Monument Bank dey plan to tokenise £250M deposits for Midnight

Monument Bank, one regulated UK retail bank wey dey London, talk say dem go tokenize up to £250 million (about $335M) of customer deposits for Midnight blockchain—dem call am di first UK “deposit tokenization” model for retail savings. Under di plan, customer balances go turn to tokens, but di bank dey claim say deposits go remain 100% backed all di time. Users fit redeem 1 token for £1, so di tokens suppose follow wetin savings account do, no be like one unbacked crypto asset. Monument talk say protection go still dey under UK Financial Services Compensation Scheme (FSCS), wey normal cover up to £85,000 per customer. Di system dey use Midnight privacy/security approach, so transaction details no dey public, na only approved parties fit see dem. For phase one, Monument dey target about £250 million for tokenized deposits, and later phases fit expand to other on-chain products, including structured products, private-equity-like exposure, commodities funds, and new lending models. For crypto traders, dis na important adoption milestone for regulated tokenized finance, but immediate market impact on big crypto prices fit be small—short-term attention go focus on regulatory acceptance and whether deposit tokenization go really drive more on-chain demand over time. Deposit tokenization dey positioned as “bank rails” no be new speculative asset.