UK Banks Complete First Tokenised Deposit Transfers
Major UK lenders have successfully completed the world first interbank transactions using tokenised deposits in a project run by UK Finance. The trials demonstrate how blockchain technology could improve efficiency and reduce fraud risks in banking.
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Major lenders in the United Kingdom have completed the world's first interbank transactions using tokenised deposits, moving money across institutional boundaries via blockchain. The trials mark a crucial operational shift for commercial bank money as a safer alternative to stablecoins. Industry association UK Finance reported that participating firms aim to issue three digital bonds in early 2027.
