Britain's biggest banks have completed the world's first transactions using tokenised deposits to move money between themselves, a boost for a blockchain-based version of commercial bank money that proponents say offers a safer alternative to stablecoins.
- UK banks have successfully conducted the first interbank transactions using tokenized deposits, a blockchain-based alternative to commercial bank money.
- These trials, part of the 'Great British Tokenised Deposit' project, demonstrated potential for cheaper, more efficient transactions and reduced fraud risks through programmable deposits.
- The initiative aims to establish a framework for full production, with plans for digital bond issuance and international interest in replicating the model.
Topics: Banks bankingsystems, Payment system integration, Legal regulatory, 28 1 custody asset servicing, 15 3 cross border settlement, 3 1 securities law classification
Tags: #tokeniseddeposits #interbanktransactions #ukfinance #blockchain #stablecoins #mortgagetransactions #onlinemarketplace #programmabledeposits #fraudrisks #digitalbonds
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