TL;DR
Quant highlighted a network-of-networks model for tokenized deposits at UK Finance’s conference, arguing that cross-border connectivity will require shared standards, rulebooks and overlapping institutional participation.
Panelists said technology is often easier than legal, regulatory, risk and control work, while interbank settlement remains unresolved in some markets today.
The discussion pointed toward shared identity, KYC and AML foundations, payment-versus-payment smart contracts and interoperable national networks that preserve jurisdictional oversight across borders.
Quant used UK Finance’s Tokenised Markets and Money Conference to argue that digital finance will depend on connecting tokenized deposit systems rather than expanding isolated networks. In its conference takeaways , Quant said projects in Britain, Germany, Japan and the United States are converging on interoperability. The company’s core argument is that scalable tokenized money will require a network of networks rather than disconnected domestic systems. That thesis fits the broader shift toward real-world asset tokenization in regulated finance.
Tokenized Deposit Networks Move Toward Shared Infrastructure
The panel brought together Quant’s Martin Hargreaves, Lloyds Banking Group, DeCurret DCP and DZ Bank. Participants described projects shaped by local structures: Germany’s CBMT links cash and asset legs, Japan’s DCJPY has operated since 2024, and Britain’s GBTD spans retail and wholesale use cases. Similar tokenization goals are producing different architectures because legal, banking and settlement environments vary by jurisdiction. The pattern reflects the transition from individual tokenized deposit projects toward connected institutional networks .
Technology was only part of the challenge. Hargreaves said regulatory, legal, risk and control work often takes longer than technical implementation, while participants stressed involving security and compliance teams. Japan faces an unresolved interbank settlement question, with more than 50 banks testing alternatives in a regulatory sandbox. The practical bottleneck is increasingly coordination between institutions, rulebooks and settlement models rather than simply building another blockchain. Quant has framed digital money as a layered architecture dependent on interoperability .
The panel favored shared foundations alongside bank-level differentiation. GBTD can support native issuance, bank-owned ledgers and third-party ledgers while keeping tokens fungible across systems. DeCurret’s Mai Kaneko suggested identity, KYC and AML could sit in common infrastructure, using zero-knowledge proofs for privacy. The emerging model separates shared compliance and settlement functions from the competitive services banks build on top. That approach parallels wider efforts to standardize digital-ledger interoperability without forcing every market onto one platform.
Cross-border connectivity remained central. Hargreaves said tokenized deposit networks will need standards, rulebooks and overlapping participation to create commercial corridors, while legal and currency differences may keep systems separate. Payment-versus-payment smart contracts were discussed as a way to connect networks while preserving jurisdictional oversight. Quant’s network-of-networks thesis therefore depends on coordinated interoperability, not universal consolidation into one ledger. The company says it is working with banks and industry bodies to help networks connect and scale globally.
