INSTITUTIONAL | The Largest Banks in the U.K Complete First Interbank Transactions Using Tokenized Deposits

Britain’s largest banks have completed the world’s first interbank transactions using tokenized deposits marking a step toward using on-chain commercial bank money for payments and settlement. Lloyds Banking Group, NatWest, and Barclays completed two remortgage transactions using tokenized sterling deposits while a separate group of three banks, including HSBC, carried out a simulated customer-to-customer payment designed to replicate an online marketplace purchase, UK Finance said. The transactions were conducted under the Great British Tokenised Deposit (GBTD) project, an initiative involving […]