The Clearing House, the payments utility owned by the 25 largest banks in the United States, has selected Quant Network to run the interoperability, orchestration and transaction-management layer for its new on-chain money initiative — a tokenized deposit network built to connect directly into CHIPS and RTP, the rails that move trillions of dollars a day across the US banking system.

Key takeaways

  • The Clearing House’s on-chain money initiative is backed by 25 member banks, including JPMorgan Chase, Bank of America, Citi, BNY, Wells Fargo and HSBC, and is designed to let tokenized deposits move between banks and settle through existing payment infrastructure.
  • Quant is not processing the hundreds of trillions of dollars that already run through CHIPS and RTP. It is supplying the orchestration layer that lets tokenized-deposit transactions connect into that existing clearing and settlement system.
  • CHIPS alone settled $370.24 trillion in payment value from January through August 2026, a run rate of roughly $560 trillion a year; RTP separately handles more than 98% of US bank-to-bank instant payment volume.
  • The deal extends a pattern: Quant already underpins the UK’s tokenized sterling deposit pilot and has ties to the European Central Bank and Japan’s Dentsu Soken, making this the clearest sign yet that a single interoperability vendor is emerging across multiple national tokenized-deposit efforts.
  • It lands in the same week as UK banks completing live tokenized-deposit customer transactions, DTCC’s push toward an October tokenization launch, and the ECB naming 2029 as its target for a first digital euro issuance.

What The Clearing House’s on-chain money initiative actually is

The Clearing House operates two of the most important, least visible pieces of US financial infrastructure: CHIPS (the Clearing House Interbank Payments System) and RTP (the Real-Time Payments network). Both move money between banks, not between consumers and merchants directly — they are the plumbing underneath nearly every large US bank transfer.

The on-chain money initiative is The Clearing House’s plan to let its member banks issue tokenized deposits — a bank-issued, blockchain-based representation of a customer’s dollar balance — and move them between institutions using the same settlement guarantees CHIPS and RTP already provide. Backing comes from the clearinghouse’s 25 owner-banks, among them JPMorgan Chase, Bank of America, Citi, BNY, Wells Fargo, HSBC, US Bank, PNC, TD, Truist, Santander, Citizens, Fifth Third, Huntington, KeyBank and Regions.

Quant’s role, per the announcement, is to provide “the interoperability, orchestration and transaction management layer” connecting the new tokenized-deposit network to CHIPS and RTP — coordinating clearing and settlement so a tokenized deposit issued by one bank can move to another bank and settle through infrastructure that already exists, rather than through a parallel system built from scratch.

Why the CHIPS and RTP numbers matter

The scale is what separates this from a typical blockchain pilot announcement. According to figures The Clearing House disclosed, CHIPS processed $370.24 trillion in payment value between January and August 2026 — about $2.245 trillion per business day across 111 million transactions and 43 direct participant banks. At that run rate, CHIPS is on pace for roughly $560 trillion in annualized payment value in 2026, up from $503 trillion and 158 million transactions in 2025.

RTP operates at a different scale but equally high utilization: through August 2026 it processed $1.47 trillion across 371 million payments, or roughly $6 billion and 1.53 million transactions per day. The Clearing House says RTP now handles more than 98% of US bank-to-bank instant payment volume.

It would be inaccurate to describe Quant as “processing” $560 trillion — that volume already runs through CHIPS today, on existing rails, without blockchain involved. The accurate framing is narrower but still significant: Quant has been chosen to provide the connective layer between a new tokenized-deposit network and payment infrastructure that already settles more than $2 trillion a business day. That is a meaningfully different proposition than another sandbox pilot, because the infrastructure it plugs into is not hypothetical.

Quant’s pattern across tokenized deposits

This is not Quant’s first tokenized-deposit mandate. The company’s technology already underpins the UK’s Great British Tokenized Deposits pilot, and on the same day as The Clearing House news, UK banks — including Barclays, HSBC, Lloyds, Monzo, Nationwide, NatWest and Santander — completed their first live customer transactions on Quant-built infrastructure, covering a re-mortgage completion and a programmable marketplace payment. Our earlier coverage of the UK Finance tokenization report detailed how Quant, alongside Ripple’s XRP Ledger, Hedera and Stellar, had already been named as core infrastructure for Britain’s wholesale markets.

Quant also has existing relationships tied to the European Central Bank and to Dentsu Soken, a critical payments-infrastructure provider in Japan. Taken together with the US and UK deals, the pattern suggests Quant is positioning itself as the common interoperability vendor across several separate national tokenized-deposit efforts, rather than winning one isolated contract. Genfinity’s deep dive on the announcement walks through the full set of figures The Clearing House disclosed.

