Major U.K. Banks Complete First Interbank Transactions Using Tokenized Deposits

The largest banks in the U.K., including Lloyds, NatWest, Barclays, and HSBC, have successfully completed the world's first interbank transactions using tokenized deposits under the Great British Tokenised Deposit (GBTD) project. Utilizing shared infrastructure developed by Quant, the trials demonstrated the ability to program payments for specific conditions, such as automated fund releases upon property transaction completion. These tokenized deposits function as digital representations of commercial bank money, maintaining the legal protections of traditional bank deposits while addressing interoperability challenges between financial institutions.