Laura WilesUK Finance has announced a live pilot project to deliver the first UK transactions of tokenised sterling deposits. The pilot will run until mid-2026 and consider three use cases:
- Person-to-person payments via online marketplaces: reducing fraud and enhancing buyer and seller confidence.
- Remortgaging processes: improving transparency, speeding up transactions, and mitigating conveyancing fraud.
- Digital asset settlement: connecting tokenised customer money to digital assets for seamless exchange.
Participating firms currently include Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide, and Santander, with support from Quant, EY and Linklaters.