US bank group taps Quant for tokenized deposits, but QNT’s role is left in doubt

Bank-owned US payments operator The Clearing House has chosen Quant to supply software for a planned network for tokenized bank deposits.The September 24 deal gives Quant a role in moving digital representations of bank deposits between institutions, but it doesn't address whether those transactions require Quant's QNT utility token.QNT registered an intraday high of $373 on Sept. 27, but retraced heavily on Sept. 28, registering an intraday low of $195.35 before rebounding.What Quant will provideThe Clearing House announced its On-Chain Money Initiative in June as a way for banks to clear and settle tokenized commercial-bank deposits across institutions. Unlike a publicly issued stablecoin, a tokenized deposit remains a claim on the issuing bank.The planned network would connect this activity to established fiat payment systems, so bank money could move between on-chain and conventional infrastructure. The Clearing House says it aims to support immediate settlement and payments that trigger when agreed conditions are met.On Sept. 24, The Clearing House selected Quant for the layer that connects systems, orchestrates activity and manages transactions. Its technology is also intende...