Monument Bank has delayed the launch of a £250 million ($330 million) retail deposit token by several months and is targeting November after it could not find a UK-based crypto custodian that met Financial Conduct Authority requirements and could handle zero-knowledge proofs. The bank expanded its search overseas and found an FCA-approved Canadian custodian for the project, which will tokenize interest-bearing deposits on Midnight. Deposits will remain fully backed by Monument, redeemable one-to-one for pounds sterling and protected by the Financial Services Compensation Scheme up to £120,000 per person or company. Announced in March 2026, the project targets mass-affluent customers with £50,000 to £5 million in investable assets and is designed to support tokenized private equity, structured products and automated Lombard lending through Monument's regulated app.