UK Banks Complete First Live Customer Transactions Using Tokenised Sterling Deposits
Published
UK banks have completed the first live customer transactions using tokenised sterling deposits, through the Great British Tokenised Deposit initiative convened by UK Finance. Participants include Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest and Santander. The first transactions were two remortgage completions, with deposit funds locked and released automatically at completion, and one marketplace purchase in which a buyer's money was released only after goods were exchanged with a private seller. Economic Secretary to the Treasury Lucy Rigby called the transactions "a critical milestone for payments innovation in the UK." Further pilots on digital-asset settlement are planned over the next few months.