Seven banks in the U.K. have successfully carried out the first customer transactions using tokenized sterling deposits, as announced by UK Finance on a press release issued on September 24.
These transactions were part of the Great British Tokenised Deposit (GBTD) initiative, which was organized by UK Finance and includes major banks such as Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest, and Santander.
The GBTD platform, utilized for these transactions, was developed by Quant to serve as a shared infrastructure within the U.K. industry for tokenized commercial bank money. This, according to the release, represents a significant step forward in banking technology.
In one example of a live retail transaction, GBTD participants completed two remortgage processes where deposit funds were “locked in” and then automatically released upon completion. UK Finance highlighted that this approach streamlined various aspects, cutting down on manual checks and settlement delays.
Another transaction involved buying an item from a private seller in a consumer marketplace. Here, the programmable tokenized deposits allowed funds to be secured in the buyer’s account, only released once the goods were exchanged. UK Finance pointed out that this method reduces transaction risk considerably.
Looking ahead, GBTD participants are planning additional pilot projects in the coming months. These will aim to illustrate how digital asset settlement can be achieved through the integration of tokenized customer money with digital assets.
Jana Mackintosh, managing director of payments and innovation at UK Finance, stated that these live transactions highlight the practical benefits of tokenized deposits. She mentioned, “These contingent payments give customers greater control over their money.” Mackintosh also noted that by uniting the industry, GBTD is reinforcing the U.K.’s payment infrastructure, promoting innovation, and enhancing the U.K.’s competitiveness on a global scale.
Earlier in September 2025, UK Finance had announced a pilot project aimed at introducing live transactions of tokenized sterling deposits in the U.K.
The current pilot phase builds on the achievements from previous stages of the U.K. Regulated Liability Network (RLN) project, which has been exploring a new kind of financial market infrastructure that incorporates tokenization, programmability, and other advanced payment and settlement features.
