A clearinghouse mechanism for tokenized bank deposits, breaking the liquidity silos of commercial banks.

The U.S. Clearing House has selected London-based Quant to run the orchestration layer for its On-Chain Money network, a shared interbank settlement hub for tokenized commercial bank deposits that is slated to open to U.S. banks in the first half of 2027. The move aims to break the "walled garden" problem in which tokenized deposits—such as those on JPMorgan's Kinexys platform, which handles roughly $7 billion in daily volume—remain confined to individual banks' ledgers and cannot cross KYC boundaries. The stakes are liquidity efficiency: CHIPS clears more than $2 trillion daily while requiring only about $96 billion in liquidity thanks to multilateral netting, saving member banks an estimated $5.5 billion a year, whereas Kinexys' daily volume equals just 0.3% of CHIPS. The same day, Quant also won a UK contract backing a seven-bank tokenized deposit platform—including Barclays, HSBC, Lloyds and NatWest—that completed two remortgage transactions on September 24. The effort puts the Clearing House, owned by about 25 of the largest U.S. banks, in competition with Swift's shared-ledger pilot (17 banks, targeting 19 banks and five currencies by end-2026), the ZKsync-based Cari network from U.S. regional banks, and the ECB's privately built Pontes link, which went live September 21. Watch whether the network's 2027 launch stays on schedule and whether competing bank consortia converge on a single U.S. interbank standard.