Polymarket · Canada · CoinDesk
Monument Bank delays retail tokenized deposits while hiring custody partner
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A landmark project to tokenize 250 million pounds ($330 million) in U.K. retail bank deposits was delayed past its initial internal deadline as Monument Bank worked to resolve an institutional custody bottleneck.
Key facts
- Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume
- CORRECTION (Sept. 11, 2026, 02:01 UTC): Corrects headline, clarifies details in first paragraph about Monument’s planned launch
- A landmark project to tokenize 250 million pounds ($330 million) in U.K. retail bank deposits was delayed past its initial internal deadline as Monument Bank worked to resolve an institutional
- Monument is pitching this effort at retail customers, starting with clients with investable assets between 50,000 pounds and 5 million pounds, a group identified by asset manager St
Summary
Monument Bank founder Mintoo Bhandari told CoinDesk that the London-based firm’s plan to tokenize client deposits on the privacy-focused Midnight blockchain had fallen several months behind schedule due to its inability to find a local crypto custodial service that could meet strict Financial Conduct Authority (FCA) standards and handle zero-knowledge privacy proofs. "I thought it would have been two months ago that we would have rolled out the first tokenized deposits in the world, but it'll probably be two months more from now," Bhandari said in an interview. The challenger bank is attempting something few banks have tried: putting interest-bearing retail deposits on a public blockchain, rather than limiting tokenized-deposit projects to institutional customers or closed networks, Bhandari said.