HSBC successfully pilots tokenized deposit service supporting multi-currency real-time settlement on Canton Network

Techub News reported, according to Financial IT, HSBC's Global Payment Solutions has successfully completed a pilot for tokenized deposit services on the public Canton Network. This pilot simulated the entire process of issuing and transferring tokenized deposits and their atomic settlement with other digital assets, marking the first issuance of HSBC TDS in a public chain environment. HSBC TDS supports major currencies such as USD, HKD, and GBP, allowing fiat deposits to be tokenized at a 1:1 ratio and enabling 24/7 instant transfers and programmable payments on HSBC's ledger. Manish Kohli, Head of Global Payment Solutions at HSBC, noted that this pilot demonstrates the evolution of tokenization in the banking sector, aiming to build a secure, interoperable infrastructure to enhance the efficiency of fund transfers.