Dated structural research · read evidence scope and limitationsLedger 23 Oct 2026 · Scores 30 Sep 2026

Asset assessment · based on audited deep research

Quant / QNT

Quant is a private enterprise infrastructure company. Overledger, Flow, QuantNet and Fusion are distinct products. QNT’s clean native fee role is inside Fusion.

Full research cutoff18 Sep 2026Ledger reconciliation23 Oct 2026Score state30 Sep 2026CoverageLiving CoveragePost-cutoff verification24 Sep 2026

Structural Token Opportunity

65 / 100

Warranted range 60–73

Confidence Medium

Range reflects disagreement warranted by current evidence, not future catalyst success.

System Importance4.03 / 5
Economic Capture1.75 / 5
Market Transmission3.50 / 5
Structural Supply Burden2.30 / 5Higher = heavier / worse burden
System Profile Forward-ledToken Archetype Strong proxy-led — institutional infrastructure + Fusion conversion option

Structural Token Opportunity is a durable structural assessment. It is not a price forecast, expected-return estimate, buy/sell recommendation, or current valuation score. STO measures structural token opportunity, not whether a token is attractive at today’s price. It does not score current valuation, near-term catalysts, entry conditions, market regime, flows or portfolio context.

Research assessment based on audited research, reconciled with the canonical Ledger. This curated projection is not the internal forensic monograph. Public publication remains subject to human review.

On this assessment

Current thesis

Can Quant succeed without proportional QNT demand?

Quant has progressed beyond partnerships into completed regulated-bank customer transactions and a major U.S. infrastructure selection. GBTD’s small live uses validate delivery; The Clearing House’s selected-vendor path remains forward deployment, not its legacy network’s transaction volume.

QNT is primarily an institutional-success proxy with a Fusion conversion option. Current enterprise fees can be paid in USD or QNT, and useful products can run outside Fusion. Native Fusion gas exists; named institutional production usage, measurable staking lockup and gas economic destination remain unproven.

Primary bypass / failure mechanism

Quant can become an important banking middleware company while QNT remains optional: customers pay fiat and use non-Fusion products or controlled private-node infrastructure.

The historical mandatory-QNT licence/Treasury account model cannot be carried forward as current authority. Future bank procurement and Fusion technical capability do not themselves bridge company revenue to token value.

Why it scores here

Quant has moved beyond a partnership narrative: live GBTD customer transactions, The Clearing House selection, Murex and Oracle integration create credible institutional infrastructure positioning. QNT remains primarily a market proxy plus an option on Fusion becoming economically mandatory.

Selected major Connections

Selected connections — curated, not exhaustive. Selection emphasizes mechanism, limits and contrasting token implications, not institution prestige.

UK Finance / Barclays / HSBC UK / Lloyds / Monzo / NatWest / Nationwide / Santander / QuantQNTtokenized sterling deposits / programmable paymentsLive productionToken implication → inspect limitsno current mechanical upgrade without Fusion/QNT proof.QNT-GBTD-01 · expand to understand

UK Finance / Barclays / HSBC UK / Lloyds / Monzo / NatWest / Nationwide / Santander / Quant

network / infrastructure use · Payments & money

QNT · scope-specific stage: Live production

tokenized sterling deposits / programmable payments

Canonical participating scope: UK Finance; Barclays; HSBC UK; Lloyds; Monzo; NatWest; Nationwide; Santander; Quant

UK Finance confirmed two live remortgage completions and a live consumer marketplace payment using tokenized sterling deposits on shared industry infrastructure developed by Quant.

System implication
major upgrade from partnership/pilot evidence into live regulated-bank production.
Public-token implication
no current mechanical upgrade without Fusion/QNT proof.
What is not proven
recurring production scale, transaction values, Fusion execution, QNT gas/staking or Quant revenue.

Tier A · 24 September 2026 · Active

Ledger v4; Quant frozen report; UK Finance

Verify QNT-GBTD-01
The Clearing House / QuantQNTU.S. tokenized commercial-bank deposits / clearing and settlementScheduled / committed deploymentToken implication → inspect limitsno current capture proof.QNT-TCH-ONCHAIN-MONEY-01 · expand to understand

The Clearing House / Quant

network / infrastructure use · Payments & money

QNT · scope-specific stage: Scheduled / committed deployment

U.S. tokenized commercial-bank deposits / clearing and settlement

Canonical participating scope: The Clearing House / Quant

TCH selected Quant to provide interoperability, orchestration and transaction management for its On-Chain Money Initiative with connectivity to RTP and CHIPS.

