World's first: Seven banks in the UK complete interbank tokenized pound deposit transactions

Barclays, HSBC UK, Lloyds, Monzo, Nationwide, NatWest, and Santander borrowed from the UK's tokenized deposit scheme to complete the world's first interbank tokenized pound deposit customer transaction. Among them, Lloyds, NatWest, and Barclays completed two remortgage transactions, 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 Yalida drafting the rules. The project plans to establish a company and create a rulebook, intending to issue three digital bonds that can be traded using tokenized deposits in the first quarter of 2027.