UK Finance pilots tokenized sterling deposits with six major banks

UK Finance launched a tokenized deposits pilot in partnership with six major banks, including Barclays, HSBC and Lloyds Banking Group.

UK Finance, a trade association representing over 300 financial services firms in the United Kingdom, has launched a joint pilot project for tokenized sterling deposits (GBTD).

The trade group began the pilot phase for the tokenized deposits project, which aims to provide a digital representation of traditional British pound commercial bank money, it announced on Friday.

The pilot was launched in collaboration with six major banks operating in the UK, including Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide and Santander.

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