Key Highlights
- QNT surges over 250% in seven days, climbing from around 60-70 to above $350 before pulling back.
- The Clearing House selects Quant for its On-Chain Money Initiative, helping financial institutions use tokenized deposits with existing payment systems.
- QNT’s trading activity jumps sharply, with futures volume rising 105.81% to $10.34 billion and open interest increasing 25.96% to $161.76 million.
Quant token QNT joined the list of best performing tokens as its price surged over 250% in just seven days. It climbed from around $60-$70 range last week to an intraday high above $350 before giving back some of its gains.
According to data from CoinGecko as of September 28 (7:37 p.m. UTC), QNT was trading at $247.07, up 27% over 24-hours, with a market capitalization of around $3.46 billion.
The data also shows a fully diluted valuation of around $3.48 billion with its currently circulating supply at 14.544 million.
This surge followed through to the derivatives market with its futures trading volume surge by 105.81% to $10.34 billion, according to data from Coinglass as of September 28 (7:37 p.m UTC). Its open interest, which shows the value of active futures contracts, also surged by 25.96% to around $161.76 million in value.
Why is the token surging?
The rally followed The Clearing House’s announcement that it had selected Quant to power its On-Chain Money Initiative.
According to the press release, the project is designed to help financial institutions clear and settle transactions involving tokenized deposits while connecting them to payment systems that banks already use.
Quant will provide the technology that helps different networks work together. It will also handle the coordination and management of transactions on the network. The system will connect with existing payment rails, including the RTP and CHIPS networks.
The Clearing House said the network is expected to become available to participating financial institutions in the first half of 2027.
The initiative is aimed at making money transfers faster and more automated, including payments that can settle immediately or be triggered when agreed conditions are met.
The Clearing House handles payment networks that process more than $2 trillion every day across wire, ACH, check image and real-time payments. Its On-Chain Money Initiative was announced in June as financial institutions looked for ways to use tokenized deposits while staying connected to existing banking systems.
“Building interbank infrastructure for tokenized deposits requires proven technology that can scale,” said Sal Karakaplan, Chief Strategy Officer of The Clearing House.
Quant CEO Gilbert Verdian said the deal marked a step toward what he called programmable money. He said tokenized deposits allow banks to move money on blockchain networks while keeping the deposits inside the regulated banking system.
QNT trades above major moving averages after its strong rally
The price move has also pushed QNT well above its major daily moving averages. According to data from TradingView as of September 28 (7:37 p.m. UTC), the token remains above the 20-day EMA which is at $101.19, the 50-day EMA at $87.16, the 100-day EMA at $87.57 and the 200-day EMA at $86.60. These levels are commonly used by traders to track the direction of an asset’s price.
The data also shows that the token had previously climbed above $300 as the rally became stronger before profit-taking pulled the price back. After reaching $350, QNT pulled back, with $252.08 now acting as an important support level.
If buyers continue to defend that area, the next resistance levels are between $286 and $305.65, according to the current price action displayed on TradingView
A break above $305.65 could bring the recent $320.03 high back into focus, while $373.88 is another major resistance level. QNT’s 2021 all-time high remains $427.42.
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