HSBC, Lloyds, and JPMorgan commit to launching tokenized deposits on the Canton network

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CryptoNews reports that HSBC, Lloyds, and JPMorgan have all committed to launching tokenized deposits on the Canton network. HSBC has completed a pilot of tokenized deposit services, Lloyds has issued tokenized GBP deposits on Canton and purchased tokenized government bonds from Archax. JPMorgan’s Kinexys unit will gradually introduce JPM Coin to Canton starting in 2026. The Canton network is positioned as the only public layer blockchain tailored for institutional finance, combining configurable privacy, atomic composability, and compliance. Elsner stated that tokenized deposits are the digital representation of commercial bank deposits on the blockchain, with the same legal status as traditional deposits. It is expected that tokenized deposits and stablecoins will complement each other, accommodating different institutional workflows.

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