Lloyds Banking Group Completes Live Tokenised Deposit Transactions

Lloyds Banking Group has successfully completed three live tokenised deposit transactions as part of Project Agorá's Real-Value Testing. The group tested how tokenised commercial bank deposits can be used in practical payment and settlement scenarios across different currencies, including the Swiss franc, euro, and GBP.

The cross-currency transaction demonstrated how FX conversion, payment, and settlement can be linked together as part of a single transaction flow. This is significant because current cross-border payments are typically processed across multiple systems and institutions, with each step handled separately.

Lloyds also participated as a customer bank in separate Swiss franc and euro transactions using tokenised deposits. The group's leadership in digital finance builds on previous work to test digital finance in regulated markets.

Peter Left, Head of Digital & Markets Innovation at Lloyds Banking Group, said: 'Moving from prototypes to live transactions is an important step in understanding how tokenised deposits could work in real payment scenarios.'