UK banks make first interbank transactions using tokenised deposits

The project now plans to establish a company and develop a rulebook and governing framework to support the move from pilot into full production, and the banks involved plan to issue three digital bonds in the first quarter of 2027 that can be traded and settled with tokenised deposits, Mackintosh added.

“In the last 12 months, other jurisdictions have been speaking to us in earnest about what we’ve done, trying to understand how they can now catch up,” she said, citing conversations with counterparts in Europe.

In the United States, The Clearing House, a banking association and payments company, announced an interbank tokenised deposit project in June.