UK Banks Complete First Live Transactions Using Tokenized Sterling Deposits

A consortium of seven UK banks, including Barclays, HSBC UK, Lloyds, Monzo, Nationwide, NatWest, and Santander, has completed the first live transactions using tokenized sterling deposits via the Great British Tokenised Deposit (GBTD) initiative. The pilot successfully processed two mortgage refinancings and one marketplace purchase, utilizing a platform built by Quant. These tokenized deposits function as digital versions of commercial bank money while maintaining standard regulatory protections.