UK Banks Complete First Live Tokenized Sterling Deposit Payments
- —Seven banks are participating: Barclays, HSBC UK, Lloyds, Monzo, Nationwide, NatWest and Santander
- —The pilot tests P2P transfers and remortgage transactions using real customer money
- —Quant built the platform, EY handled project management and Linklaters developed the rulebooks
- —Digital-asset settlement will be tested over the coming months
Why it matters: Tokenized deposits offer a bank-backed alternative to stablecoins, bringing blockchain programmability to regulated commercial-bank money and potentially reshaping payments.
Source: Bitcoinist