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QNT

Quant · Enterprise interoperability (Overledger, tokenized-deposit orchestration)

29 /100
T5Impaired · #61 of 77
No engine yetCould move up ↑low likelihoodReviewed Oct 23, 2026
DemandSoundnessDurability
6 of 4514 of 409 of 15

Key facts

SupplyFloat 100% of issued supply
  • Circulating 14.6M, 100%
  • Max 14.6M
FDV / market cap
1.0x
$2.7B / $2.7B
Market cap
$2.7B
Price $182.53, 7d −9.1%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Nothing reaches QNT: Quant sells Overledger licences to banks for fiat or QNT at its own prices, no revenue conversion into QNT is visible on-chain, and the audited UK company's £11.5M of FY2025 revenue was 99.8% billed to sister companies. The Clearing House mandate of Sep 24, 2026 describes no role for the token. The token contract is non-upgradeable with no owner, pause or blacklist, and the 2018 sale was open, though the company kept ~4.92M QNT, ~33% of the 14.88M live. The decisive flaw is supply: the 2018 sale contract's owner, a dormant key that cannot be revoked, can still mint new QNT without limit.

How value reaches holders

Nothing reaches holders. Quant Network sells Overledger licences to banks for fiat or QNT at its own prices; the widely repeated 'fiat converted to QNT and locked' treasury has no primary source, and the audited UK accounts hold no crypto. No burn beyond the one-off 2018 removal of unsold sale tokens, no buyback, no fee yield, no governance. ~14.88M QNT is live, and the 2018 sale contract's owner key can still mint more without a limit

Score anatomy

Demand

6 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
1

Indirect sink only: Overledger licences can be paid in QNT, but fiat is accepted and no conversion of revenue into QNT is disclosed or visible on-chain

Approved or designed but inert, indirect sinks only, or flows into a treasury or endowmentHow this is scored

Revenue reality engine input
1

Held at undisclosed: the audited UK operating company booked £11.5M in FY2025, but 99.8% of it was billed to sister companies, and group-level external revenue is not published

$0.5-5M/yr, or undisclosedHow this is scored

Monetary usage engine input
0

Overledger licences can be paid in QNT, but fiat is accepted and no on-chain fee flow is visible; no collateral use.

Trading onlymedium confidenceHow this is scored

Adoption ×3
2

Quant won The Clearing House orchestration mandate (live H1 2027) and UK tokenized deposit pilots, but no on-chain usage is measurable yet

Niche: real but small use, far behind its category leaderslow confidenceHow this is scored

Two routes, the stronger counts

01234500cash flowmoney
Revenue 1, minus 4 for routing 1 = cash flow 0. Money use 0. The engine is the stronger route: 0.

Soundness

14 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
0

The 2018 sale contract's owner, a dormant single key that cannot be revoked, can still mint new QNT without limit (simulated on mainnet state Oct 21, 2026).

Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancehigh confidenceHow this is scored

Float and unlocks ×1
4

No scheduled unlocks; Quant-labelled wallets hold ~26K QNT, but ~1.2M (~8%) sits in two unlabelled wallets traced to a 2018 presale address.

Small tails only, or 85%+ of supply liquidmedium confidenceHow this is scored

Distribution ×2
1

The 2018 sale of 9.96M was open (86% at the 687/ETH presale rate vs 430); the company kept ~4.92M after burning 9.55M unsold sale tokens (treated as never issued), ~33% of 14.88M live

Insiders received 25-50%, or one organization directs 10-30%medium confidenceHow this is scored

Decentralization and security ×2
4

QNT is a non-upgradeable StandardToken with no owner, pause or blacklist on Ethereum, and no on-chain contract holds or routes its value; the 2018 sale-contract mint key is scored under supply

Attack cost $1-10B, and 2+ independent production clients or a single client with 10+ years without a consensus failure; or immutable core contracts with no admin power over funds or fees on a base layer scoring 5medium confidenceHow this is scored

Durability

9 / 15

Is it big, proven and reachable by institutions?

Scale ×1
4

$2.7B market cap (band 4), $140.3M/day median volume (band 4), no flags.

Major: $1-10B market cap and $50M/day+How this is scored

Track record ×1
3

Launched Jun 2018 (8.3 years) with one confirmed 80%+ drawdown ($430 Sep 2021 to $40 Jun 2022); a second, in 2018, is unverified.

5-8 years and survived an 80%+ drawdownlow confidenceHow this is scored

Institutional access ×1
2

Valour Quant ETP in Europe; no US filing found; spot on Binance, Coinbase, Kraken, Bybit and Gemini.

OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored

What would move it up

To reach T4 Speculative, one gate is still open:

  • Supply 0needs 1(open)

Tier outlook

Could move up ↑low likelihood

  • Supply rises only if a token migration or contract change removes the 2018 sale contract's mint path
  • Any Transfer from the zero address on the QNT contract, which would be a new mint
  • Routing: whether the TCH network (expected H1 2027) or GBTD requires QNT
  • Revenue: Quant Network Ltd FY2026 accounts (due by Jun 30, 2027), external revenue and any digital assets
  • Overhang: movements from the two unlabelled ~600K QNT wallets linked to a 2018 presale address

Research report

Oct 22, 2026 · source confidence 80%

Quant sells interoperability and tokenized-deposit software to banks, and in 2026 it won two notable mandates: The Clearing House, owned by 25 large US banks, selected it in September as the orchestration layer for a bank-owned on-chain money network expected in the first half of 2027, and it built the UK Finance platform used in the first live tokenized-deposit pilot transactions. Neither arrangement describes a role for the QNT token, and the move from about $56 in August to an intraday high near $375 in late September followed the US announcement. Quant's business earns fiat inside a privately held group. Its audited UK operating company reported £11.5 million of revenue for the year to September 2025, almost all billed to sister companies, and holds no digital assets; Overledger licences may be paid in QNT, but fiat is accepted and no conversion of revenue into QNT is disclosed. Holders receive no fees, buybacks or governance rights. On supply, about 14.88 million QNT are live on-chain, slightly more than the 14.61 million Quant publishes, while the contract's reported total is a fixed 45.47 million that does not track actual supply. Minting authority still sits with the 2018 sale contract, whose single owner key, dormant since 2019 and impossible to revoke, can create new QNT without a limit under the current code. No new tokens have been minted since June 2018, so the fixed supply rests on that key staying unused.

Structure (13 facts)
Chain
Ethereum (non-upgradeable StandardToken, no owner, no pause); a negligible Energi copy (~490 QNT)
What it is
enterprise interoperability software (Overledger, Quant Flow, PayScript) and tokenized-deposit orchestration for banks; Overledger Fusion multi-ledger rollup (mainnet claimed 2026-06-02, Quant runs the sole sequencer)
Company
Quant Network Ltd (UK, sole director Gilbert Verdian) under Quant Group Corporation Ltd (UK) and Quant Holdings Ltd (Cayman), controlled by the Goulding Trust (Jersey); token issued by Quant Network AG (Zug)
Sale
2018 sale: 9.96M QNT sold for ~$11M (8.53M presale at 687/ETH, 1.43M regular at 430/ETH) plus 14.467M to the owner, all minted 2018-06-25; 9.546M of the owner balance sent to the token contract on 2018-09-14 as the "burn"
Supply on chain
mints sum to 24,431,259 QNT (608 events); 9,550,889 QNT sit in the token contract (irrecoverable, incl. ~5.1k sent by users by mistake), so live supply is ~14,880,370. Quant publishes 14,612,493: its 2018 figures subtracted 273,000 QNT of pre-burn company transfers without adding them to circulation (CoinMarketCap shows ~14.88M, CoinGecko 14.61M). totalSupply() returns a hardcoded 45,467,000 that mints never update
Market cap (approx)
$2,937,000,000
Mint authority
token mint() is gated only by the 2018 Crowdsale contract 0x398e...46f7, which the token can never change; the Crowdsale owner EOA 0xf5e3...c4bc (Etherscan "Quant: Deprecated Deployer", last outgoing tx 2019-06-08) has no transfer or renounce function. Its sale functions lack an end-state guard that would stop further minting. An eth_simulateV1 run on 2026-10-21 mainnet state minted 32.27M new QNT from that key (more than twice live supply) while totalSupply() still read 45.467M. No mint since 2018-06-25; Kraken and the 2018 token-sale paper describe creation as "closed permanently"
Value accrual
none verified: Overledger licences can be paid in QNT (historically £100/yr) but fiat is accepted; the "fiat converted to QNT and locked for 12 months" treasury has no primary source and the audited UK accounts hold no digital assets. No burn, buyback, fee share or governance
Revenue
Quant Network Ltd FY to 2025-09-30 (audited, first audited year): revenue £11.52M (+7.6%), operating profit £1.79M, net profit £1.55M, cash £7.87M, 44 staff; £11.49M (99.8%) of revenue from entities under common control. Group-level external revenue not disclosed. ~190x market cap to UK revenue
Adoption
The Clearing House (25-bank owner of RTP and CHIPS) selected Quant on 2026-09-24 as interoperability/orchestration layer for its On-Chain Money Initiative, network expected H1 2027, no token role disclosed; UK Finance GBTD platform (first live pilot transactions with seven UK banks, Sep 2026); Bank of England Synchronisation Lab participant (non-live); Murex MX.3 integration (Mar 2026). Claimed digital-euro partnership not on the ECB provider list
Holders
185,155 holders; top 10 (ex token contract) 25.6%, top 100 58.7%; labelled exchange wallets >=14.1%; Quant-labelled team wallets ~26K QNT; two unlabelled wallets of ~600K each trace to a 2018 presale address linked on-chain to Quant, one active again since 2026-09-29
Competition
Chainlink connects institutions to Swift's blockchain ledger (live with 17 banks, 2026-07-09); Kinexys and Partior compete for the same budgets; Quant's measurable wins are domestic tokenized-deposit orchestration
Liquidity
~$105M/day (CoinGecko); record ~$159M futures open interest during the September rally

Market figures at report date (Oct 22, 2026)

Price (approx)
$201.8
All-time high / low
427.42 (2021-09-11, daily); 2026 path ~$56 (2026-08-19) to an intraday ~$375 (2026-09-27) after the TCH selection, ~$202 on 2026-10-22; +148% over 1y
Sources (15)

Compare with

How the ranking works and how QNT compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=QNT