HSBC has successfully completed a pilot for tokenized deposit services on the Canton Network, a regulated public blockchain. This initiative marks HSBC's first issuance and utilization of tokenized deposits on a public blockchain, facilitating real-time, 24/7 multi-currency settlement. The pilot simulated the entire lifecycle of tokenized deposit issuance, transfer, and atomic settlement with other digital assets, supporting major currencies like USD, GBP, EUR, HKD, and SGD. Manish Kohli, Head of Global Payments Solutions at HSBC, highlighted the pilot as a significant step in the evolution of tokenization within banking, emphasizing the necessary infrastructure developments. Yuval Rooz, Co-Founder of Canton Network, remarked on the role of tokenized deposits in accelerating adoption across capital markets.
HSBC Completes Tokenized Deposit Pilot on Canton Network
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