UK Finance and Major Banks Pilot Tokenized Sterling Deposits

UK Finance has launched a landmark pilot project to explore tokenized sterling deposits (GBTD), collaborating with six major banks including Barclays, HSBC, and Lloyds Banking Group. The initiative aims to digitize traditional British pound bank money, testing applications in online payments, remortgaging, and bond settlements.

Quant Network's blockchain infrastructure will underpin the project, which runs through mid-2026. The timing aligns with the UK Financial Conduct Authority's finalization of crypto regulations, signaling institutional momentum toward blockchain-based financial solutions.

Tokenization promises enhanced payment controls, fraud prevention, and settlement efficiency. As global banks increasingly embrace distributed ledger technology, this pilot positions the UK at the forefront of monetary system innovation.