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

ME News report. 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, simulating 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, enable instant transfers on HSBC’s ledger, support 7×24 hours of real-time settlement, and programmable payments.

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