On April 13, Financial IT reported that HSBC's Global Payments Solutions (GPS) has successfully completed a pilot for Tokenized Deposit Services (TDS) on the regulated public blockchain Canton Network. This pilot simulated the entire process of issuing, transferring, and atomic settlement of tokenized deposits. This marks the first time HSBC's TDS has been issued and utilized on a public blockchain. HSBC's TDS supports major currencies such as USD, GBP, EUR, HKD, and SGD, allowing fiat deposits to be converted into digital tokens at a 1:1 ratio, enabling instant transfers on HSBC's ledger and supporting 24/7 real-time settlements and programmable payments. Manish Kohli, head of HSBC Global Payments Solutions, stated that this pilot demonstrates the evolution of tokenization in the banking sector and the necessary infrastructure, with the company's focus on building secure and interoperable capabilities to enable customers to transfer funds more efficiently across different environments. Yuval Rooz, co-founder of Canton Network and CEO of Digital Asset, noted that tokenized deposits are accelerating in capital markets, corporate banking, and cash management, with Canton becoming one of the major deployment networks.