HSBC Launches Tokenized Deposit Service, Stock Hits Four-Day Winning Streak and New Record High

TradingKey — HSBC has launched a tokenized deposit service, fueling a four-day winning streak and pushing its stock to a new record high.

On Tuesday (September 23), during the Asian trading session, HSBC Holdings (00005) continued its upward momentum, marking its fourth consecutive day of gains. As of press time, the stock rose by more than 1%, reaching a new all-time high of HKD 108.4.

In company news, HSBC announced the launch of its tokenized deposit service for corporate clients, enabling fast and secure cross-border transfers. The service is now live, with Ant Group's international arm being the first to use it.

In addition to HSBC, JPMorgan Chase had previously rolled out a similar tokenized deposit service. This innovation, utilizing blockchain technology, offers banks a cost-saving solution while enhancing customer experience. It’s expected that more banks will move toward tokenizing deposits in the future.