How this fits the broader tokenization push

The Clearing House announcement did not arrive in isolation. It landed the same week DTCC said its Tokenization Service is moving toward an October 2026 launch, with more than 50 vendors preparing to build on top of custodied securities already settling on the Canton Network — the same network compared against Ripple’s ledger in our Canton Network vs. Ripple analysis. The European Central Bank separately confirmed it is targeting 2029 for a potential first issuance of a digital euro, with a 12-month pilot set to begin in the second half of 2027.

Hedera also moved its cross-ledger protocol into the Linux Foundation Decentralized Trust the same week, open-sourcing interoperability technology alongside DTCC and other LF Decentralized Trust members. None of these are single-vendor stories. They are converging evidence that major clearing utilities, central banks and depositories are moving tokenized settlement past the pilot stage — a trend also visible in how banks are building oracle and interoperability relationships with Chainlink in parallel with Quant’s deposit-focused approach.

Frequently asked questions

What is The Clearing House’s on-chain money initiative?

It is a project run by The Clearing House — the payments utility owned by 25 of the largest US banks — to let member banks issue tokenized deposits that move between institutions and settle through existing infrastructure, including CHIPS and RTP. Quant Network was selected to supply the interoperability, orchestration and transaction-management layer connecting the new tokenized-deposit network to that infrastructure.

What does Quant actually do for The Clearing House?

Quant provides the technology layer that lets a tokenized deposit issued by one bank move to another bank and settle through CHIPS and RTP. It is not operating CHIPS or RTP itself, and it is not processing the payment volume those networks already handle — it is the connective layer between the new tokenized-deposit network and that existing settlement infrastructure.

How much money does CHIPS process?

CHIPS processed $370.24 trillion in payment value from January through August 2026, according to The Clearing House — a run rate of roughly $560 trillion a year. In 2025, CHIPS processed $503 trillion across 158 million transactions.

What is the difference between CHIPS and RTP?

CHIPS (the Clearing House Interbank Payments System) settles large-value interbank payments and processed roughly $2.245 trillion per business day through August 2026. RTP (Real-Time Payments) handles smaller, instant bank-to-bank transfers — about $6 billion a day — and The Clearing House says it carries more than 98% of US instant interbank payment volume.

Sources

The original source video, plus the independent sources this article’s key claims were checked against:

  • Original video — King Solomon (Ryan Solomon). Watch the full discussion on YouTube.
  • The Clearing House selected Quant to provide the interoperability, orchestration and transaction-management layer for its On-Chain Money Initiative, with connectivity to the RTP and CHIPS networks. Verified — The Clearing House. Announced 24 September 2026; TCH says the network opens to participating institutions in H1 2027
  • CHIPS settled $370.24 trillion in payment value from January through August 2026. Disputed — The Clearing House — CHIPS Network Volume and Value Statistics. Official YTD-through-August figure is $377.24 trillion, not $370.24tn; the article’s own $2.245tn/day and ~$560tn run-rate only reconcile with $377.24tn
  • The Clearing House is owned by the 25 largest banks in the United States and its on-chain money initiative is backed by 25 member banks including JPMorgan Chase, Bank of America, Citi, BNY, Wells Fargo and HSBC. Broadly confirmed — The Clearing House — Owner Banks. TCH lists 24 owner banks and states no count; several owners are non-US banks, and the June 2026 initiative launch named 17 backing institutions
  • Seven UK banks — Barclays, HSBC, Lloyds, Monzo, Nationwide, NatWest and Santander — completed the first live customer transactions using tokenised sterling deposits on Quant-built infrastructure, covering a remortgage completion and a marketplace payment. Verified — UK Finance. Dated 24 September 2026; UK Finance specifies two remortgage completions plus one consumer marketplace transaction
  • RTP processed $1.47 trillion across 371 million payments through August 2026, about $6 billion a day, and handles more than 98% of US bank-to-bank instant payment volume. Broadly confirmed — The Clearing House — RTP Network Marks May Day with Record-Breaking Volume and Value. The >98% share is TCH’s own wording, but no published YTD-through-August aggregate was found; TCH’s RTP page gives Q3 2026 at 150m payments/$621bn and a $6.9bn daily average as of September
  • The European Central Bank is targeting 2029 for a potential first issuance of a digital euro, with a 12-month pilot beginning in the second half of 2027. Verified — European Central Bank — Digital euro pilot. ECB conditions 2029 readiness on the digital euro Regulation being adopted in 2026