Clearing House names Quant as technology partner for US on-chain money initiative
Clearing House names Quant as technology partner for US on-chain money initiative #
The Clearing House has selected UK-based programmable money infrastructure firm Quant to power its On-Chain Money Initiative, a new interoperable payments network designed to let US financial institutions of all sizes clear and settle tokenised deposit transactions.
According to the company’s September 24 press release, Quant’s technology will underpin the network’s interoperability, orchestration, and transaction-management layer, which coordinates clearing and settlement of tokenised deposit transactions. The platform will also connect to the existing RTP and CHIPS fiat payment rails that US banks rely on daily, linking on-chain activity to infrastructure that already settles more than two trillion dollars per day.
The On-Chain Money Initiative was unveiled in June 2026 by a consortium of US banks including JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, BNY, PNC Bank, HSBC, Regions Bank, and others, who committed to building a shared, bank-operated clearing and settlement layer for tokenised commercial bank money. The initiative has two core components: on-chain clearing and settlement within existing regulatory frameworks, and a bridge connecting blockchain-based activity to The Clearing House’s CHIPS wire network and its RTP real-time payments system, with settlement available around the clock, seven days a week.
The Clearing House selected Quant for its Overledger-based interoperability and its Tokenised Deposits-as-a-Service capability, which lets banks of any size issue and move tokenised deposits without building proprietary infrastructure. The initiative is designed to meet demand from multinational corporate treasurers and other business clients who want programmable, always-on settlement.
The bank-led network is positioned as a regulated, deposit-based alternative to stablecoin payment rails as the US Congress debates legislation to formalise the stablecoin market. The first commercial test cases are expected from large corporate treasury clients, with broader availability targeted for the first half of 2027.
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