HSBC Completes Tokenized Deposits Pilot on Canton Network amid JPMorgan’s Integration Plans
Highlights
- HSBC successfully completes testing of tokenized deposits service on the Canton Network.
- Yuval Rooz said Canton is becoming a primary network for enabling tokenized deposits.
- Canton Coin (CC) price jumps 3% as HSBC joins JPMorgan in tokenization adoption.
HSBC, a bank and financial services company, has successfully completed a tokenized deposits pilot on the Canton Network. This comes as traditional finance (tradFi) companies, such as JPMorgan, bring their financial products on-chain.
Canton Coin (CC) price climbs by almost 3% as firms move to partner with the network amid growing demand for RWA tokenization.
HSBC Finishes Tokenized Deposits Pilot on Canton Network
Financial services company HSBC has successfully completed a pilot simulating the issuance, transfer, and settlement of its tokenized deposit service (TDS) on the Canton Network.
This marks the first time HSBC has issued and used tokenized deposits on a public blockchain. The firm simulated tokenized deposit transfers and atomic settlement against other digital assets.
It also highlights interoperability as a key to scaling digital financial markets and supporting institutional adoption. The TDS supports major fiat currencies including USD, GBP, EUR, HKD and SGD, enhancing liquidity management through 24/7, real-time settlement and programmable payments.
“Tokenized deposits are gaining traction across capital markets, corporate banking, and treasury,” said Yuval Rooz, co-founder of the Canton Network.
“Canton is quickly becoming a primary network for deployment, enabling tokenized deposits to move seamlessly across institutions and applications while maintaining privacy, control and interoperability,” he added.
Meanwhile, JPMorgan plans to bring JPM Coin to the Canton Network. This marks its second deployment on a permissionless blockchain after launching on Base.
CC Price Climbs amid Institutional Demand
Canton Coin (CC) jumped almost 3% in the past 24 hours amid HSBC and JPMorgan’s interest in Canton. The price is currently trading at $0.148, with a 24-hour low and high of $0.144 and $0.149, respectively. Furthermore, trading volume has decreased by 13% over the last 24 hours, indicating a decline in interest amid Trump’s Strait of Hormuz blockade threat.
In the daily timeframe, CC price saw a descending trendline breakout. However, it is still trading below the 50-SMA at $0.15. Whereas, the Relative Strength Index (RSI) is at 51 and rising for a potential upside move.
Derivatives market data reveals buying sentiment, as per CoinGlass data. At the time of writing, the total Canton futures open interest jumped 3.76% to $40.54 million in the last 24 hours. CC futures OI on Binance, OKX and Bybit climbed more than 9%, 5% and 4%, respectively. This signals bullish sentiment among derivatives traders.
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