An independent guide · Updated October 2026
What is Quant?
Quant is a London technology company that builds the plumbing to connect blockchains, banks and payment systems. Its main product is called Overledger, and its token is QNT. This guide explains all three in plain English.
- Founded
- 2015, London
- Core product
- Overledger
- Token
- QNT (ERC-20)
- Total supply
- 14,612,493
The short version
If you only read one section, read this one.
Ledgers do not talk to each other
There are hundreds of blockchains, plus private bank ledgers and older payment systems. Each speaks its own language. Moving value between them is slow, risky and expensive to build.
One connection to all of them
Quant's Overledger sits above those systems as a translation and coordination layer. A bank or developer connects once, through an API, and can then reach many networks.
QNT pays for access
QNT is an Ethereum token with a fixed supply of about 14.6 million. It is used to pay for and access Quant's platforms. It does not give ownership of the company or any vote.
Working with large banks
In 2026 Quant's technology sits behind the UK banking industry's tokenised sterling deposit pilot, and The Clearing House in the US has chosen it for a similar initiative due in 2027.
What Quant is not
- Not a blockchain. Quant decided not to launch a competing Layer 1. QNT lives on Ethereum.
- Not a decentralised protocol. Overledger is commercial software built and run by one company, Quant Network Ltd.
- Not a currency for shopping. QNT is an access token for a software platform.
- Not a stablecoin issuer. Quant supplies technology that banks use to issue their own tokenised deposits.
Where Quant came from
A security specialist who wanted systems to share data safely, a standards committee, and a token sale that raised much less than planned.
A problem seen from inside government
Gilbert Verdian spent about two decades in information security before Quant. Company biographies list senior security roles at organisations including HM Treasury and the Ministry of Justice in the UK, New South Wales Health in Australia, and the payments firm Vocalink, which Mastercard later bought, along with earlier work at firms such as PwC, EY and BP.
By his own account, the idea came from watching organisations fail to share records because their systems could not interoperate. Blockchains promised shared records, but each new chain was another island.
A standard before a product
In 2015 Verdian started the process that led to ISO/TC 307, the International Organization for Standardization's committee on blockchain and distributed ledger technologies, which was formally set up in 2016. He has chaired the UK's national mirror committee. This standards background explains much of Quant's style: it designs for regulators and large institutions first.
The company
The company was incorporated in London on 28 September 2015 and adopted the Quant Network name in June 2017. Verdian is the founder. Dr Paolo Tasca, an economist who founded University College London's Centre for Blockchain Technologies, and Colin Paterson, a security technologist, are widely described as co-founders who joined as the project took shape in 2017 and 2018. Some accounts also name Jason Nesbitt among the early team.
The 2018 token sale
Quant sold QNT in a pre-sale and public sale in March and April 2018, during a weak market. It sold 9,964,259 QNT and raised roughly $11 million, around $1.10 per token. That cleared the $5 million minimum but was far below the hard cap.
On 14 September 2018 the roughly 9.5 million unsold tokens were burned. The result was accidental scarcity: a total supply of just 14,612,493, one of the smallest among well-known crypto assets.
Why "Overledger"?
The 2018 white paper described a layer that sits over ledgers, in the way that TCP/IP sits over physical networks. The paper proposed four layers (transaction, messaging, filtering and ordering, and application) so that applications could be written once and use several ledgers. These were called multi-chain applications, or mApps (originally "MApps" or mDApps).
From crypto project to bank vendor
Since about 2022, Quant has presented itself less as a crypto project and more as an enterprise software supplier. Its recent work is mostly about tokenised bank deposits, programmable payments and settlement, sold to banks and market infrastructures.
Eleven years in brief
Filter by theme. Dates were checked against company, press and filing sources in October 2026.
Company incorporated in London
The company that became Quant Network Ltd is registered in England on 28 September 2015 (originally under the name Remitt Ltd). In the same period Gilbert Verdian begins the push for an international blockchain standard that became ISO/TC 307.
ISO/TC 307 is established
The International Organization for Standardization sets up Technical Committee 307 for blockchain and distributed ledger technologies. Verdian is credited by Quant with initiating the proposal.
Renamed Quant Network
The company takes the Quant Network name. A Swiss entity, Quant Network AG in Zug, is set up and later acts as issuer of the token.
Token sale raises about $11 million
The QNT sale sells 9,964,259 tokens at roughly $1.10 each. It clears its minimum but lands far below the hard cap, which is why QNT ended up with such a small supply.
