Major UK Banks Execute First Live Tokenized Sterling Deposit Transactions

Leading UK financial institutions, including Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest, and Santander, have successfully completed live customer transactions using tokenized sterling deposits. The project, supported by Quant, EY, and Linklaters, aims to combine the regulatory protections of commercial bank deposits with blockchain-based programmability and faster settlement. The pilot is currently testing real-world use cases such as person-to-person transfers and remortgage transactions.