UK banks make first interbank transactions using tokenised deposits
Lloyds, NatWest and Barclays tested remortgages and online purchases, showing tokenised deposits can settle instantly and reduce fraud risks, UK Finance said.
- On Thursday, Britain's largest banks completed the first transactions using tokenised deposits to move funds between rival lenders. Lloyds, NatWest, and Barclays executed remortgage deals, while HSBC simulated an online marketplace purchase.
- These trials are part of the 'Great British Tokenised Deposit' project, launched last year to improve efficiency. The Bank of England favors tokenised deposits over stablecoins, citing concerns about monetary sovereignty and private company control.
- Tokenised deposits maintain the same legal status as standard bank accounts but offer programmable capabilities. In remortgage tests, funds were released automatically between banks only after property transfers were confirmed, reducing fraud risks.
- Participating lenders now plan to establish a governing company and rulebook to guide the project into full production. Banks aim to issue three digital bonds in the first quarter of 2027, tradeable and settled using these deposits.
- The Eurosystem recently launched its Pontes platform to settle trades using central bank money, with 13 institutions ready immediately. The United States-based Clearing House announced its own interbank tokenised deposit project in June.
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UK Banks Complete First Interbank Transfers Using Tokenized Deposits
Britain's largest banks have completed the first interbank transactions using tokenized deposits, marking a further step toward bringing blockchain technology into the traditional financial system. The post UK Banks Complete First Interbank Transfers Using Tokenized Deposits first appeared on [your]NEWS.
UK major banks make first interbank payments with tokenised deposits
Britain's largest banks have completed what the industry describes as the first transactions anywhere using tokenised deposits to move money between one another, a milestone for a blockchain-based form of bank money that the Bank of England favours over privately issued stablecoins.
UK banks make first interbank transactions using tokenised deposits
Britain's biggest banks have completed the world's first transactions using tokenised deposits to move money between themselves, a boost for a blockchain-based version of commercial bank money that proponents say offers a safer alternative to stablecoins.
Lloyds, NatWest, Barclays and HSBC completed the first real interbank transactions with token deposits in the UK. Not a private stablecoin: bank money with the same legal status. The week that closes the circle with Pontes and the...
The UK’s leading banks completed their first interbank transfers with £-token deposits, in a pilot who tested mortgage refinancing and programmable payments. The test opens a strategic dispute with the stablecoins over the money that could sustain the settlement of tokenized assets.
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