Unsold tokens burned
About 9.5 million unsold QNT are permanently destroyed, leaving a fixed total of 14,612,493.
Partnership with SIA
Italian payments infrastructure firm SIA (now part of Nexi) partners with Quant to test Overledger with SIAchain, its private network for European financial institutions. Successful interoperability tests are reported the following year.
Overledger 1.0 testbed
A first Overledger Network testbed goes live.
Oracle relationship
Quant joins Oracle's partner programme and Overledger is offered alongside Oracle Blockchain Platform, which is built on Hyperledger Fabric.
LACChain selects Overledger
LACChain, the Latin America and Caribbean blockchain alliance backed by the Inter-American Development Bank's innovation lab, chooses Overledger for interoperability work.
Overledger 2.0 and network launch
Overledger 2.0.5 arrives on 8 September with cross-ledger token bridging, and the Overledger Network launches on 13 September. QNT sets its all-time high of about $427 the same month.
Licence fee model introduced
Overledger access moves to an annual licence, quoted at £100 a year for a production licence and payable in QNT. Sandbox access stays free.
Overledger Tokenise
Release 2.2.12 adds tools to create and manage tokens (the QRC-20 family, later joined by QRC-721 NFTs).
Project Rosalind report
The BIS Innovation Hub London Centre and the Bank of England publish results of Project Rosalind, a retail CBDC API experiment for which Quant was a technology vendor. It delivered 33 API functions and explored more than 30 use cases.
Overledger Platform
A re-packaged, cloud-delivered Overledger Platform launches for enterprises and developers.
Quant Flow and PayScript
Quant moves into programmable money for banks and businesses with Quant Flow and its rules engine, PayScript.
UK Regulated Liability Network
UK Finance reports on the experimentation phase of the UK RLN, a shared ledger concept for tokenised bank money. Quant delivers technology alongside R3; more than 35 organisations take part.
ECB digital euro pioneer
The European Central Bank names Quant among nearly 70 'pioneer' partners on its digital euro innovation platform. Quant's work focuses on conditional payments.
Overledger Fusion announced
Quant unveils Fusion, a multi-ledger rollup it calls 'Layer 2.5'.
UK tokenised sterling deposits
UK Finance selects Quant to build the Great British Tokenised Deposit (GBTD) platform for a pilot with Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide and Santander.
QuantNet introduced
Quant presents QuantNet, a programmable settlement network that links tokenised money with existing payment rails using ISO 20022 messaging.
Bank of England Synchronisation Lab
Quant says it has been selected for the Bank's Synchronisation Lab, a simulation environment tied to the RTGS roadmap. Its proposal is multi-bank treasury rebalancing that settles all-or-nothing.
Murex partnership
Capital markets software firm Murex integrates Quant Flow and Overledger into its MX.3 platform for tokenised deposits and digital bond settlement.
Fusion mainnet
The Fusion rollup goes live. Quant says it connects 74 networks at launch; that figure is the company's own.
First live GBTD transactions
UK banks, now including Monzo, complete the first live customer transactions with tokenised sterling deposits: two remortgage completions and a conditional marketplace payment.
The Clearing House selects Quant
The US bank-owned payments operator picks Quant as technology provider for its On-Chain Money initiative, with access for institutions targeted for the first half of 2027. QNT's price rises sharply, then gives back part of the move.
Wider exchange access
HTX opens QNT/USDT spot trading.
One request in, many ledgers out
Overledger is best understood as a gateway. Your application sends one standard request. Overledger translates it for each ledger involved, watches for confirmation, and reports back.
Try it: route a cross-ledger transaction
Pick two networks and a job, then press Route. This is a simplified teaching model, not a live system.
The original four-layer design
The white paper split the work into a transaction layer (the ledgers themselves), a messaging layer (reading what happened on each), a filtering and ordering layer (picking out and sequencing relevant messages) and an application layer (the mApp's own rules).
Gateways do the connecting
An Overledger gateway holds the connectors to each supported network. Quant runs gateways as a cloud service, and licensed organisations can run their own. Connectors exist for public chains such as Ethereum, Bitcoin and the XRP Ledger and for permissioned ledgers such as Hyperledger Fabric, Besu and R3 Corda.
