Monument and Midnight Bring Tokenised Deposits to UK Retail Banking

Tokenised deposits represent commercial bank deposits as digital tokens on a blockchain rather than creating a separate crypto asset. UK-regulated digital bank Monument is partnering with privacy-focused public blockchain operator Midnight to target mass-affluent customers. The initiative brings technology previously used mainly in institutional markets into retail deposits while preserving interest payments, sterling redemption and deposit protection.

Monument and the Midnight Foundation announced the plan on March 25, 2026. The first phase aims to create one-to-one token representations of up to £250 million in deposits on the Midnight network. At the time, Monument served more than 100,000 customers and managed about £7 billion in deposits. The deposits will continue to earn interest, remain redeemable for sterling and retain FSCS protection, with the offering later set to expand into tokenised investments and Lombard-style lending.