HSBC has successfully completed a pilot simulating the issuance, transfer, and atomic settlement of its Tokenized Deposit Service (TDS) on the Canton Network, the blockchain company announced on X today, April 13.
During the controlled test, HSBC's Global Payments Solutions division simulated the transfer of tokenized deposits and their atomic settlement against other digital assets on Canton-enabled applications. The pilot is intended to demonstrate interoperability across settlement rails, a feature HSBC says is central to scaling digital financial markets.
The pilot builds on the broader rollout of HSBC's TDS, which lets corporate clients convert fiat deposits into digital assets and transfer them instantly on HSBC's ledger, per the press release. The service supports USD, GBP, EUR, HKD, and SGD, and is designed to enable 24/7 real-time settlement and programmable payments across liquidity management use cases.
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