, orchestration, and transaction management layer, coordinating the clearing and settlement of those tokenized deposit transactions.
The same technology will also connect with existing fiat payment systems used by financial institutions and their clients, including the RTP and CHIPS networks.
Scale of The Clearing House network
The Clearing House operates payment networks in the United States and processes more than $2 trillion in clearing and settlement activity each day through wire transfers, automated clearing house (ACH), check image, and real-time payments.
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