TCH Selects Quant for Tokenized Deposit Network

The Clearing House selected Quant to provide the interoperability and transaction-management layer for its planned On-Chain Money Initiative, a network intended to clear and settle tokenized deposits between financial institutions. The announcement, made September 24, sets Quant’s role in a project first announced in June; it does not mean the network is live. The Clearing House expects participating institutions to get access in the first half of 2027, according to its announcement.

What part of the network will Quant provide?

Quant will coordinate interoperability, orchestration and transaction management for clearing and settlement of tokenized deposit transactions, while connecting the network to existing fiat payment systems, including The Clearing House’s RTP and CHIPS networks. Quant says it was selected after a competitive process. Neither announcement describes a bridge contract or a specific blockchain-to-blockchain transfer mechanism: the disclosed role is a network layer that coordinates transactions and connects on-chain activity to established payment rails.

The June plan set out the broader architecture: on-chain clearing and settlement of tokenized deposits between banks, plus a connectivity layer between blockchain-based activity and fiat rails. The Clearing House said the design would use existing regulatory, operational and settlement frameworks alongside blockchain programmability and interoperability. It is owned by 25 of the largest U.S. financial institutions and operates payment networks that, according to the organization, clear and settle more than $2 trillion each day. Those existing rails provide the initiative’s connection to conventional commercial bank money; the new network is intended to handle tokenized deposits.

What remains unspecified about the interoperability?

The September announcement does not name supported chains, message standards, settlement-finality rules, custody arrangements or the mechanism for reconciling a tokenized deposit transfer with a payment on RTP or CHIPS. It also does not say whether the network will use public, private or bank-operated ledgers. Quant describes its layer as coordinating clearing and settlement, but the release does not detail how transaction state will be verified across systems or what happens if one leg fails.

That leaves an important distinction between the project’s stated goal and its implementation details. The June announcement described a bank-led network for tokenized commercial deposits and fiat-rail connectivity; the September release assigned Quant a technical role and set a target availability window. Neither release reports a completed deployment or independent technical verification. Quant separately says its technology has been deployed in regulated environments, but that statement does not establish that this particular network is built or operating.

When is the network expected to open?

The Clearing House says access for participating institutions is expected in the first half of 2027, with participation and use-case details to come as development progresses. The initiative is aimed at corporate treasury, liquidity management, cross-border payments and digital-asset settlement. Quant says it will also offer its Tokenized Deposits-as-a-Service platform to U.S. institutions that process through The Clearing House but lack tokenized-deposit capability. That is a separate bank-side service described by Quant; the announcement does not specify which institutions will use it or how it will connect technically to the shared network.

The project therefore has a named infrastructure provider and a planned launch window, but its chain support and settlement design remain undisclosed. The primary accounts are The Clearing House’s June announcement and Quant’s account of its selection.