System implication
major U.S. bank-infrastructure path.
Public-token implication
no current capture proof.
What is not proven
production transactions, participant count, Quant economics, Fusion use, QNT gas/staking/lockup or applicability of TCH's existing >$2T/day legacy-network volumes to the new initiative.

Tier B · 24 September 2026 · Monitoring

Ledger v4; Quant frozen report

Verify QNT-TCH-ONCHAIN-MONEY-01
Murex / MX.3QNTcapital-markets integration / tokenized deposits / digital-bond settlementLive productionToken implication → inspect limitscurrent relationship primarily supports company/infrastructure thesis.QNT-MUREX-01 · expand to understand

Murex / MX.3

network / infrastructure use · Payments & money

QNT · scope-specific stage: Live production

capital-markets integration / tokenized deposits / digital-bond settlement

Canonical participating scope: Murex / MX.3

Murex independently integrated Quant Flow/Overledger into MX.3.

System implication
potentially powerful embedded distribution into financial institutions.
Public-token implication
current relationship primarily supports company/infrastructure thesis.
What is not proven
Fusion use, QNT requirement, downstream client commercial terms or aggregate Quant revenue.

Tier A · 2026 · Active

Ledger v4; Quant frozen report; Murex

Verify QNT-MUREX-01
OracleQNTcross-ledger orchestration / tokenized financial workflowsLive productionToken implication → inspect limitsconditional.QNT-ORACLE-01 · expand to understand

Oracle

network / infrastructure use · Tokenized assets

QNT · scope-specific stage: Live production

cross-ledger orchestration / tokenized financial workflows

Canonical participating scope: Oracle

Oracle independently certified/integrated Overledger for cross-ledger operations and demonstrated tokenized-bond/deposit-token/CBDC-style DvP workflows.

System implication
strong independent enterprise validation and distribution.
Public-token implication
conditional.
What is not proven
permanent Oracle dependency, Fusion use or QNT economics.

Tier A · 2026 · Active

Ledger v4; Quant frozen report; Oracle

Verify QNT-ORACLE-01
Dentsu Soken / QuantQNTprogrammable stablecoin / digital-money settlement in JapanInfrastructure / enablerToken implication → inspect limitsindirect.QNT-DENTSU-SOKEN-JAPAN-01 · expand to understand

Dentsu Soken / Quant

network / infrastructure use · Payments & money

QNT · scope-specific stage: Infrastructure / enabler

programmable stablecoin / digital-money settlement in Japan

Canonical participating scope: Dentsu Soken / Quant

Dentsu Soken independently announced a business partnership to distribute Quant infrastructure in Japan.

System implication
credible Japanese distribution path.
Public-token implication
indirect.
What is not proven
named bank production deployment, Fusion use or QNT economics.

Tier B · January 2026 · Active

Ledger v4; Quant frozen report

Verify QNT-DENTSU-SOKEN-JAPAN-01
Browse the broader relationship register →View all QNT Connections →

System → Token Value Transmission Path

Mechanism, routing and economic destination each require their own proof.

  1. 01Proven

    Enterprise delivery

    GBTD completed two remortgages and a consumer marketplace payment. These do not establish recurring scale, Quant revenue or Fusion execution.

    Evidence
  2. 02Unresolved

    Enterprise activity reaches Fusion

    Overledger, Flow and QuantNet can provide value outside Fusion. A company customer is not automatically a Fusion customer.

    Evidence
  3. 03Proven

    Fusion execution uses QNT

    Deposited QNT becomes Fusion’s native coin and pays transaction fees. Technical mainnet existence is distinct from named institutional production demand.

    Evidence
  4. 04Unresolved

    Durable token sink and destination

    Production stake, minimums, lock duration and rewards are not measurable. Gas payment does not establish burn or holder revenue.

    Evidence

Market Transmission Path

Outside investment and proxy demand are separate from mechanical capture.

  1. 01Proven

    Institutional credibility

    GBTD, TCH selection and enterprise integrations support Quant’s infrastructure relevance with different deployment stages.

    Evidence
  2. 02Supported

    Public token as company-success proxy

    QNT has historically repriced on institutional narrative and expectations; it grants no equity or dividend claim on Quant.

