The UK banking sector marks a historic transformation as six major banks – HSBC, Barclays, Lloyds, NatWest, Santander, and Nationwide – launch a groundbreaking initiative for tokenized sterling deposits. This collaboration, operating under the Bank of England’s oversight, leverages Quant Network’s innovative blockchain technology to revolutionize how sterling deposits function in the digital age.
LONDON GOES LIVE 🇬🇧
— King Solomon (@IOV_OWL) September 26, 2025
HSBC, Barclays, Lloyds, NatWest, Santander & Nationwide just launched tokenised sterling deposits under the Bank of England.
And the technology powering it all? 👉 Quant
The future of UK money runs on $QNT. pic.twitter.com/jdMENKbRrY
Modernizing Banking Infrastructure
The project represents a significant leap forward in banking technology, running until mid-2026. UK Finance leads this initiative, which transforms traditional sterling deposits into programmable digital assets. The technology enables banks to convert deposits into code, streamlining payment processes, enhancing fraud detection, and improving asset settlement efficiency. This advancement maintains the security and regulatory protection of conventional deposits while adding the benefits of blockchain technology.
Quant Network’s Revolutionary Role
At the heart of this transformation lies Quant Network’s innovative technology platform. Their infrastructure builds upon their successful delivery of the first phase of the Regulated Liability Network (RLN) in 2024. The platform provides advanced programmable payment capabilities and ensures seamless interoperability across various banking systems, including Real-Time Gross Settlement (RTGS) and Faster Payments. Quant’s solution adheres to ISO 20022 international standards, guaranteeing security and scalability in regulated financial environments.
Practical Applications and Benefits
The initiative focuses on three primary use cases: enhancing online marketplace payments, streamlining remortgaging processes, and improving wholesale bond settlement. These applications demonstrate the practical benefits of tokenized deposits, from reduced fraud risk to faster transaction processing. The technology enables new forms of programmable money that fundamentally changes how financial institutions move and manage value in the digital economy.
Shaping the Future of UK Finance
This collaborative effort positions the UK at the forefront of financial innovation. The project aligns with the Financial Conduct Authority’s developing crypto regulatory framework, expected to be implemented by 2026. By establishing clear standards for tokenized money, the UK strengthens its position as a global leader in financial technology innovation. The initiative promises to deliver enhanced efficiency, security, and functionality to businesses and consumers across the UK financial sector.
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