Security comes from underneath
Overledger has no consensus mechanism of its own. Each transaction is still confirmed by the ledger it runs on. That avoids adding a new chain to trust, but it means safety depends on the connected ledgers, on how the gateway is deployed, and on who holds the keys.
Rules written into money
PayScript is Quant's rules engine. It expresses conditions such as "release the funds when the land registry confirms the transfer". Quant Flow is the platform where banks and businesses build these automated money workflows.
A settlement network for institutions
QuantNet coordinates the cash leg and the asset leg of a deal across payment rails and ledgers, aiming for delivery-versus-payment and payment-versus-payment settlement. It is built around ISO 20022 messaging with KYC, AML and audit rules embedded in each flow.
The "Layer 2.5" rollup
Fusion, live since 2 June 2026, is a multi-ledger rollup. Instead of anchoring to one parent chain like a normal Layer 2, it posts state to several. Quant says the goal is to issue an asset once and use it across public and permissioned networks without wrapped copies. It is EVM-compatible and uses KYC-verified nodes.
A real example: the UK remortgage
In the tokenised sterling deposit pilot, a homeowner's remortgage funds were represented as tokenised deposits and locked. When completion conditions were met, the funds were released automatically. The customer kept earning interest until that moment, and the manual checks and settlement delays that normally surround completion day were reduced. The banks are still banks and the money is still an ordinary deposit; what changed is that the payment carried its own conditions.
mApps, in plain terms
A normal decentralised app lives on one chain. A multi-ledger app, or mApp, can read from and write to several at once through Overledger. A trade finance mApp could, for instance, record a shipping document on one permissioned ledger and trigger payment on another, without either ledger knowing about the other.
QNT: small, fixed, and debated
QNT has one of the simplest supply stories in crypto. What it is worth to hold is a harder question, covered here and in the risks section.
Where the tokens went
Select a segment. The hatched block shows tokens that were burned in 2018 and no longer exist.
Licence arithmetic
When a fee is priced in ordinary money but paid in QNT, the number of tokens needed falls as the token price rises. Move the sliders to see it. Illustrative only.
Fixed at 14,612,493
No mining, no inflation, no scheduled unlocks. Nearly all of it circulates. Data sites differ slightly: some show a maximum of 14,881,364, and circulating figures range from about 12 million to 14.5 million depending on how locked and company tokens are counted. Etherscan shows a 45,467,000 ceiling that is a leftover of the pre-burn contract design.
Paying for the platform
Since December 2021 Overledger has carried an annual licence fee, quoted at £100 for a production licence and payable in QNT. Enterprise arrangements are negotiated privately. Quant's 2026 filing also says QNT will be the gas and execution-fee token on Fusion and that trusted-node operators stake QNT.
Licence lock and treasury
The commonly described model is that QNT paid for access is locked in a smart contract for the licence term, and that when clients pay in ordinary currency Quant's treasury obtains the QNT. A treasury contract does route payments between users and gateways. Quant publishes no figures for how much is locked, and its filing notes that fees can simply be paid in US dollars.
What holders do not get
No dividends, no interest, no equity, no governance vote. There is no DAO and no foundation. Licence revenue goes to Quant Network Ltd as ordinary company income.
The reserve has mostly gone
About 2.65 million QNT was set aside for the company in 2018 to fund development, operations and listings. The 2026 transparency filing puts company-held tokens at under 0.5% of supply, and says they are unrestricted.
The official token address
QNT on Ethereum: 0x4a220E6096B25EADb88358cb44068A3248254675. Always confirm the address on Etherscan or CoinGecko before adding a token or sending funds. An audit cited in the filing found the token contract has no owner controls.
Who is behind Quant
A privately held UK company with a small public leadership team. Roles are as listed on Quant's website in October 2026.
Gilbert Verdian
Founded Quant after a career in security leadership across government, health and payments. Credited with initiating ISO/TC 307, the international blockchain standards committee.
Dr Paolo Tasca
Economist and founder of the UCL Centre for Blockchain Technologies. Co-authored the Overledger white paper and helped shape the project's early research.
Colin Paterson
Security technologist widely described as a co-founder and early technical lead. Listed in the 2026 filing as a director of the holding company.
Martin Hargreaves
Spent nearly 13 years at Vocalink, a Mastercard company that runs UK payment infrastructure, and holds payments patents.
Lenna Russ
Leads commercial relationships with banks and financial institutions.
Phil Ashton
Leads people and hiring.
