Quant’s QNT Token Surges 400% Following The Clearing House Partnership for On-Chain Settlement

• The QNT token experienced a surge of over 400% in the past week following The Clearing House’s announcement of a partnership with Quant for the On-Chain Money Initiative.
• This solution primarily facilitates 24/7 clearing and settlement of tokenized deposits across regulated banks, payment systems, and blockchain networks.

Quant (QNT), a blockchain-agnostic operating system for enterprise software, saw its token price spike over the past week after The Clearing House, a banking association and payments company, selected the platform for its On-Chain Money Initiative. The consortium, which includes 25 major commercial banks, has adopted the system for clearing and settling tokenized deposits.

QNT Token Price Surges 400%

The QNT token, associated with the software platform, surged over 400% during the week, rising from approximately $71 to $356 between September 24 and 27. It then experienced a sharp pullback to around $200 the following day before continuing its upward trend.

In the past 24 hours up to Wednesday morning UTC, QNT traded within a range of $238.05 to $303.21. Despite this significant increase, the token is still about 30% below its all-time high of $428.38 set in September 2021.

The Clearing House’s On-Chain Money Initiative

The significant price movements of QNT coincided with the agreement signed between The Clearing House and Quant on September 24. Under this deal, Overledger will act as an interoperability layer connecting various banking and payment systems, along with blockchain networks involved in the initiative.

The Clearing House introduced the On-Chain Money Initiative in June of this year. The project is designed to modernize money movement across emerging blockchain networks, with The Clearing House leading the effort.

Beyond enabling 24/7 on-chain clearing and settlement of tokenized deposits within existing banking systems, The Clearing House anticipates that Quant’s participation will support automated workflows and enhance transaction data. It will also provide a connectivity layer for blockchain-based activities with traditional fiat networks like RTP and CHIPS, facilitating seamless value transfer between digital and traditional commercial bank money.

The Quant-powered On-Chain Money Initiative will be accessible to financial institutions across the United States, including banks of various sizes. Although The Clearing House did not specify the use of QNT in the project, the utility token is essential to Quant’s ecosystem, as it is required for operating Overledger accounts and licenses.

“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.”

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