    Evidence
  3. 03Unresolved

    Conversion into durable demand

    Proxy demand can precede mechanics but is not guaranteed to persist or scale with software revenues.

    Evidence

What is proven — and what remains open

What Is Proven

  • GBTD completed live customer transactions on infrastructure developed by Quant.
  • TCH selected Quant for interoperability, orchestration and transaction management, targeting availability in H1 2027.
  • Fusion mainnet and QNT-native transaction-fee architecture exist.
  • Current platform fees allow USD or QNT; staking APIs and node tooling exist without publicly measured production economics.

What Is Not Proven

  • GBTD or TCH runs on Fusion, causes QNT gas/staking, or establishes a proportional token claim on bank volumes.
  • TCH’s existing legacy throughput belongs to the new initiative; vendor selection is live production.
  • Current enterprise fees universally require QNT Treasury conversion or historical licence locks.
  • Gas burns, goes to holders, or becomes sticky inventory; production staking yield/lockup and named independent institutional Fusion clients.

Token economics / structural supply

The report finds no identified recurring conventional inflation schedule or routine post-TGE minting. The historical crowdsale-restricted mint path remains a qualification: permanent disablement is not publicly proven, nor is future minting or practical usability established.

Supply definitions conflict across circulating, economic and MiCA disclosures; no harmonized supply total is manufactured. A MiCA document reports 4,071,034 issuer-retained QNT, but it was prepared for a trading operator rather than being a direct wallet-level issuer attestation.

Issuer retention can constrain effective float and align incentives, while creating strategic overhang. Wallet attribution, disposal policy and the economic destination of Fusion gas remain unresolved. QNT has no equity/dividend entitlement.

Upgrade / proving triggers

Named institutional Fusion production, measurable QNT gas/staking/lockup, or fiat enterprise revenue demonstrably converts into QNT.

  • Named independent institutional production on Fusion with attributable gas expenditure and persistent externally acquired QNT balances.
  • Production staking rules, aggregate stake, minimums, duration and reward economics become measurable.
  • Current contractual evidence demonstrates enterprise fee conversion/lockup or a defined token-directed fee destination.

Downgrade triggers

Quant succeeds commercially while valuable workflows remain persistently tokenless/non-Fusion.

  • Repeated company milestones use fiat-priced/non-Fusion infrastructure without a QNT bridge.
  • Fusion remains a technical option without meaningful independent clients or measurable staking.
  • Supply authority or retained-inventory disclosures reveal heavier effective seller-capable burden.

Load-bearing evidence

Ten selected canonical records, including adverse evidence. Expand the register for additional facts, source references and limits.

tokenized sterling deposits / programmable payments

Live production · Active

UK Finance confirmed two live remortgage completions and a live consumer marketplace payment using tokenized sterling deposits on shared industry infrastructure developed by Quant.

System effect
major upgrade from partnership/pilot evidence into live regulated-bank production.
Token effect
no current mechanical upgrade without Fusion/QNT proof.
What is not proven
recurring production scale, transaction values, Fusion execution, QNT gas/staking or Quant revenue.
Source reference

Ledger v4; Quant frozen report; UK Finance

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S35

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
24 September 2026
Entity
UK Finance; Barclays; HSBC UK; Lloyds; Monzo; NatWest; Nationwide; Santander; Quant
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Adoption — Potential-change candidate — classification retained; no score changed.

U.S. tokenized commercial-bank deposits / clearing and settlement

Scheduled / committed deployment · Monitoring

TCH selected Quant to provide interoperability, orchestration and transaction management for its On-Chain Money Initiative with connectivity to RTP and CHIPS.

System effect
major U.S. bank-infrastructure path.
Token effect
no current capture proof.
What is not proven
production transactions, participant count, Quant economics, Fusion use, QNT gas/staking/lockup or applicability of TCH's existing >$2T/day legacy-network volumes to the new initiative.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S37, S38

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
24 September 2026
Entity
The Clearing House / Quant
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Adoption — Potential-change candidate — classification retained; no score changed.

native transaction fees

Live production · Active

QNT deposited into Fusion becomes the rollup's native coin and is used to pay Fusion transaction fees.