Dr Luke Riley
Long-serving researcher at Quant, involved in its central bank and standards work.
Theodore Sentelidis
Leads engineering. Other listed leads include Anna Torz (product development) and Alex Chiriac (solutions architecture).
Board of directors
The non-executive board listed on Quant's website in October 2026.
The legal structure
Quant Network Ltd
The UK operating company (registered in England, number 09798383), based in London. It builds and sells the software and receives the revenue. The filing notes it is registered with the FCA as a payment services agent of Yapily Connect.
Quant Group Corporation Ltd
A UK holding entity. According to the 2026 filing, its directors include Gilbert Verdian, Colin Paterson, Neil Smit and Rosalind Singleton, and majority control sits with a Jersey trustee on behalf of a trust.
Quant Network AG
A Swiss company in Zug, founded in 2017, which issued the token in the 2018 sale. Swiss regulator FINMA is reported to have treated QNT as a utility token.
Who Quant works with
Quant's ecosystem is less about apps and communities and more about institutions. "Partner" covers a wide range here, from paid contracts to pilots, so each entry says what the relationship actually is.
UK Finance and the GBTD banks
Quant built the Great British Tokenised Deposit platform. Barclays, HSBC UK, Lloyds Banking Group, NatWest, Nationwide, Santander and Monzo completed the first live customer transactions on 24 September 2026. More pilots on digital asset settlement are planned.
The Clearing House (US)
Owned by large US banks, The Clearing House runs the RTP and CHIPS payment systems. It chose Quant to provide the interoperability, orchestration and transaction-management layer for its On-Chain Money initiative, with access for institutions targeted for the first half of 2027.
Bank of England and BIS
Quant was a technology vendor for Project Rosalind (2022 to 2023), which tested an API layer for a retail central bank digital currency. In February 2026 it was selected for the Bank's Synchronisation Lab, a simulation with no real money.
European Central Bank
One of nearly 70 "pioneer" partners named in May 2025 for the digital euro innovation platform, working on conditional payments. This is a testing relationship. It does not mean the digital euro will use Quant or QNT.
Murex
Since March 2026, Quant Flow and Overledger are being integrated into MX.3, a trading, risk and post-trade platform used by many banks, for tokenised deposits and digital bond settlement.
Oracle
Overledger works alongside Oracle Blockchain Platform, which is based on Hyperledger Fabric. Oracle has been part of Quant's partner story since about 2020.
SIA (now Nexi)
A 2019 partnership tested Overledger with SIAchain, a private network run by the Italian payments infrastructure company that has since merged into Nexi.
LACChain
The Latin America and Caribbean blockchain alliance, backed by the Inter-American Development Bank's innovation lab, selected Overledger for interoperability in 2021.
R3, UST, industry bodies
Quant worked alongside R3 on the UK Regulated Liability Network in 2024, partners with UST on tokenisation services, and is a member of groups such as the Digital Pound Foundation.
What comes next
Quant does not publish a detailed public roadmap. This is what has been announced or reported, with an honest status label on each.
Fusion mainnet
Live since 2 June 2026. Quant says 74 networks were connected at launch and that more are being added through a trusted-node programme.
First live tokenised sterling payments
Completed 24 September 2026 with real customers at UK banks.
Next GBTD pilots
UK Finance expects further pilots over the following months: settling digital assets against tokenised deposits, and bank-issued digital debt instruments that pay coupons in tokenised deposits.
On-Chain Money in the US
The Clearing House's network is targeted for the first half of 2027. Quant is also building a Tokenised Deposits-as-a-Service option for US banks that lack their own capability.
QNT's role on Fusion
The filing describes QNT as the future gas token on the rollup, with staking for trusted nodes. As of October 2026 it is not clear from public sources how much of this is active.
Central bank labs
The Bank of England Synchronisation Lab work continues. The ECB's next digital euro experiments run from January to June 2027, with a pilot expected in the second half of 2027. Quant's part in those rounds has not been confirmed.
From pilots to production
The UK and US projects are the test of whether Quant can run national-scale infrastructure. Real payment volumes, pricing and long-term contracts are not yet public.
Value to the token
Whether institutional use of the software becomes meaningful, measurable demand for QNT remains the central unanswered question for holders.
Decentralising Fusion
Quant is expected to be the sole sequencer at first. Whether and when that role is shared has not been set out.
