The Clearing House has selected Quant to provide the interoperability and transaction-management layer for its On-Chain Money Initiative, a planned network for clearing and settling tokenized deposits. The system is intended to connect participating financial institutions with existing RTP and CHIPS payment rails. Tokenized deposits remain liabilities of issuing banks, while blockchain technology enables their claims to be recorded, programmed and transferred differently from traditional deposits. The Clearing House says potential applications include corporate treasury, liquidity management, cross-border payments and digital-asset settlement, including payments triggered automatically by predefined conditions. The initiative was announced in June, and participating institutions are expected to gain access in the first half of 2027. The project is therefore still under development rather than a live consumer payment network. The Clearing House operates payment networks that clear and settle more than $2 trillion per day across wire transfers, ACH, checks and real-time payments.