UK’s largest banks complete world’s first interbank transactions using tokenized deposits
Source: CoinDesk ·
From the source
Barclays, NatWest, and HSBC and others used tokenized deposits for remortgages and a marketplace-payment test, taking bank-issued digital cash beyond a single institution. The U.K.'s largest banks executed the world’s first customer transaction using tokenized British pound deposits on a share platform. The money movement included remortgage payments and a test of a consumer purchase, according to an announcement on Thursday . The project is testing whether regulated bank money can move in tokenized form between institutions and in retail payments. The deposits moving across a common system involving several banks differs from a recent initiative by Lloyds to use tokenized deposits to buy a tokenized gilt within its own arrangement . Barclays, HSBC, Lloyds Banking Group, Monzo, Nationwide, NatWest and Santander took part in the Great British Tokenized Deposit initiative. The platform was built by Quant, a distributed ledger technology (DLT) service provider. The tests come as the…