HSBC Completes Tokenized Deposit Pilot on the Canton Network, Supporting Real-Time Settlement in USD and HKD

ChainCatcher report, according to Financial IT, HSBC’s Global Payments Solutions (GPS) business has successfully completed a pilot of Tokenized Deposit Service (TDS) on the regulated public blockchain Canton Network, simulating the full lifecycle of tokenized deposit issuance, transfer, and atomic settlement with other digital assets. This marks the first time HSBC has issued and utilized TDS on a public blockchain. HSBC’s TDS supports major currencies including USD, GBP, EUR, HKD, and SGD, enabling 1:1 conversion of fiat deposits into digital tokens, with instant transfers on HSBC’s ledger and support for 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 banking and the required infrastructure, with the company’s focus on building secure, interoperable capabilities that enable customers to transfer funds more efficiently across diverse environments. Yuval Rooz, Co-founder of Canton Network and CEO of Digital Asset, said that tokenized deposits are accelerating adoption across capital markets, corporate banking, and treasury management, with Canton emerging as one of the leading deployment networks.