Midnight Lands First UK Bank in £250M Deposit Deal

Charles Hoskinson calls Monument Bank deal one of Midnight’s biggest, with potential to bring hundreds of millions to billions in TVL to the network.

Charles Hoskinson is not holding back. The Cardano founder called the newly announced Monument Bank deal one of the largest Midnight has ever closed. He said it could bring hundreds of millions to billions in total value locked to the network.

According to Hoskinson on X, “This is one of the largest deals we’ve ever done.” He went further, saying it could push TVL into the billions. He directed praise specifically at Fahmi Syed and the Midnight Foundation team for carrying the negotiations through.

A UK Bank Goes On-Chain First

Monument is set to become the first UK-regulated bank to tokenize retail customer deposits on a public blockchain. The deposits will be represented as interest-bearing digital tokens. They remain fully backed, redeemable in GBP, and covered under existing regulatory frameworks.

As @midnightfdn posted on X, the initiative kicks off with a target of £250 million in tokenized deposits. That is just phase one. The roadmap beyond it includes access to private equity, structured products, and more flexible lending models. Products that, until now, only institutional and private banking clients could access.

The privacy layer is core to how this works. Transaction data on Midnight stays shielded. Only authorized participants see it. That architecture lets Monument bring banking products on-chain without sacrificing the compliance standards regulators require.

Midnight Keeps Stacking Institutional Names

This announcement does not arrive in isolation. Midnight has been building a roster of major names before its mainnet. As noted in earlier coverage, MoneyGram joined as a founding federated node operator, bringing payments infrastructure spanning more than 200 countries to the network. Google Cloud was already on that list too, as reported when Midnight secured Google Cloud and MoneyGram ahead of the Kukolu mainnet.

Monument sits in different territory from those partnerships. This is a regulated bank putting customer deposits on-chain. Not a pilot. Not an exploratory node. Actual retail deposits, tokenized and live on a public blockchain.

Web 2.5 Is the Pitch

Hoskinson described Midnight plainly in his post. He called it “the home of Web 2.5 ventures.” The framing signals something deliberate. Midnight is not targeting crypto-native projects only. It is going after traditional financial institutions that need privacy, compliance, and programmability at once.

The Monument deal fits that thesis exactly. A UK-regulated savings bank, running on a privacy-preserving public blockchain, keeping deposits protected under existing law. The @midnightfdn account on X described it as proof that regulated institutions can bring traditional financial products on-chain without compromising privacy or regulatory standards.

Hoskinson’s TVL projection stands out. Hundreds of millions to billions is a wide range. But it reflects the scale of what deposit tokenization at a regulated bank could mean, if Monument’s rollout expands to more customers and more asset classes as the roadmap describes.