Quant next to its neighbours
Five projects that are often mentioned together. They solve related problems in different ways, and none is simply "better".
| Quant | Chainlink CCIP | Polkadot | Cosmos | Ripple / XRP | |
|---|---|---|---|---|---|
| What it is | Enterprise API and settlement layer (Overledger, Flow, QuantNet, Fusion) | Cross-chain messaging protocol run by decentralised oracle networks | A base chain that secures many connected chains (parachains) | Toolkit for building independent chains that connect via IBC | A public ledger (XRPL) plus Ripple's payment and custody products |
| Own blockchain? | No Layer 1. Fusion rollup since 2026 | No. Runs across existing chains | Yes | Yes, many (Cosmos Hub and others) | Yes |
| How it connects | Gateways and connectors operated by Quant or licensees | Independent node operators relay and verify messages | Shared security and native cross-chain messaging | Light-client proofs between sovereign chains | Assets move on one shared ledger; bridges for others |
| Connects private bank ledgers? | Yes, a main focus | Yes, increasingly, including work with Swift and banks | Not a main focus | Possible, less common | Via Ripple's enterprise products |
| Source code | Mostly proprietary | Largely open | Open | Open | XRPL is open; Ripple products are commercial |
| Who runs it | One company | Node operator networks; Chainlink Labs leads development | Validators and on-chain governance | Each chain's validators | XRPL validators; Ripple is a company |
| Token | QNT, about 14.6M fixed, ERC-20 | LINK, 1 billion maximum | DOT, inflationary with a cap adopted in 2025 | ATOM, inflationary | XRP, 100 billion created |
| Token's job | Platform access and fees | Paying and securing oracle services | Staking, governance, fees | Staking, governance, fees | Ledger fees, bridge asset |
| Main trade-off | Institution-friendly but centralised and opaque | Decentralised and widely used, but adds a new trust layer | Strong shared security, but you must join its ecosystem | Sovereignty, but each chain secures itself | Fast and established, but tied to one ledger |
Simplified for beginners. Each project changes over time; check their own documentation for detail.
Where to keep QNT
Because QNT is an ERC-20 token, any Ethereum wallet can hold it. The choice is mostly about how much convenience you trade for control.
Ledger
Nano S Plus, Nano X, Flex, Stax
Hardware wallet. QNT is managed through the Ethereum app in Ledger's own software or by connecting the device to MetaMask.
Suits: Long-term storage
Trezor
Safe 3, Safe 5, Model T
Hardware wallet with open-source firmware. Supports ERC-20 tokens including QNT through Trezor Suite or a connected web wallet.
Suits: Long-term storage
Tangem
Card or ring
NFC card-style hardware wallet used with a phone app. Supports Ethereum and ERC-20 tokens.
Suits: Simple cold storage
MetaMask
Browser extension, iOS, Android
The most widely used Ethereum wallet. If QNT does not appear, add it as a custom token using the official contract address.
Suits: Everyday use, DeFi
Trust Wallet
iOS, Android, extension
Multi-chain mobile wallet with built-in ERC-20 support.
Suits: Mobile users
Rabby
Browser extension, mobile
Ethereum-focused wallet that previews what a transaction will do before you sign.
Suits: Careful DeFi users
Coinbase Wallet
iOS, Android, extension
Coinbase's self-custody wallet app, separate from a Coinbase exchange account.
Suits: Coinbase customers
Exchange account
Binance, Coinbase, Kraken and others
The exchange holds the keys for you. Convenient for buying and selling, but you rely on the exchange's security and solvency.
Suits: Short-term holding
Institutional custody
Fireblocks, BitGo, Anchorage and similar
Enterprise custody services with policy controls, used by funds and companies.
Suits: Organisations
Good habits
- Write your recovery phrase on paper or metal. Never type it into a website, and never share it.
- Keep a little ETH in the wallet. You pay Ethereum network fees in ETH, not QNT.
- Send a small test amount before a large transfer.
- Only withdraw QNT over the Ethereum (ERC-20) network unless you are certain your wallet supports another.
Common mistakes
- Adding a fake "QNT" token. Check the contract address ends in
…4675and matches Etherscan. - Buying a hardware wallet second-hand or from a marketplace reseller.
- Trusting "support staff" who message you first. They are scammers.
- Signing a transaction you do not understand on an unfamiliar site.
Buying QNT, step by step
This explains the mechanics. It is not a recommendation to buy. Crypto prices are volatile and you can lose money.