System effect
native public-token execution layer exists.
Token effect
clean mandatory mechanism inside Fusion.
What is not proven
aggregate gas expenditure, institutional demand or economic destination of gas.
Source reference

Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S07, S24

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Native Mechanism
Directional effect
Supportive
Evidence date
current architecture
Entity
Quant Fusion
Evidence class / relevance
Token proof / Economic Capture
Scorecard handoff
Economic Capture / Mechanical Transmission — Potential-change candidate — classification retained; no score changed.

platform/usage/transaction monetization

Live production · Active

commercial terms support platform fees, transaction thresholds, per-transaction volume charges, overage charges, services and renewal pricing.

System effect
company economics can scale with use.
Token effect
company monetization does not automatically accrue to QNT.
What is not proven
public consolidated revenue or basis-point economics on financial notional.
Source reference

Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S02, S03

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Native Engine / Footprint
Directional effect
Supportive
Evidence date
current 2026 terms
Entity
Quant Flow / Overledger commercial stack
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Economic Capture — Review — classification retained; no score changed.

fiat-priced enterprise software

Live production · Active

current Overledger platform fees can be paid in USD or QNT, and valuable Quant products can operate outside Fusion.

System effect
lowers bank procurement friction.
Token effect
strongest current structural QNT bypass.
What is not proven
percentage of future enterprise activity that will bypass QNT.
Source reference

Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S01, S14

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Negative Control
Directional effect
Damaging
Evidence date
current 2026
Entity
Overledger / Flow / QuantNet enterprise customers
Evidence class / relevance
Token proof / Bypass
Scorecard handoff
Economic Capture / Bypass — Potential-change candidate — classification retained; no score changed.

25 September verification is newer than the original broad cutoff and targeted 24 September update, but is represented in the re-frozen report. It predates the registry freeze; numerical incorporation is not documented.

production-staking proof gap

Negative control · Active

dedicated staking documentation remained under construction/testnet-oriented and production economics were not publicly measurable.

System effect
decentralization/economic layer is incomplete.
Token effect
no current staking-capture credit beyond architecture.
What is not proven
production lockup or yield.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S06

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Negative Control
Directional effect
Damaging
Evidence date
25 September 2026
Entity
Quant staking documentation
Evidence class / relevance
Token proof / Economic Capture
Scorecard handoff
Economic Capture — Review — classification retained; no score changed.

private-company value versus public-token value

Live production · Active

Quant can monetize fiat-priced enterprise products while reserving QNT-native mechanics for Fusion.

System effect
private-company model can succeed strongly.
Token effect
company success can decouple from QNT capture.
What is not proven
future percentage of company value converted into Fusion/QNT.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S01, S03

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Risk / Bypass
Directional effect
Mixed
Evidence date
current
Entity
Quant group
Evidence class / relevance
Network proof / Bypass
Scorecard handoff
Economic Capture / Bypass — Review — classification retained; no score changed.

supply governance

Historical context · Active

QNT has no identified recurring conventional inflation schedule, but the verified contract contains a historical crowdsale-restricted mint path and public proof of permanent disablement was not found.

System effect
none.
Token effect
“immutable fixed hard cap” is not fully proven.
What is not proven
that minting will occur or that authority remains practically usable.
Source reference

Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S25, S26

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Risk / Bypass
Directional effect
Damaging
Evidence date
contract history / 2026 review
Entity
QNT Ethereum contract
Evidence class / relevance
Tokenomics proof / Supply
Scorecard handoff
Supply — Review — classification retained; no score changed.

issuer-retained inventory / float concentration

Live production · Active

a MiCA filing reports 4,071,034 QNT as issuer-retained crypto-assets.

System effect
none.
Token effect
potentially lower effective float and stronger alignment, but also a large strategic overhang.
What is not proven
direct wallet attribution, beneficial-owner mapping or disposal policy.
Source reference

Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S24

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Risk / Bypass
Directional effect
Mixed
Evidence date
2026
Entity
QNT Services AG / MiCA disclosure
Evidence class / relevance
Tokenomics proof / Supply
Scorecard handoff
Supply / Market Transmission — Review — classification retained; no score changed.

Quant-institutional-success proxy / reflexive demand

Historical context · Active

QNT repriced dramatically in 2021 around product/network expectations, exchange-access expansion and future tokenomics expectations before mature mechanical capture existed.

