QNT tumbles after nearly doubling in weekend rally

Quant’s QNT token fell sharply Monday, giving back part of its weekend surge as traders reassessed a rally sparked by the cryptocurrency’s selection by The Clearing House for a new blockchain-based banking payments network.QNT fell $61.71, or 21.54%, to $224.83 Monday. The token had traded around $286.54 on Sunday, up $89.41, or 89.41%, after climbing above $190 earlier in the session.The sharp rally The Clearing House’s selection of Quant to provide technology for its On-Chain Money Initiative, which is being developed to allow banks to clear and settle transactions involving tokenized deposits. The network is expected to become available to participating financial institutions in the first half of 2027.The Clearing House first announced the broader initiative in June. The system is designed to combine blockchain programmability with the regulatory and settlement framework already used by commercial banks.The initiative is backed by financial institutions including Bank of America , BMO , U.S. Bank, and Wells Fargo . The Clearing House itself is owned by 25 large U.S. financial institutions.Quant specializes in technology that allows blockchain networks and conventional financial systems to communicate. Under the agreement, its technology will handle interoperability, transaction management, and orchestration for The Clearing House network.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.