World First: Seven UK Banks Complete Cross-Bank Tokenized GBP Deposit Transactions

Odaily reports that Barclays, HSBC UK, Lloyds, Monzo, Nationwide, NatWest, and Santander, through the UK tokenized deposit initiative, have completed the world's first cross-bank tokenized GBP deposit customer transactions.

Among them, Lloyds, NatWest, and Barclays completed two mortgage transfers, with funds automatically released upon completion after being locked; three banks, including HSBC, completed peer-to-peer payments simulating online shopping. The platform was built by Quant, with EY responsible for project management and Linklaters drafting the rules. The project plans to establish a company and formulate a rulebook, and aims to issue 3 digital bonds tradeable with tokenized deposits in Q1 2027.