Monument Bank in the UK plans to tokenize £250 million in retail deposits

According to CoinDesk, UK challenger bank Monument Bank plans to tokenize up to £250 million (approximately $335 million) of retail customer deposits on the Midnight public blockchain network, becoming the first regulated bank in the UK to implement this initiative on a public blockchain.

The related deposits will continue to accrue interest, be fully backed, and be protected by the UK's Financial Services Compensation Scheme.