System effect
none directly.
Token effect
institutional announcements can re-rate QNT before gas/staking capture matures.
What is not proven
repeatable magnitude or durable fundamental support absent Fusion conversion.
Source reference

Quant frozen report

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S27, S28, S29

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Dynamic source — claim reflects the Evidence date (historical through 2026); current values may differ.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Market Transmission
Directional effect
Supportive
Evidence date
historical through 2026
Entity
public QNT market
Evidence class / relevance
Sentiment/reflexive proof / Market Transmission
Scorecard handoff
Market Transmission — Review — classification retained; no score changed.

Deeper evidence register

19 additional canonical records. Open a record to inspect its fact, implications and limits.

QNT-BIS-PROJECT-ROSALIND-01retail-CBDC API architecture / multi-ledger access

retail-CBDC API architecture / multi-ledger access

Historical context · Historical

Quant participated in Project Rosalind and demonstrated multi-ledger/API delivery across private DLT implementations.

System effect
establishes sovereign/central-bank delivery credibility.
Token effect
none directly.
What is not proven
current commercial production or QNT economics.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Quant collaborates BIS and BoE on Project Rosalind as technology vendor — Vendor role; Quant infrastructure/private-sector programmability/interoperability; UST API layer; Project Rosalind: building API prototypes for retail CBDC ecosystem innovation — Prototype API; different central bank ledger designs; experimental not live CBDC; Quant and SIA Successfully Tested Blockchain Interoperability — Full testing on SIAchain, R3 Corda and private Ethereum; distinguishes this from Rosalind

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
historical
Entity
BIS Innovation Hub / Bank of England / Quant
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.
QNT-BANK-ENGLAND-SYNCHRONISATION-LAB-01synchronized settlement across ledgers

synchronized settlement across ledgers

Pilot / PoC · Active

Quant/GBTD-related work is relevant to BoE synchronization and multi-ledger settlement testing.

System effect
validates problem fit.
Token effect
none currently.
What is not proven
QNT or Fusion requirement.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Synchronisation Lab — Participant table: GBTD bond/gilt settlement and orchestration; Quant corporate liquidity rebalancing; non-live/no real money

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
2026
Entity
Bank of England / GBTD ecosystem
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.
QNT-ECB-DIGITAL-EURO-01regulated-money interoperability

regulated-money interoperability

Pilot / PoC · Historical

Quant participated in digital-euro innovation/interoperability work.

System effect
regulated-money credibility.
Token effect
none currently.
What is not proven
production deployment or QNT economics.
Source reference

Ledger v4

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Quant selected pioneer partner ECB digital euro — Opening selection; conditional-payment/wallet-layer pioneer use case; no public rollout claim

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
historical / 2026 context
Entity
ECB digital-euro innovation ecosystem
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.
QNT-U-K-RLN-TOKENIZED-01tokenized sterling deposits / regulated liabilities

tokenized sterling deposits / regulated liabilities

Historical context · Historical

Quant's UK work evolved through regulated-liability/tokenized-deposit programs into GBTD.

System effect
continuity of institutional problem fit.
Token effect
none directly.
What is not proven
direct QNT economics.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Quant selected infrastructure UK tokenised sterling deposits — Builds on successful RLN2024; UKFinance consortium selection and programmable infrastructure; UK banks complete first live customer tokenised sterling transactions — Opening seven named banks; Notes: Quant built platform; further digital-asset pilots

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
historical–2026
Entity
UK regulated-liability / tokenized-deposit ecosystem
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.
QNT-GBTD-PARTICIPANTS-01shared tokenized-deposit infrastructure

shared tokenized-deposit infrastructure

Live production · Active

major UK banks participate in the GBTD industry program.

System effect
strong institutional distribution.
Token effect
indirect.
What is not proven
equal production usage by every participant or QNT demand.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: UK banks complete first live customer tokenised sterling transactions — Opening seven named banks; Notes: Quant built platform; further digital-asset pilots

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
2026
Entity
participating UK banks
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Review — classification retained; no score changed.
QNT-GBTD-PROGRESSION-01transition from live transactions toward broader FMI

transition from live transactions toward broader FMI

Scheduled / committed deployment · Active

current program materials describe further digital-asset-settlement pilots and a possible path toward broader 2027 FMI infrastructure.

