- QNT surged by more than 400% over the past week as The Clearing House unveiled its partnership with Quant for the On-Chain Money Initiative.
- The solution primarily enables 24/7 clearing and settlement of tokenized deposits across regulated banks, payment systems, and blockchains.
Quant (QNT), a blockchain-agnostic operating system and enterprise software infrastructure, spiked over the past week after The Clearing House, a banking association and payments company, chose the platform for its On-Chain Money Initiative. The consortium, governed by 25 major commercial banks, has adopted the system for clearing and settling tokenized deposits.
Quant Jumps 400%
The software platform’s related token, QNT, surged more than 400% over the week, from roughly $71 per token to $356 per token between September 24 and 27. It then retraced sharply the next day to around $200 per token before resuming its upward trajectory.
Over the past 24 hours through Wednesday morning (UTC), QNT traded between a $238.05 low and a $303.21 high. Despite its huge leap, it remains approximately 30% below its all-time high of $428.38 in September 2021.
The Clearing House On-Chain Money Initiative
QNT’s significant movements coincided with the deal The Clearing House inked with Quant on September 24. Under the agreement, Overledger will serve as an interoperability layer connecting various banking and payment systems, as well as blockchain networks covered by the initiative.
The Clearing House unveiled the On-Chain Money Initiative in June this year. The project aims to “modernize money movement across emerging chains” with The Clearing House at the helm.
In addition to powering 24/7 on-chain clearing and settlement of tokenized deposits within established banking rails, The Clearing House expects Quant’s involvement to support automated workflows and enable richer transaction data. It will also serve as a connectivity layer for blockchain-based activities with established fiat rails, such as the RTP and CHIPS networks, to facilitate seamless movement of value between digital and traditional commercial bank money.
The Quant-powered On-Chain Money Initiative will be available for financial institutions in the US, including banks of all sizes. Meanwhile, The Clearing House didn’t specify any use of QNT in the project. Nonetheless, it’s worth noting that the utility token plays an integral role in Quant’s because it’s required to run Overledger accounts and licenses across its ecosystem.
“The banking industry has long provided the trusted infrastructure that underpins the movement of money throughout the global economy,” said David Watson, President and CEO of The Clearing House. “The Clearing House is proud to help banks scale on-chain money movement by extending the safety, resiliency, and settlement certainty of regulated bank payment rails.”
