UK Digital Bank Monument Bank Plans to Tokenize £250 Million in Retail Deposits

Odaily News: UK digital bank Monument Bank announced plans to tokenize up to £250 million (approximately $335 million) in retail deposits on the Midnight Network, claiming this initiative is the first of its kind in the UK to be advanced by a regulated bank on a public chain. The bank stated that the relevant deposits will remain interest-bearing, fully backed by the bank, and redeemable for pounds sterling at a 1:1 ratio. Unlike previous efforts which mostly focused on the institutional side or closed networks, Monument is targeting retail customers with this product, with the initial target being the "mass affluent" group with investable assets ranging from £50,000 to £5 million. (Coindesk)