System effect
major forward institutional path.
Token effect
future conditional.
What is not proven
Quant's final production-FMI role, Fusion use or QNT economics.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Tokenised sterling deposits – GBTD initiative — Further pilots next few months digital-asset settlement; bank debt instruments; Monzo seventh; BoE lab; GBTD written evidence STA0067 — Annex A: pilots by end2026 inform new FMI2027; conditional expectation introduction from2027

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Forecast Target
Directional effect
Supportive
Evidence date
2026–2027 forward
Entity
UK Finance / Parliament / GBTD ecosystem
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Adoption — Review — classification retained; no score changed.
QNT-FUSION-01multi-ledger shared execution / rollup

multi-ledger shared execution / rollup

Live production · Active

Fusion Mainnet is technically active/production as a multi-ledger execution environment; Quant states connection to 74 networks at launch.

System effect
product is real and technically differentiated.
Token effect
enables a QNT-native mechanism but does not prove material usage.
What is not proven
74 customers, 74 active bank deployments, aggregate production transactions or named independent institutional production users.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: A new category of infrastructure: the Fusion Rollup is live on mainnet — Launch connected to 74 networks, lines49–57

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Native Engine / Footprint
Directional effect
Supportive
Evidence date
June–September 2026
Entity
Quant Fusion
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Economic Capture — Review — classification retained; no score changed.
QNT-UNIFIED-ASSETS-01unified asset representations / fragmented-liquidity reduction

unified asset representations / fragmented-liquidity reduction

Infrastructure / enabler · Active

Fusion architecture supports unified representations such as uUSDC/uBUIDL-style assets across connected ledgers.

System effect
differentiates cross-ledger execution architecture.
Token effect
conditional through Fusion usage.
What is not proven
material issued balances or production institutional use.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Fusion Rollup live on mainnet — Unifying fragmented assets: uUSDC/uBUIDL example; canonical unified representation not proof of fund distributor adoption

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Native Mechanism
Directional effect
Supportive
Evidence date
2026
Entity
Fusion
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.
QNT-STAKING-01node routing / future staking

node routing / future staking

Documented roadmap · Active

current APIs/docs contain QNT staking resources and describe stake-relevant node routing/capacity concepts.

System effect
future decentralization/operator architecture.
Token effect
meaningful future lockup option, not current proven scale.
What is not proven
production minimum stake, rewards, lock duration, slashing or aggregate QNT staked.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Overledger Gateway — 4.3 Stakes resources: /stakes and /users/me/stakes; Connectors — 5.5 Node selection: QNT stake factor for public DLT nodes; Staking — Under-construction chapter and testnet experience

Direct-source binding verified 8 Oct 2026; document date(s): undated/current document; undated/current document; undated/current document. Existing dated Ledger claim, stage, limits and token conclusions retained; this is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Native Mechanism
Directional effect
Supportive
Evidence date
current docs 2026
Entity
Quant / Fusion / trusted/public node architecture
Evidence class / relevance
Token proof / Economic Capture
Scorecard handoff
Economic Capture — Review — classification retained; no score changed.
QNT-TRUSTED-NODE-PROGRAM-01KYC-verified transaction processing / jurisdictional control

KYC-verified transaction processing / jurisdictional control

Infrastructure / enabler · Active

Quant describes a trusted-node model with verified operators and jurisdictional control.

System effect
institutional compliance fit.
Token effect
future staking/operating-balance path.
What is not proven
current external production node count or aggregate QNT stake.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: How Quant Fusion works: multi-ledger Rollup explained — Who processes your transactions: Trusted Node Program

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Governance
Directional effect
Supportive
Evidence date
2026
Entity
Quant Trusted Node Program
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Economic Capture — Hold — classification retained; no score changed.
QNT-MUREX-01capital-markets integration / tokenized deposits / digital-bond settlement

capital-markets integration / tokenized deposits / digital-bond settlement

Live production · Active

Murex independently integrated Quant Flow/Overledger into MX.3.

System effect
potentially powerful embedded distribution into financial institutions.
Token effect
current relationship primarily supports company/infrastructure thesis.
What is not proven
Fusion use, QNT requirement, downstream client commercial terms or aggregate Quant revenue.
Source reference

Ledger v4; Quant frozen report; Murex

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S20

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
2026
Entity
Murex / MX.3
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Adoption — Review — classification retained; no score changed.
QNT-ORACLE-01cross-ledger orchestration / tokenized financial workflows

cross-ledger orchestration / tokenized financial workflows

Live production · Active

Oracle independently certified/integrated Overledger for cross-ledger operations and demonstrated tokenized-bond/deposit-token/CBDC-style DvP workflows.

