HSBC completes tokenised deposit pilot on Canton Network, showcasing interoperable issuance, transfer, and atomic settlement for regulated institutions

Canton already processes ~$350B/day in Treasury repo volume and underpins $8T+ in onchain RWAs — HSBC joining as a validator right after liveness rewards sunset on April 30 means they're betting purely on transaction throughput economics, not passive staking yield. Their first cross-bank tokenized deposit in HK was HK$3.8M for Ant International, with US and UAE expansion planned for H1 2026 — regulated deposit tokens competing head-on with stablecoin cross-border rails. DTCC tokenizing Treasuries on Canton, Chainlink live for data feeds, Fireblocks adding custody support — TradFi is quietly assembling its own composable settlement stack here.

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