Deployments · HSBC Orion · platform by HSBC

UK Digital Gilt Instrument (DIGIT) pilotUpdated 15 Oct 2026

A pilot issue of a natively digital UK government bond, to be issued and settled on HSBC Orion inside the Bank of England and FCA Digital Securities Sandbox. If it goes ahead on schedule the UK would be the first G7 country to issue sovereign debt on a ledger. The first transaction is due by the end of the first quarter of 2027.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Announced since 12 Feb 2026^[1] — No issuance yet. Platform, sandbox approval and lead managers are in place. · Reviewed 24d ago

Assets: Debt security^[2][4]
A digitally native gilt
Networks: HSBC Orion ledger Private, permissioned^[2]
Use cases: Primary issuance^[2][4]
Jurisdictions: United Kingdom

Participants

HM TreasuryIssuer^[1]United Kingdom
HSBCPlatform provider, Operator, Technology provider, Distributor, Arranger or dealer^[1]United Kingdom
BarclaysArranger or dealer, Distributor^[4][3]United Kingdom
Lloyds Banking GroupArranger or dealer, Distributor^[4][3]United Kingdom
Morgan StanleyArranger or dealer, Distributor^[4][3]United States
NatWestArranger or dealer, Distributor^[4][3]United Kingdom
RBC Capital MarketsArranger or dealer, Distributor^[4][3]Canada
AshurstLegal or professional adviser^[1]United Kingdom
London Stock Exchange GroupCustodian^[2]United Kingdom

Operates under

Digital Securities Sandbox Gate 2 approval notice: HSBC Bank plc (Digital Securities Depository)United Kingdom · Sandbox admission or approval notice^[2]
Digital Securities Sandbox (UK)United Kingdom · Sandbox or pilot regime^[2]

Assets

IssuesUK Digital Gilt Instrument (DIGIT) pilot issue (planned)^[2]

Timeline

Expected Mar 2027 (month only) · Launch · recorded 11 Oct 2026
First DIGIT transaction due by the end of Q1 2027.^[2]
Happened 6 Oct 2026 · Participant joined · recorded 11 Oct 2026
Six banks named joint lead managers.^[3][4]
Happened 16 Jul 2026 · Announcement · recorded 11 Oct 2026
Government sets the first transaction for no later than Q1 2027 and plans a London Stock Exchange listing; HSBC and LSEG agree to explore a depository link.^[2]
Happened 13 Jul 2026 · Regulatory approval · recorded 11 Oct 2026
HSBC clears Gate 2 of the Digital Securities Sandbox, the first entrant approved to run live depository services.^[2]
Happened 12 Feb 2026 · Announcement · recorded 11 Oct 2026
HM Treasury picks HSBC Orion as the DIGIT platform after a competitive procurement, with Ashurst as legal adviser.^[1]

Sources

[1]Update on the procurement for Digital Gilt Instrument (DIGIT) pilot — HM Treasury, 12 Feb 2026. Accessed 11 Oct 2026.A
[2]Update on the Digital Gilt Instrument (DIGIT) pilot issuance — HM Treasury, 16 Jul 2026. Accessed 11 Oct 2026.A
[3]UK taps 6 banks to lead first digitally native government bond — Cointelegraph, Oct 2026. Accessed 11 Oct 2026.C
[4]UK takes next step towards first digitally native government bond — HM Treasury, 6 Oct 2026. Accessed 15 Oct 2026. Confirms the six joint lead managers (underwriting, investor engagement, distribution on issue day), issuance by Q1 2027, and that DIGIT is short-dated and outside the main debt management programme..A

Spotted something out of date or missing? Suggest a correction, ideally with a source.