Choose a regulated exchange available in your country
QNT is listed on Binance, Coinbase, Kraken, KuCoin, HTX and others. Check which are licensed where you live.
Open and verify an account
You will need photo ID. Turn on two-factor authentication with an app, not SMS.
Deposit money
Bank transfer is usually cheapest. Cards are faster but cost more.
Place the order
Search for QNT. A limit order lets you set your price; a market order fills immediately at the current one. Check the fee before confirming.
Decide where to hold it
Leaving tokens on the exchange is simple but means trusting the exchange. For self-custody, set up a wallet from the section above.
Withdraw carefully
Select the Ethereum (ERC-20) network, paste your wallet address, send a small test first, and keep records for tax.
Centralised exchanges
Listings named in Quant's 2026 transparency filing and recent news include Binance, Coinbase, Kraken, KuCoin, HTX (from 8 October 2026), LCX, CoinEx and Binance.US. Some offer direct euro or pound pairs; others only trade QNT against USDT or BTC.
Decentralised exchanges
QNT can be swapped on Ethereum-based exchanges such as Uniswap from your own wallet. Liquidity is thinner than on large exchanges, so check the price impact and verify the token contract address.
Things to know first
QNT has a small supply and has shown very sharp moves in both directions, including in September 2026. Exchange hot wallets holding QNT have been hacked in the past (LCX in 2022, Bitrue in 2023), although the QNT contract itself has not been exploited. Tax rules apply in most countries.
The case against, stated fairly
Every project has weak points. These are the ones most often raised about Quant, each with the usual counter-argument.
The link between adoption and the token is weak
Banks can use Quant's software without touching QNT. Fees can be paid in dollars. A flat annual licence does not grow with payment volume. It is not publicly documented whether revenue from the big 2026 deals flows through QNT at all.
Supporters point to the stated model in which fiat fees are converted to QNT and locked, and to QNT's planned role as gas on Fusion. Both are plausible, but neither can be measured from public data today.
Closed source
Overledger is proprietary and patented. Outsiders cannot audit the code in the way they can with open protocols.
Banks routinely buy closed-source software and audit vendors privately. For regulated buyers, a named supplier with contracts and liability can be an advantage.
Centralisation
One company builds, runs and prices the system. Quant will be the sole sequencer on Fusion. The treasury contract is an upgradeable proxy under an admin address. Holders have no vote. Using Overledger swaps dependence on many chains for dependence on one provider.
Overledger does not replace the consensus of the ledgers it connects, and gateways can be run by licensees. Still, this is a company product, not a decentralised network, and should be judged as one.
Low transparency
Quant is private and publishes no revenue, licence counts or locked-token totals. The holding structure includes a Jersey trust. Supply figures differ between data providers by more than two million tokens.
Private companies are not required to publish this, and Quant did submit a detailed token transparency filing in 2026. That filing is the best public source, and it is candid about what is not disclosed.
Pilots are not production
Rosalind was an experiment. The ECB role is technology testing. The Synchronisation Lab uses no real money. GBTD has completed a handful of live transactions. The US network does not open until 2027.
Financial infrastructure moves slowly, and being repeatedly chosen by central banks and industry bodies is meaningful evidence of credibility. It is not yet evidence of scale.
Strong competition
Chainlink's CCIP, Swift's own ledger plans, R3, large banks' in-house platforms and big technology vendors all target the same customers.
The market may support several providers, and Quant has a head start in tokenised deposits in the UK. But its competitors are larger and better funded.
Price volatility and market quality
A small supply means sharp moves. After the September 2026 announcements the price multiplied within days and then fell by roughly a third from its peak. Analysts reported an unusually high share of wash trading during the surge.
Volatility cuts both ways and is common to most crypto assets. It is a reason for caution, especially around news events.
Key-person and regulatory exposure
Quant is closely identified with its founder and is concentrated in one UK operating company. Rules for tokenised deposits, stablecoins and CBDCs are still being written.
The leadership bench has grown, and Quant's standards work puts it close to how those rules develop. The outcome is still outside its control.
The jargon, decoded
Type to filter 32 terms.
- API
- Application programming interface. A defined way for one piece of software to ask another to do something. Overledger is delivered mainly as a set of APIs.
- Atomic settlement
- A transaction with several legs that either all complete or all fail, so nobody is left having paid without receiving.
- Burn
- Permanently destroying tokens. Quant burned about 9.5 million unsold QNT in September 2018.
