UK banks complete interbank settlements using tokenized deposits

Major UK banks Lloyds, NatWest and Barclays have completed their first interbank settlement transactions using tokenized deposits. This pilot was part of a project led by UK Finance. The banks executed two mortgage refinancing transactions with tokenized deposits, while HSBC and two other banks tested person-to-person payments for online goods purchases. The model allows deposited funds to be released automatically upon meeting preset conditions, such as delivery of goods or completion of a property transaction. The participating banks plan to issue three digital bonds that will be tradable and settled with tokenized deposits in the first quarter of 2027.

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