Monument Bank Plans to First Tokenize £250 Million in Deposits in the UK and Open to Retail Customers

Golden Finance reports that UK digital bank Monument Bank plans to tokenize up to £250 million (approximately $335 million) of retail deposits on Midnight Network, claiming this is the UK’s first such practice promoted by a regulated bank on a public blockchain. The bank stated that the deposits will remain interest-bearing, fully backed by the bank, and can be exchanged for GBP at a 1:1 ratio. Unlike previous efforts mainly focused on institutional clients or closed networks, Monument will offer this product to retail customers, targeting the “affluent mass” with investable assets ranging from £50,000 to £5 million.