The partners say that they can help financial institutions adopt digital assets as they increasingly realise the benefits of distributed ledger technologies by issuing digital money and tokenising existing asset classes for greater settlement speed and access to new markets and clients.

Quant will provide the foundational technology, with UST offering support through user interface design and integration via its sandbox. The partnership will focus on the issuance of CBDCs, digital money in the form of commercial stablecoins, and digital securities onto major distributed ledger networks.

Gilbert Verdian, CEO, Quant, says: "The partnership will ensure that financial institutions can create new business opportunities and innovate with new DLT-embedded products and services to tokenise existing asset classes."