Monument Bank to tokenized 250 million pounds of retail deposits in UK first

The deposits volition stay interest-bearing, afloat backed, and protected by the country's Financial Services Compensation Scheme.

Mar 25, 2026, 12:00 p.m.

Monument Bank said it plans to tokenise up to 250 cardinal pounds ($335 million) of retail lawsuit deposits connected the Midnight web successful what it described arsenic the archetypal specified determination by a U.K.-regulated slope connected a nationalist blockchain.

The London-based challenger slope said the deposits volition stay interest-bearing, afloat backed by Monument and redeemable one-for-one successful pounds sterling. They volition besides stay covered by the U.K.’s Financial Services Compensation Scheme.

The determination marks is simply a measurement successful the propulsion to bring tokenized fiscal products into regulated banking. While banks successful the U.K. and elsewhere person explored tokenized deposits, astir enactment to day has focused connected organization usage oregon closed networks.

Monument is pitching this effort astatine retail customers, starting with clients with investable assets betwixt 50,000 pounds and 5 cardinal pounds, the alleged mass-affluent, according to plus manager St. James's Place.

Monument, which says it has much than 100,000 customers and astir 7 cardinal pounds successful deposits, said the archetypal signifier volition reflector savings balances connected Midnight’s privacy-focused blockchain.

Later phases are meant to adhd tokenized concern products specified arsenic backstage marketplace and commodity funds, followed by lending against those holdings wrong the Monument app.

Midnight Foundation, which was developed by Shielded Technologies, a institution linked to Cardano creator Input Output, is providing the blockchain infrastructure.

Monument said the strategy is designed truthful transaction information remains disposable lone to the slope and its customers, portion operating wrong existing U.K. banking protections and compliance rules.

The announcement besides points to a wider play. Monument said affiliate Monument Technology plans to connection tokenized deposit functionality done its Banking-as-a-Service platform. That could let different institutions to follow the aforesaid model.