Quant (QNT) posted a 24-hour gain of more than 20% on Monday, making it the standout performer among large-cap cryptocurrencies, with the token changing hands at $219.14 at the time of writing. The token climbed from roughly $181 early in the session to touch $221 at its intraday peak, and the advance lifted its market capitalization.

The rally followed a selection in connection with The Clearing House's tokenized deposit initiative, according to the report. Tokenized deposits — representations of commercial bank money recorded on distributed ledgers — have attracted growing interest from major banks as a way to move and settle value on programmable infrastructure. The Clearing House, which is owned by some of the largest commercial banks in the United States, operates the RTP real-time payments network and the CHIPS interbank settlement system, rails that sit at the center of how major United States banks settle payments with one another.

Quant Network, the company behind the token, is a London-based blockchain technology firm founded in 2015 by chief executive Gilbert Verdian and economist Paolo Tasca. Its flagship product, Overledger, is an API-driven interoperability platform designed to connect blockchains with one another and with existing enterprise and financial systems — a bridging role that aligns with the requirements of tokenized deposit initiatives, in which commercial bank money is recorded and moved across distributed ledgers. The QNT token serves as the network's utility asset, used to license access to these services, and carries a fixed maximum supply of about 14.6 million tokens. The token's all-time high of roughly $428 was recorded in September 2021, according to historical market data. Even after Monday's advance, QNT trades at roughly half of that 2021 peak.

This content was first published on COINOTAG: https://en.coinotag.com/qnt-jumps-20-after-clearing-house-token-deposit-selection