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UK Finance pilots tokenized sterling deposits with six major banks

Secret3 AI

26 Sep 2025 — 1 min read

UK Finance has initiated a pilot project for tokenized sterling deposits (GBTD) in partnership with six major banks, including Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide, and Santander. The aim of this pilot is to create a digital representation of conventional pound sterling deposits, enhancing control over payments, reducing fraud, and improving settlement efficiency. The project is set to run until mid-2026. Quant Network will provide the required infrastructure, leveraging its experience from the Regulated Liability Network (RLN) project. The pilot will explore three main use cases: online marketplace payments, remortgaging, and wholesale bond settlement. This initiative coincides with the UK's Financial Conduct Authority finalizing its regulatory framework for cryptocurrencies, expected to take effect in 2026. Unlike tokens governed under traditional banking frameworks, the tokenized deposits are distinctly different from qualifying stablecoins as per recent guidance from the UK Treasury.

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