Deployments · platform by UK Finance

Great British Tokenised Deposit (GBTD) pilot

An industry pilot, convened by UK Finance, in which UK banks issue tokenised versions of ordinary sterling customer deposits on a shared ledger built by Quant. Seven banks take part. In September 2026 the banks completed the first live customer payments: two remortgage completions where funds were locked and released automatically at completion, and one marketplace purchase where the buyer's money was released only when the goods changed hands. The next phase is meant to settle digital assets against tokenised deposits.

Pilot since 24 Sep 2026^[3]i — Real customer money in a handful of transactions; UK Finance describes the retail live pilots as complete. No volumes published. · Reviewed 24d ago i

Assets

Bank deposit^[1]

Tokenised sterling commercial bank deposits

Networks

GBTD ledger Private, permissioned^[2]

Use cases i

Programmable payments^[1]Domestic payments^[1]Delivery versus payment (DvP)^[1]

Jurisdictions

United Kingdom

Participants

• UK FinancePlatform provider, Operator^[2]United Kingdom
• QuantTechnology provider^[2]United Kingdom
• BarclaysIssuer^[1]United Kingdom
• HSBCIssuer^[1]United Kingdom
• Lloyds Banking GroupIssuer^[1]United Kingdom
• MonzoIssuer^[1]United Kingdom
• NationwideIssuer^[1]United Kingdom
• NatWestIssuer^[1]United Kingdom
• Santander UKIssuer^[1]United Kingdom
• EYLegal or professional adviser^[2]United Kingdom
• LinklatersLegal or professional adviser^[2]United Kingdom

Timeline

1. Happened 24 Sep 2026 · First transaction · recorded 11 Oct 2026
   Banks complete the first live customer transactions in tokenised sterling deposits, two remortgage completions and a peer-to-peer marketplace purchase.^[3]
2. Happened Jan 2026 (month only) · Participant joined · recorded 11 Oct 2026
   Monzo becomes the seventh participating bank.^[1]
3. Happened 2026 (year only) · Scope expansion · recorded 11 Oct 2026
   The project is accepted into the Bank of England's Synchronisation Lab, which explores atomic settlement against central bank money.^[1]
4. Happened 26 Sep 2025 · Announcement · recorded 11 Oct 2026
   UK Finance launches the live pilot phase with six banks, Quant as platform provider and EY and Linklaters in support; the pilot was set to run to mid-2026.^[2]

Sources i