System effect
strong independent enterprise validation and distribution.
Token effect
conditional.
What is not proven
permanent Oracle dependency, Fusion use or QNT economics.
Source reference

Ledger v4; Quant frozen report; Oracle

Original Ledger reference has no direct URL; see the dated report mapping below.

Source mappings & forensic provenance

Additional source mapping: Source register S21

Exact URLs supplied by the bound dated authority; source classes and snapshot dates remain qualified. Live availability was not retested. These links do not independently verify newer Ledger updates.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Connection Family
Directional effect
Supportive
Evidence date
2026
Entity
Oracle
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Adoption — Review — classification retained; no score changed.
QNT-ORACLE-SWIFT-INFERENCE-01possible indirect Swift implementation path

possible indirect Swift implementation path

Unresolved / monitoring · Monitoring

Oracle has a confirmed Quant integration, and Oracle separately has a confirmed Swift integration.

System effect
plausible but unconfirmed distribution route.
Token effect
no current QNT credit.
What is not proven
that Quant/Overledger/Fusion is used inside Oracle's Swift implementation.
Source reference

Quant frozen report; accepted Phase-C adjudication

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Bridge to Cross-Ledger Blockchain Interoperability — Oracle partnership; certification of Overledger with Oracle Blockchain Platform; HTLC demo; Oracle Integration with Swift Ledger — Opening integration and bank-managed tokenized-deposit infrastructure; no Quant participation assertion

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Forecast Target
Directional effect
Monitoring
Evidence date
September 2026
Entity
Oracle / Swift / Quant
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.
QNT-DENTSU-SOKEN-JAPAN-01programmable stablecoin / digital-money settlement in Japan

programmable stablecoin / digital-money settlement in Japan

Infrastructure / enabler · Active

Dentsu Soken independently announced a business partnership to distribute Quant infrastructure in Japan.

System effect
credible Japanese distribution path.
Token effect
indirect.
What is not proven
named bank production deployment, Fusion use or QNT economics.
Source reference

Ledger v4; Quant frozen report

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: Dentsu Soken–Quant business partnership — Japanese release: partnership and tokenized deposit/stablecoin Japan offering

Direct-source binding verified 8 Oct 2026; document date(s): 2026-01-14. Existing dated Ledger claim, stage, limits and token conclusions retained; this is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Enabler
Directional effect
Supportive
Evidence date
January 2026
Entity
Dentsu Soken / Quant
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Review — classification retained; no score changed.
QNT-QUANTNET-QUANT-FLOW-01programmable money / banking settlement / enterprise tooling

programmable money / banking settlement / enterprise tooling

Live production · Active

Contextual research — conditional source deferral · 2026 Research context at 2026. Quant product existence is descriptive; commercially relevant is synthesis, not independently measured revenue. Product-specific documents still needed. This is not independently verified live production, token capture, legal authorization or a current quantitative measurement. It adds no new score credit. Canonical Stage, Tier and Lifecycle are research classifications retained from the accepted Ledger; this notice is not new source verification.

Quant operates multiple commercially relevant enterprise products outside Fusion.

System effect
broadens company monetization and institutional relevance.
Token effect
major token-bypass pathway unless workloads move into Fusion.
What is not proven
automatic conversion of their use into QNT demand.
Source reference

Ledger v4; Quant frozen report

Direct source link pending verification.

Source mappings & forensic provenance

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Native Engine / Footprint
Directional effect
Mixed
Evidence date
2026
Entity
Quant Flow / QuantNet / Overledger
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance / Bypass — Review — classification retained; no score changed.
QNT-ISO-TS-23516-2026-01DLT interoperability standards

DLT interoperability standards

Infrastructure / enabler · Active

Contextual research — conditional source deferral · 2026 Standards-related problem-space context only. Exact standard clauses and adoption were not retrieved; no ISO endorsement, Quant certification, selection or QNT requirement is implied. Canonical Stage, Tier and Lifecycle are research classifications retained from the accepted Ledger; this notice is not new source verification.

relevant standards architecture validates multi-gateway interoperability patterns aligned with Quant's problem space.

System effect
standards fit.
Token effect
none directly.
What is not proven
Quant adoption or QNT demand from the standard.
Source reference

Ledger v4

Direct source link pending verification.