- CBDC
- Central bank digital currency. A digital form of money issued by a central bank, such as the proposed digital euro or digital pound.
- CHIPS
- The Clearing House Interbank Payments System, a large-value US dollar payment system run by The Clearing House.
- Conditional payment
- A payment that is released only when an agreed condition is met, for example confirmed delivery. The ECB distinguishes this from 'programmable money' that restricts how funds can be spent.
- DLT
- Distributed ledger technology. The broader family that includes blockchains and permissioned ledgers such as Corda or Hyperledger Fabric.
- DvP
- Delivery versus payment. Settling a security and its cash payment together so neither side carries the other's risk.
- ERC-20
- The standard for fungible tokens on Ethereum. QNT is an ERC-20 token with 18 decimals.
- Fusion
- Quant's multi-ledger rollup, live on mainnet since June 2026. Quant calls it 'Layer 2.5' because it anchors to several networks at once.
- Gateway
- In Overledger, the component that connects to underlying ledgers and executes requests. Gateways can be run by Quant or by licensed operators.
- GBTD
- Great British Tokenised Deposit. UK Finance's industry project for tokenised sterling commercial bank deposits, built on a platform developed by Quant.
- Interoperability
- The ability of separate systems to exchange value and data and act on it, without a custom bridge for every pair.
- ISO 20022
- The global messaging standard for payments. Quant's products are designed to speak it natively.
- ISO/TC 307
- The ISO technical committee for blockchain and DLT standards, set up in 2016. Gilbert Verdian is credited with initiating it.
- Layer 1
- A base blockchain with its own consensus, such as Bitcoin or Ethereum. Quant chose not to build one.
- Licence lock
- The mechanism by which QNT paid for Overledger access is held for the licence period. Details are only partly documented in public.
- mApp / mDApp
- Multi-ledger (decentralised) application. An application that uses more than one ledger at once through Overledger.
- Overledger
- Quant's core product: an API layer that lets one application talk to many ledgers and payment systems.
- PayScript
- Quant's rules engine for writing conditions into payments, such as 'release when the title transfers'.
- Permissioned ledger
- A ledger where participants are known and approved, common in banking. Examples: Hyperledger Fabric, Besu, R3 Corda.
- PvP
- Payment versus payment. Settling both sides of a currency exchange at the same time.
- QNT
- The Quant token. A fixed-supply ERC-20 used to pay for and access Quant's platforms.
- QuantNet
- Quant's programmable settlement network for banks and market infrastructures.
- Quant Flow
- Quant's platform for programming, orchestrating and automating money movement.
- RLN
- Regulated Liability Network. A concept for a shared ledger carrying central bank money, commercial bank money and e-money side by side.
- Rollup
- A system that executes transactions off a base chain and posts compact proofs or state back to it.
- RTGS
- Real-time gross settlement. The central bank system that settles large payments between banks one by one, in real time.
- RTP
- The Clearing House's real-time payments network in the United States.
- Sequencer
- The party that orders transactions in a rollup. Quant's filing says it will be the sole sequencer for Fusion.
- Tokenised deposit
- An ordinary commercial bank deposit represented as a token on a ledger. Unlike a stablecoin, it remains a claim on the issuing bank.
- Utility token
- A token whose stated purpose is access to a product or service, not ownership or profit share. QNT carries no equity, dividend or voting rights.
No matching terms. Try a shorter word.
Check what you learned
Ten questions. Each answer comes with a short explanation.
Frequently asked questions
Short answers to the questions people ask most.
What is Quant in one sentence?
Quant is a London-based technology company whose software, led by Overledger, lets banks, market infrastructures and developers connect different blockchains and payment systems, and QNT is the token used to access that software.
Is Quant a blockchain?
No. Quant chose not to build its own Layer 1 blockchain. Overledger sits above existing ledgers and talks to them through APIs. In June 2026 Quant did launch Fusion, a rollup that anchors to multiple existing networks, but it is still not a standalone base chain.
What is QNT used for?
QNT is used to pay for and access Quant's platforms. Overledger licences have been payable in QNT since December 2021, and Quant's 2026 transparency filing says QNT is intended to be the gas and execution-fee token on the Fusion rollup, and that trusted-node operators stake QNT. It gives holders no ownership or voting rights.
How many QNT tokens are there?
