HSBC completes tokenized deposit pilot on Canton Network, supporting real-time settlement in USD, HKD, and other currencies

ME News message: On April 13 (UTC+8), HSBC’s Global Payments Solutions (GPS) business successfully completed a pilot of tokenized deposit services (TDS) on the regulated public blockchain Canton Network. The pilot simulated the full end-to-end process of issuing tokenized deposits, transferring them, and atomically settling them with other digital assets. This is HSBC TDS’s first issuance and use on a public blockchain. HSBC TDS supports major currencies such as USD, GBP, EUR, HKD, and SGD. It can convert fiat deposits into digital tokens at a 1:1 ratio, enabling instant transfers on HSBC’s ledger, supporting 7×24 real-time settlement, and programmable payments.

Manish Kohli, Head of HSBC Global Payments Solutions, said the pilot demonstrated the direction of tokenization’s evolution in banking and the infrastructure required. The company’s focus is on building secure and interoperable capabilities so that customers can transfer funds more efficiently across different environments. Yuval Rooz, co-founder of Canton Network and CEO of Digital Asset, said tokenized deposits are accelerating in capital markets, corporate banking, and treasury management, and Canton has become one of the main deployment networks. (Source: Foresight News)