UK Banks Pioneer Blockchain-Based Tokenised Deposits in Interbank Transactions

UK Finance has announced that its Great British Tokenised Deposit (GBTD) project has successfully completed interbank transactions using blockchain-based tokenized deposits. The trial, which took place on September 24, 2026, involved Britain's biggest banks, including Lloyds, NatWest, Barclays, and HSBC.

The GBTD project aims to bring the benefits of digital money while keeping the protections of normal bank deposits. To achieve this, tokenized deposits from different banks can move across separate blockchain systems and settle payments automatically.

Lloyds Banking Group, NatWest, and Barclays completed two live mortgage remortgage transactions using the GBTD system. The funds were held in a digital wallet until the property transfer was confirmed on the blockchain, after which they were automatically sent between the banks.

HSBC also led a test based on an online marketplace purchase, where programmable deposits were used to hold the buyer's money in their account until the goods had been delivered. The funds were then released to the seller.