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09/19/2026

Monument Bank to Tokenize £250M in Retail Deposits, Breaking Institutional Mold

What happened: While Wall Street giants like JPMorgan and Citi have processed trillions in tokenized deposits, these initiatives remain confined to institutional clients.

Monument Bank to Tokenize £250M in Retail Deposits, Breaking Institutional Mold

What happened: While Wall Street giants like JPMorgan and Citi have processed trillions in tokenized deposits, these initiatives remain confined to institutional clients. In contrast, U.K. challenger Monument Bank plans to tokenize up to £250 million (~$335 million) of retail deposits on the Midnight privacy blockchain, with full FSCS protection and 1:1 GBP redemption. This represents about 3.6% of Monument's £7 billion in deposits. The launch, initially slated for early 2026, was delayed to November due to regulatory hurdles in finding a compliant custodian, ultimately selecting a Canadian provider.

Why it matters: Monument's move marks the first significant attempt to extend tokenized deposits to retail customers in the U.K., contrasting with the "walled garden" approach of major banks. This could set a precedent for real-world composability and public DeFi integration, though the scale remains modest relative to the broader banking sector. The delay highlights ongoing regulatory and infrastructure challenges in retail-facing tokenization.

Source: CoinDesk