Monument Bank to convert up to £250M of retail savings into tokenized, FSCS-protected deposits on Cardano

Monument Bank announced plans to convert up to £250 million of retail customer deposits into tokenized assets on the Cardano-based Midnight network, positioning itself as the first UK-regulated bank to tokenize retail deposits ^{[1] [2] [3] [4]}.

The bank says tokenized deposits will remain interest-bearing, fully backed, and protected by the UK Financial Services Compensation Scheme (FSCS), with balances represented on-chain while preserving regulatory protections ^{[2] [3] [4]}.

Monument is partnering with the Midnight Foundation to use Midnight’s privacy-enhancing infrastructure—built on Cardano—to bring traditional savings products on-chain; the rollout will be controlled and initially target the mass-affluent customer segment ^{[1] [4]}.

The initiative shifts a blockchain application from institutional use toward consumer banking by combining tokenized deposits with existing consumer protections, according to reporting and the project’s press materials ^{[4] [1]}.