HSBC has completed a pilot program for tokenized deposits on Canton Network, supporting real-time settlement in USD, HKD, and other currencies.

According to Mars Finance, Financial IT reports that HSBC's Global Payments Solutions (GPS) business has successfully piloted a tokenized deposit service (TDS) on the regulated public blockchain Canton Network. The pilot simulated the entire process of tokenized deposit issuance, transfers, and atomic settlement with other digital assets. This marks the first time HSBC TDS has been issued and used on a public blockchain. HSBC TDS supports major currencies such as USD, GBP, EUR, HKD, and SGD, converting fiat currency deposits into digital tokens at a 1:1 ratio and enabling instant transfers on the HSBC ledger. It supports 24/7 real-time settlement and programmable payments. Manish Kohli, Head of Global Payments Solutions at HSBC, stated that this pilot demonstrates the evolution of tokenization in the banking industry and the necessary infrastructure. The company's focus is on building secure, interoperable capabilities that enable customers to transfer funds more efficiently in different environments. Yuval Rooz, co-founder of Canton Network and CEO of Digital Asset, stated that tokenized deposits are rapidly being implemented in capital markets, corporate banking, and treasury management, and Canton has become one of the major deployment networks.