UK Banks Run World's First Interbank Tokenised Deposit Transactions

Lloyds, NatWest and Barclays completed two remortgage transactions using tokenised deposits, and HSBC with two others ran a person-to-person payment, in the world's first interbank transfers of bank-issued blockchain money, per Reuters via UK Finance. The trials, under the Great British Tokenised Deposit project, used programmable escrow and precede three digital bonds planned for Q1 2027. The Bank of England has said it prefers banks innovate with tokenised deposits over stablecoins.