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UK banks complete interbank transactions with tokenized deposits
The trial used bank-issued tokenized deposits across multiple institutions, extending digital cash beyond single-bank pilots.
CoinDesk reports that Barclays, NatWest, HSBC and other UK banks completed what it describes as the world first interbank transactions using tokenized deposits.
The banks used the tokenized deposits for remortgages, and they also ran a marketplace-payment test, showing tokenized bank money could move between institutions.
According to CoinDesk, the work expanded the concept of digital cash by taking it beyond a single bank’s internal system into interbank activity.
The outlet said the transactions were carried out as part of efforts to demonstrate how tokenized deposits could support payments and lending processes.