UK Banks Complete Live Tokenized Deposit Transactions for Mortgage Refinancing and Marketplace Purchase
A UK banking group convened by UK Finance has completed what the trade body described as the first live customer transactions using tokenized sterling deposits. The initiative, called Great British Tokenised Deposit, includes Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest and Santander. The first set of transactions covered two remortgage completions and one marketplace purchase, with funds locked until contractual conditions were met and then released automatically. UK Finance said tokenized deposits are digital versions of standard commercial bank money that retain the regulatory protections of ordinary deposits. Quant, which built the shared platform, said the transactions involved real money moving on UK infrastructure rather than a test environment. The project entered its live pilot phase in September 2025, added Monzo in January, and has also been accepted into the Bank of England’s Synchronisation Lab. UK Finance said more pilots are expected in the coming months, including tests for settling digital assets with tokenized customer money and plans by participating banks to issue digital debt instruments with coupons paid in tokenized deposits.
