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Revolution in banking: British banks launch tokenization pilot!
UK banks launch tokenized pound digital currency pilot to improve payment processes and investment opportunities.
Revolution in banking: British banks launch tokenization pilot!
UK banks are on the verge of a major breakthrough: they have launched a live pilot of tokenized sterling deposits. This initiative, launched by UK Finance, includes six major banks: Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide and Santander. The pilot will run until mid-2026 and aims to test applications in marketplace payments, remortgaging and digital asset settlement using distributed ledger technology.
The focus of this initiative is not only on increasing efficiency, but also on reducing fraud risks and increasing transaction speed. The program is built on the Regulated Liability Network (RLN), which is testing the application of tokenization to existing money in the regulated financial system. Loud crypto.news Previous RLN tests have shown that commercial bank deposits can be converted into digital tokens without compromising trust and protections in the banking system.
Testing in real scenarios
The pilot will stress the tokenization model at scale and in real-world application scenarios. The Bank of England, led by Governor Andrew Bailey, has significantly influenced the project's course and is in favor of tokenized deposits instead of stablecoins. The planned platform will enable full interoperability with other digital money and payment systems, including potential central bank digital currencies.
An additional aspect is tokenization-as-a-service, which allows institutions without the resources to develop their own systems to participate in this endeavor. This will promote an inclusive digital payments framework.
The implications of this pilot could be far-reaching and could significantly impact the future payments system in the UK. Banks' decision to invest in tokenization could not only improve the speed and security of transactions, but also sustainably strengthen overall trust in digital financial systems. Further information and details can be found in the reports from crypto.news and Financial Times available.