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Major UK banks including Lloyds, NatWest and Barclays have completed their first interbank settlement transactions using tokenized deposits, Reuters reported.
The pilot was part of a tokenized deposit project led by UK Finance. Lloyds, NatWest and Barclays completed two mortgage refinancing transactions using tokenized deposits, while three banks including HSBC tested person-to-person payments based on online goods purchases. Under the model, deposited funds are released automatically once preset conditions are met, such as delivery of goods or completion of a property transaction. Participating banks plan to issue three digital bonds that can be traded and settled with tokenized deposits in the first quarter of 2027.