Major UK banks execute world’s first interbank customer transactions using tokenized sterling deposits
Summary
Barclays, HSBC, Lloyds, Monzo, Nationwide, NatWest and Santander completed what they described as the first customer transaction using tokenized pound deposits on a shared platform built by Quant. Tests included remortgage payments and a consumer purchase, examining transfers between banks and retail payments. The initiative differs from Lloyds’ earlier test within its own system. The group plans to test settlement of digital assets using tokenized customer money as U.K. regulators prepare for wider financial-market tokenization. Tokenized deposits represent money held in bank accounts and remain liabilities of the issuing banks, unlike stablecoins.
