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Quant's QNT token rose from about $71 to about $340 in roughly four days, according to CoinGecko price data. The climb began in the hours after Quant and The Clearing House announced a partnership on Sept. 24. Neither announcement says banks must buy, hold or pay in QNT, and no official source explains what moved the price.

What was announced and when

On Sept. 24, The Clearing House said it had selected Quant to power its On-Chain Money Initiative. The initiative is a network to clear and settle tokenized deposits, which are digital versions of bank deposits. The Clearing House first announced the initiative in June.

According to the release, Quant provides the interoperability, orchestration and transaction-management layer. That layer connects the new network to the existing RTP and CHIPS payment networks. The release says the network is expected to be available to participating institutions in the first half of 2027. The PR Newswire copy carries a transmission stamp of 9:00 a.m. ET on Sept. 24, which is 13:00 UTC.

Quant's own post adds that Quant will also offer a commercial tokenized-deposits service to U.S. institutions that process payments through The Clearing House but lack this capability. It says the selection followed a competitive process.

What the announcements do not say

They name no participating banks.
They give no transaction volumes or revenue figures.
They give no launch date earlier than the first half of 2027.
They do not say the network requires QNT, and neither organization describes a role for the token.

Quant's FAQ says customers can pay the Overledger platform fee in U.S. dollars or subscribe with QNT. That describes how Quant's own platform subscriptions can be paid. It does not say how, or whether, banks on The Clearing House's network would use the token.

The price and volume record

The figures below come from CoinGecko's public data, retrieved on Oct. 4, 2026. Daily readings are taken at 00:00 UTC. Hourly readings are snapshots, not true intraday highs.

Sept. 5 and Sept. 22: about $64 and about $67.
Sept. 23: $73.76. Sept. 24: $70.68, the reading just before the release.
Sept. 25: $90.16. Sept. 26: $98.68. Sept. 27: $152.58.
Sept. 28: $286.92. Sept. 29: $230.59. Sept. 30: $267.20.
Oct. 1: $287.38. Oct. 2: $245.16. Oct. 3: $246.80. Oct. 4: $256.79.

CoinGecko's hourly data puts QNT at about $72 at 12:00 UTC on Sept. 24 and about $75 at 13:00 UTC, the hour of the release. The highest hourly reading in the data was about $340 at 23:00 UTC on Sept. 27.

CoinGecko's 24-hour trading volume figure was about $5 million to $17 million a day in early and mid September. It reached about $1.49 billion at the Sept. 28 reading and was about $257 million in the latest reading. CoinGecko's market capitalization figure rose from about $0.93 billion in early September to about $4.95 billion at the hourly peak.

By our calculation, the move from $70.68 on Sept. 24 to the $340.03 hourly peak is about 381 percent. The latest reading of $258.49 is about 266 percent above the Sept. 24 reading. Other trackers show different highs because feeds and exchanges differ. CryptoSlate, for example, reported an intraday high of $373 on Sept. 27.

Two separate moves, one announcement

The data shows two phases. The first was gradual. QNT traded between about $67 and $74 in the days before the release, then climbed to about $90 by Sept. 25 and about $99 by Sept. 26. The readings before the release show no run-up.

The second phase was abrupt. On Sept. 27, the hourly reading went from about $189 at 19:00 UTC to about $340 at 23:00 UTC, a gain of about 80 percent in four hours. That happened three days after the announcement. We did not find a new statement dated Sept. 27 from Quant or The Clearing House. The price then fell to about $207 by 02:00 UTC on Sept. 29.

The timing shows that the first rise followed the announcement. It does not show that the announcement caused either phase.

Other context

The broader market was steady. CoinGecko's daily Bitcoin readings stayed within a range of less than 1 percent from Sept. 24 through Sept. 28, near $84,000. The wider market does not account for the QNT move in this data.
A futures listing came later. OKX announced USDT-margined QNT perpetual futures that opened Oct. 1 at 08:00 UTC. That was four days after the Sept. 27 spike, so it cannot explain it.
Some outlets cite liquidations and large wallets. We could not verify those claims against primary records, so this article does not use them.

What remains unknown

Which banks will join the network, and how much payment volume it will carry.
Whether QNT has any role in the network, and how fees will be paid.
Whether the first-half 2027 timeline holds.
What drove the Sept. 27 spike and the reversal that followed.

What to watch in the record

A price chart records what traders paid. It does not show whether banks will use a token. Participant lists, technical documentation and fee terms from The Clearing House and Quant would address that question. Both organizations publish news on their own sites, and exchanges post listing notices on their help pages.

Sources

Disclosure: Price figures come from CoinGecko data retrieved Oct. 4, 2026. Feeds differ, hourly readings are snapshots, and the percentage changes are our calculations. The record does not establish why the price moved. The featured image is a generated illustration. This article is not financial, legal, or investment advice. AI-assisted research and writing. Cited sources, not AI alone, support the claims.

Market context

Quant (QNT) Surged After a Bank-Network Deal. The Deal Does Not Say Banks Must Buy QNT.