TL;DR:
- Quant defined a three-layer architecture for digital money that the BIS, the Bundesbank and commercial banks across three continents are converging to adopt.
- Layer 1 is the wholesale CBDC, layer 2 is tokenized deposits and layer 3 is stablecoins and public blockchains, each with distinct functions.
- Quant’s Overledger platform acts as a horizontal interoperability layer, connecting all three layers to each other and to legacy financial infrastructure.
Quant published a technical analysis describing the three-layer architecture underpinning the digital money system that the world’s leading central and commercial banks are building toward 2026. The document argues that this convergence is not a theoretical proposal, but an observed reality drawn from five years of institutional research, banking experimentation and regulatory development.
Wholesale CBDCs
The first layer consists of wholesale CBDCs: central bank digital money, available exclusively to commercial banks and financial market infrastructures, providing final and irrevocable settlement with uninterrupted availability. The Bundesbank stated in February 2026 the need for financial institutions to be able to execute programmable payments in central bank money.
The ECB’s Project Pontes is developing a DLT settlement layer connected to the TARGET services, with its pilot scheduled for the third quarter of 2026. The BIS is coordinating Project Agora with the central banks of France, Japan, Korea, Mexico, Switzerland, the United Kingdom and the United States to design how a wholesale CBDC can support cross-border transactions across seven monetary zones.
Tokenized Deposits in Action
The second layer consists of tokenized deposits, that is, conventional commercial bank money converted into tokens on distributed ledgers. These are regulated deposits, covered by deposit protection and subject to regulation. Top-tier British banks are working with Quant on the Great Britain Tokenised Deposit initiative. BNY Mellon has advanced its tokenized deposit programs, five US regional banks committed to building a shared network with a launch date in the fourth quarter of 2026, and Hong Kong’s EnsembleTX program has brought together a considerable number of institutions.
Stablecoins, RWAs, Blockchains and the DeFi Economy
The third layer encompasses stablecoins, tokenized real-world assets on public blockchains and DeFi infrastructure. BNP Paribas decided in February 2026 to tokenize a money market fund directly on Ethereum, abandoning its approach based on private blockchains. BlackRock’s BUIDL fund on Ethereum surpassed $2.85 billion in assets under management and distributed more than $100 million in dividends. Real-world assets on Ethereum doubled in value year-over-year, reaching more than $12 billion in early 2026.
Quant Overledger
This architecture only functions as a coherent system if all three layers can communicate with each other and with legacy infrastructure. A February 2026 Research and Markets analysis identified interoperability protocols as the critical requirement for tokenized finance to reach systemic scale, warning that fragmented systems prevent the market from advancing beyond pilot projects. Quant’s Overledger platform operates as that horizontal layer: a universal API gateway that allows any institution to connect once and operate across any distributed ledger and any traditional financial infrastructure.