The total supply is 14,612,493 QNT and no more can be created. Some data sites show slightly different maximum or circulating figures (for example 14,881,364 as a maximum), which reflects how they count company-held and locked tokens.
Do banks that use Quant's technology have to buy QNT?
Not necessarily. Quant's own filing says platform fees can be paid in US dollars as well as QNT. Third-party descriptions say that when a client pays in ordinary currency, Quant's treasury acquires the QNT, but the company publishes little detail on volumes. Bank adoption of the software does not automatically mean proportional demand for the token.
Is Quant open source?
Mostly not. Overledger is proprietary, patented, commercial software, although Quant publishes API documentation. That is normal for enterprise software but unusual in crypto, and it limits independent review.
Who runs Quant?
Gilbert Verdian is founder and chief executive. The leadership page in October 2026 also lists Martin Hargreaves (Chief Product Officer, Financial Services), Lenna Russ (Chief Commercial Officer), Phil Ashton (Chief HR Officer) and Dr Luke Riley (Head of Innovation), with Guy Dietrich, Neil Smit and David Yates as board directors.
What is the difference between a tokenised deposit and a stablecoin?
A tokenised deposit is a normal bank deposit recorded on a programmable ledger; it stays a claim on your bank and inside the banking rulebook. A stablecoin is usually issued by a non-bank company and backed by reserves. Quant's recent work in the UK and US is about tokenised deposits.
Where can I store QNT?
Any wallet that supports Ethereum ERC-20 tokens: hardware wallets such as Ledger and Trezor, or software wallets such as MetaMask, Trust Wallet and Rabby. You need a small amount of ETH in the same wallet to pay network fees when you move QNT.
Where can I buy QNT?
QNT is listed on large exchanges including Binance, Coinbase, Kraken, KuCoin and HTX, and it trades on decentralised exchanges on Ethereum. Availability depends on your country.
Can I stake QNT?
There is no general staking scheme that pays inflationary rewards, because QNT has no inflation. Quant's filing describes staking by operators of trusted nodes on its network. Be careful with third-party 'QNT staking' offers; these are lending or yield products with their own risks.
Why did the QNT price move so much in September 2026?
On 24 September 2026 The Clearing House announced Quant as technology provider for its On-Chain Money initiative, and UK banks completed their first live tokenised deposit transactions the same day. The price rose very quickly and then fell back part of the way. Analysts also reported unusually high wash trading during the surge. This site does not make price predictions.
Is Quant the same as Ripple or Chainlink?
No. Ripple is tied to the XRP Ledger and its own payment products. Chainlink runs decentralised oracle networks and the CCIP messaging protocol. Quant sells a proprietary API and settlement layer run by one company. They overlap in targeting banks, but the designs and trust models differ.
Is this site connected to Quant?
No. whatisquant.com is an independent educational resource. It is not affiliated with Quant Network Ltd and nothing here is financial advice.
Where these facts come from
Pages consulted when this guide was checked in October 2026. Primary sources are listed first. Where sources disagreed, the text says so.
- Quant — official website
- Quant — About us and leadership
- Quant — Quant Fusion
- Quant — QuantNet
- Blockworks — Token Transparency filing: Quant (H2 2026)
- Genfinity — Quant, Overledger and The Clearing House explained (29 Sep 2026)
- FinTech Futures — The Clearing House selects Quant (25 Sep 2026)
- Scottish Financial News — UK banks complete first live tokenised sterling transactions (24 Sep 2026)
- Cointelegraph — UK Finance tokenised sterling deposits pilot (Sep 2025)
- Markets Media — Quant to deliver infrastructure for UK tokenised deposits
- Murex — Murex and Quant partnership (25 Mar 2026)
- U.Today — Bank of England Synchronisation Lab (13 Feb 2026)
- Yahoo Finance — ECB digital euro and Quant (5 Oct 2026)
- CryptoTicker — QNT token: licence fee, supply cap and open demand
- CryptoTicker — What is Quant (QNT)? Overledger explained
- CoinStats — Quant fundamentals (October 2026)
- IQ.wiki — Quant Network
- BSC News — Quant's strategic partnerships
- CoinMarketCap — Quant latest updates
- Electronic Payments International — SIA and Quant interoperability
- Bank for International Settlements — official website (Project Rosalind)
- ISO — official website (Technical Committee 307)
- UK Finance — official website
- The Clearing House — official website
- Etherscan — QNT token contract
- CoinGecko — Quant market data