Monument Bank delays retail tokenized deposits, cites regulatory issues in the UK

# Monument Bank delays retail tokenized deposits, cites regulatory issues in the UK

> Evidence tier: B1
> Evidence type: Independent digital-asset report based on interviews with Monument Bank and Midnight executives
> Source: [CoinDesk](https://www.coindesk.com/business/2026/09/10/monument-bank-delays-retail-tokenized-deposits-cites-regulatory-issues-in-the-uk)
> Published: 2026-09-10
> Captured: 2026-09-11T01:43:27.440Z

## Source summary

CoinDesk reports that Monument Bank's plan to tokenize GBP 250 million (about USD 330 million) of interest-bearing retail deposits on the Midnight public blockchain is several months behind schedule. Founder Mintoo Bhandari said the bank could not initially find a local custodian able to satisfy FCA requirements and handle zero-knowledge privacy proofs; he says it has now selected an unnamed FCA-approved custodian in Canada and expects an initial rollout around November.

## Why it matters

The delay exposes a practical custody and privacy-compliance bottleneck for regulated tokenized bank deposits. The project is not live: the November timing is an executive expectation, the custodian is unnamed, and no regulator directly confirms approval of the design. The GBP 250 million is the planned deposit scope, not completed tokenization or payment volume; the source reports no transaction, customer uptake, cross-border corridor or production performance.

## Key numbers

- **Planned tokenized retail-deposit scope:** GBP 250 million (about USD 330 million; planned)
- **Expected initial rollout stated by Monument's founder:** around November 2026 (expectation)
- **FSCS protection limit cited by Monument:** GBP 120,000 per person or company

## Topics and entities

- Industry lane: Web3 & stablecoin payments
- Entities: Monument Bank / Midnight
- Web3 payments
- Payment infrastructure

## Evidence and credibility note

Readable CoinDesk interview report. The delay, planned value, selected but unnamed Canadian custodian and November expectation are attributed to Monument's founder; no primary regulatory approval or completed rollout is claimed.

Date evidence: CoinDesk JSON-LD datePublished timestamp 2026-09-10T15:53:24.039Z and visible September 10 publication context

## First-party corroboration

No directly corresponding A1 company announcement is currently linked.

## Original-source traceback

[Open the original CoinDesk report](https://www.coindesk.com/business/2026/09/10/monument-bank-delays-retail-tokenized-deposits-cites-regulatory-issues-in-the-uk)

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This is a structured Payments Hot Markdown source summary derived from external reporting. Use the original link above to read the publisher's article; copyright remains with the original publisher.