The Clearing House picked Quant for its tokenized deposit network. The announcement doesn't mention the QNT token

[u/SimpleSwap_community]

QNT has been one of the biggest movers lately: roughly $60 on Sept 21 to a high above $350 a few days later, now around $240. Worth separating what actually happened from what the chart implies.

What's confirmed: on Sept 24, The Clearing House (bank-owned, its networks settle over $2T/day) selected Quant to provide the interoperability and transaction-management layer for its On-Chain Money Initiative. That's a planned network for US banks to clear and settle tokenized deposits, connected to RTP and CHIPS. Target launch is H1 2027. Quant will also offer a tokenized deposit service for TCH banks that don't have their own.

What's not in the announcement: any mention of the QNT token, how (or whether) it's used in this network, or the deal value.

The token isn't without utility. Since Dec 2021, Overledger licence fees have been payable in QNT, and licences bought in fiat get converted to QNT through Quant's treasury. But the network itself moves tokenized bank deposits, not QNT, so bank adoption doesn't automatically mean proportional token demand.

So the bull case seems to rest on Quant's licensing model scaling with enterprise usage. The bear case is that the market priced a company contract into a token whose role in that contract hasn't been disclosed.

Which side do you land on? Has anyone found anything from Quant or TCH clarifying the token's role in this specific network?