HSBC has received approval from the Bank of England to operate in the UK’s Digital Securities Sandbox, allowing its digital asset platform, HSBC Orion, to support the issuance, servicing and settlement of digital securities in the market. The bank said Orion will act as a digital securities depository within the sandbox and described itself as the first company approved by the Bank of England to go live in the program. HSBC added that the platform will support native digital bond issuance, including the UK’s planned Digital Gilt Instrument, or DIGIT, as well as corporate bonds. The bank also said HSBC Orion has facilitated more than $5 billion in digital bond issuance globally. Separately, the UK Treasury said the first DIGIT transaction is expected in the first quarter of 2027, and HSBC has signed a memorandum of understanding with London Stock Exchange Group to develop connectivity that would support investor participation in pilot issuance.
HSBC has received approval from the Bank of England to operate in the UK’s Digital Securities Sandbox, with its digital asset platform HSBC Orion set to support the issuance, servicing and settlement of digital securities, according to ChainCatcher.
HSBC said HSBC Orion will operate in the sandbox as a digital securities depository. The bank also said it is the first company approved by the Bank of England to go live in the sandbox.
The platform will support native digital bond issuance, including the UK’s planned Digital Gilt Instrument, or DIGIT, and corporate bonds.
HSBC said HSBC Orion has facilitated more than $5 billion in digital bond issuance globally. The UK Treasury said the first DIGIT transaction is expected in the first quarter of 2027. HSBC and London Stock Exchange Group have also signed a memorandum of understanding to develop connectivity supporting investor participation in pilot issuance.
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