Britain’s largest banks say they have completed what industry participants describe as the first interbank transactions anywhere using tokenised deposits, transferring value between different banks. The trials move “bank money” in a tokenised form rather than relying on privately issued stablecoins.
The Bank of England is cited as supporting this direction. In coverage of the tests, participants describe the work as a milestone for blockchain-based representations of deposits that allow settlement across institutions. One account focuses on practical use cases tested during the exercise, including remortgage-related payments and a marketplace-payment trial involving multiple banks.
Different outlets emphasize the novelty and scale of the achievement. Both describe collaboration among major UK institutions and frame the effort as expanding tokenised deposits beyond a single bank. The reporting also links the development to the broader policy debate around digital money and the comparative role of central-bank-backed approaches versus private stablecoin models.
