HSBC completes tokenised deposit pilot on Canton Network
13 April 2026 UK
Image: azka/adobe.stock.com
HSBC, through its Global Payments Solutions (GPS) business, has completed a pilot simulating the issuance, transfer, and atomic settlement of its Tokenised Deposit Service (TDS) on the Canton Network, a public network for regulated institutions with configurable privacy.
This pilot marks the first time HSBC’s TDS was issued and used on a public blockchain.
During the controlled pilot with Canton-enabled applications/digital assets, HSBC simulated the transfer of tokenised deposits and the atomic settlement of tokenised deposits against other digital assets.
The firm says the pilot represents a milestone in HSBC’s tokenisation journey, demonstrating tokenised deposits can be issued by HSBC and settled atomically with digital assets on the Canton Network.
The pilot further explored how Canton could provide optionality to connect to additional settlement rails, extending delivery-versus-payment settlement across cash and asset legs where appropriate.
Manish Kohli, head of Global Payments Solutions, HSBC, says: “This work highlights how tokenisation is evolving within the banking sector and the infrastructure needed to support it at scale.
“Our focus is on building secure, interoperable capabilities that enable clients to move money more efficiently across different environments, while maintaining the trust and regulatory standards expected of a global bank.”
This pilot marks the first time HSBC’s TDS was issued and used on a public blockchain.
During the controlled pilot with Canton-enabled applications/digital assets, HSBC simulated the transfer of tokenised deposits and the atomic settlement of tokenised deposits against other digital assets.
The firm says the pilot represents a milestone in HSBC’s tokenisation journey, demonstrating tokenised deposits can be issued by HSBC and settled atomically with digital assets on the Canton Network.
The pilot further explored how Canton could provide optionality to connect to additional settlement rails, extending delivery-versus-payment settlement across cash and asset legs where appropriate.
Manish Kohli, head of Global Payments Solutions, HSBC, says: “This work highlights how tokenisation is evolving within the banking sector and the infrastructure needed to support it at scale.
“Our focus is on building secure, interoperable capabilities that enable clients to move money more efficiently across different environments, while maintaining the trust and regulatory standards expected of a global bank.”
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