HSBC completes the pilot of tokenized deposits, supporting real-time settlement of multiple currencies

HSBC's global payment solutions business has completed a pilot of tokenized deposit services on the regulated blockchain Canton Network, simulating the entire process of issuing, transferring, and atomic settlement with other digital assets for tokenized deposits. This is the first time that HSBC has issued and used tokenized deposits on a public chain, supporting 1:1 fiat currency conversion and real-time settlement of major currencies such as the US dollar, British pound, euro, Hong Kong dollar, and Singapore dollar 24/7. Manish Kohli, Head of Global Payment Solutions at HSBC, stated that this pilot demonstrates the evolution direction and required infrastructure of tokenization in the banking industry. Canton Network co-founder Yuval Rooz stated that tokenized deposits are accelerating their implementation in areas such as capital markets.