HSBC Completes Tokenized Deposits Pilot on Canton Network
- HSBC successfully completed a pilot for its tokenized deposit service (TDS) on the Canton Network.
- This is HSBC’s first use of tokenized deposits on a public blockchain, simulating transfers and atomic settlement.
- The TDS supports major fiat currencies including USD, GBP, EUR, HKD, and SGD for enhanced liquidity management.
- Canton Coin (CC) price increased by nearly 3%, trading at $0.148 with a daily low of $0.144 and high of $0.149.
- JPMorgan plans to integrate JPM Coin into the Canton Network as part of its blockchain strategy.
- Total open interest in Canton futures rose by approximately 3.76% to $40.54 million in the last day.
The completion of HSBC’s pilot highlights the increasing adoption of DeFi solutions in traditional finance, particularly through tokenization of real-world assets (RWA). This trend is supported by growing institutional interest from firms like JPMorgan.
With CC price rising nearly three percent amid these developments, it reflects positive sentiment in the market as institutions explore blockchain integration.(Source)
