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A new initiative from a London lender aims to bring tokenized deposits into mainstream savings while staying fully inside the U.K. regulatory perimeter. Monument Bank moves retail savings onto public blockchain Monument Bank, a U.K. challenger, said it plans to move up to 250 million pounds ($335 million) of retail customer deposits onto the Midnight network, a public blockchain. The bank described this as the first time a U.K.-regulated bank will place retail money as tokenized balances on a public chain. The lender stressed that the deposits will remain interest-bearing, fully backed on its balance sheet and redeemable one-for-one in pounds sterling. Moreover, the cash will continue to be covered by the U.K. Financial Services Compensation Scheme, keeping the same statutory protection familiar to U.K. savers. From experiments to regulated retail tokenisation The move highlights a broader shift to bring tokenized financial products into regulated banking channels. While institutions in the U.K. and abroad have run pilots with token models, most projects so far have focused on wholesale use cases or permissioned, closed networks rather than public chains. Monument is targeting mass affluent customers rather than institutions, positioning the program for clients with investable assets between 50,000 pounds and 5 million pounds. However, the bank is framing this as an early step that could later expand beyond the initial wealth bracket as technology and demand evolve. How the Midnight integration will work According to Monument, which reports more than 100,000 customers and around 7 billion pounds in deposits, the first phase will simply mirror savings balances on the Midnight network blockchain. In practice, that means balances held in traditional accounts will have equivalent representations on Midnight’s privacy-focused public ledger. In a later phase, the bank plans to extend this architecture beyond savings. Moreover, Monument aims to introduce tokenized investment products,…

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Filed under: News - @ March 25, 2026 3:28 pm