UK Banks Run First Tokenized Deposit Transactions
UK banks complete first live tokenized deposit transactions.
In brief
UK banks complete first live tokenized deposit transactions. Seven UK banks executed first live customer transactions using tokenized sterling deposits through the GBTD initiative, reducing settlement delays and transaction risks. Originally reported by Pymnts.
First Live Transactions
Seven u.k. banks completed first live customer transactions using tokenized sterling deposits through the great british tokenised deposit initiative.
GBTD Participants
The initiative includes Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest, and Santander.
Tokenized Platform
Quant developed the gbtd platform as a shared uk industry infrastructure for tokenized commercial bank money.
Remortgage Example
Two remortgage completions locked deposit funds and automatically released at completion, reducing manual checks and settlement delays.
Consumer Marketplace
A consumer purchased an item from a private seller with programmable tokenized deposits that locked funds until goods were exchanged.
Next Steps
GBTD participants plan further pilots to link tokenized customer money with digital assets in coming months.
The takeaway
Seven UK banks executed first live customer transactions using tokenized sterling deposits through the GBTD initiative, reducing settlement delays and transaction risks.