Source mappings & forensic provenance

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Enabler
Directional effect
Supportive
Evidence date
2026
Entity
ISO interoperability framework
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.
QNT-X402-FOUNDATION-01agent/machine payments across connected ledgers

agent/machine payments across connected ledgers

Infrastructure / enabler · Active

Quant joined the x402 Foundation and describes Fusion support for x402-style cross-network payments.

System effect
agent-payment optionality.
Token effect
future conditional.
What is not proven
production usage or QNT economics.
Source reference

Ledger v4

Original Ledger reference has no direct URL; see the source mapping below.

Source mappings & forensic provenance

Correction source mapping: How Quant is connecting agentic AI payments to the banking system — Foundation membership and Fusion x402-ready section

Direct-document binding verified 8 Oct 2026. Existing dated Ledger fact, classification, limits and token conclusions retained; source verification is not a fresh analytical assessment.

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Enabler
Directional effect
Supportive
Evidence date
2026
Entity
x402 Foundation / Quant
Evidence class / relevance
Network proof / Network
Scorecard handoff
Adoption — Hold — classification retained; no score changed.
QNT-PROJECT-AGORA-RELEVANCE-01tokenized deposits / central-bank money / atomic settlement

tokenized deposits / central-bank money / atomic settlement

Historical context · Historical

Contextual research — conditional source deferral · historical/current context Research context at historical/current context. No new original BIS document retrieved; relevance is research synthesis, not proof of QNT demand or Quant selection. This is not independently verified live production, token capture, legal authorization or a current quantitative measurement. It adds no new score credit. Canonical Stage, Tier and Lifecycle are research classifications retained from the accepted Ledger; this notice is not new source verification.

Agorá validates the institutional problem Quant targets.

System effect
market-need context only.
Token effect
none.
What is not proven
direct Quant involvement.
Source reference

Ledger v4

Direct source link pending verification.

Source mappings & forensic provenance

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Negative Control
Directional effect
Neutral
Evidence date
historical/current context
Entity
BIS Project Agorá
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.
QNT-IP-PATENTS-01multi-ledger transaction coordination IP

multi-ledger transaction coordination IP

Infrastructure / enabler · Active

Dated research scope / source limitation · historical/current Publication scope: Quant states that it holds relevant patent families and grants. Specific patent IDs, assignee and claim scope were not independently reconstructed in this review. This issuer-attributed statement does not establish exclusive control, a monopoly or required QNT capture. Canonical Stage, Tier and Lifecycle are research classifications retained from the accepted Ledger; this notice is not new source verification.

Quant states that it holds relevant patent families and grants. Specific patent IDs, assignee and claim scope were not independently reconstructed in this review. This issuer-attributed statement does not establish exclusive control, a monopoly or required QNT capture.

System effect
potential defensibility.
Token effect
none directly.
What is not proven
commercial moat magnitude or token capture.
Source reference

Ledger v4

Direct source link pending verification.

Source mappings & forensic provenance

Canonical source reference retained above. Supplemental mappings do not overwrite the Ledger.

Limits & record details
Record type
Enabler
Directional effect
Supportive
Evidence date
historical/current
Entity
Quant
Evidence class / relevance
Network proof / Network
Scorecard handoff
System Importance — Hold — classification retained; no score changed.

What Changed / history

18 September 2026 — original broad research cutoff. A targeted 24 September update added live GBTD customer transactions and TCH selection; the report was re-frozen on 25 September. This was not a rerun of all research branches.

The Scorecard’s asset-cutoff metadata is 24 September; the current numerical registry is frozen 30 September. The original broad cutoff and targeted update remain separately identified.

2 October 2026 — Ledger reconciliation. The 25 September staking-proof-gap record remains dated. Its presence before the registry freeze does not establish documented component-level incorporation; no score changes are inferred.

Research authority / freshness

Research depth
Audited Deep Research
Forensic authority
Quant / QNT FINAL TARGETED UPDATE / REFROZEN · broad cutoff 18 September 2026 · targeted update 24 September · re-freeze 25 September
Evidence authority
Canonical Ledger vNext FINAL FROZEN · 2026-10-23
Numerical authority
Scorecard v2 · registry 2026-09-30
Methodology
v2.0-STRUCTURAL-FROZEN
Public publication
Initial public release
Material public modification
Not applicable before public publication
Presentation
Dated controlled research projection; material public changes require human review.
Research process and corrections