UK Banks Complete First Live Tokenized Sterling Deposit Payments

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Major UK banks have completed the first live customer transactions using tokenized sterling deposits on shared infrastructure. Participants include Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest and Santander. The project is using real commercial-bank money and is testing payments including person-to-person transfers and remortgage transactions. **ID:** B25-09 **Site:** Bitcoinist **Status:** READY **Author:** Bitcoinist Editorial Team **Focus Keyword:** Tokenization **Image Keyword:** Sterling **Category:** Technology **Tags:** UK Finance, Tokenized Deposits, Sterling, Banks, Payments **Primary Source:** https://www.ukfinance.org.uk/news-and-insight/press-release The Money Is Still A Bank Deposit That distinction is central to the project. A tokenized deposit is not a privately issued stablecoin and it is not a digital pound issued by the Bank of England. It is a digital representation of money already held as a commercial-bank deposit. The aim is to retain the legal and regulatory protections attached to ordinary bank money while adding blockchain-style program...