The UK’s largest banks have completed what they described as the world’s first customer transactions using tokenized British pound deposits on a shared platform. The Great British Tokenised Deposit initiative tested remortgage payments and a consumer purchase, with Barclays, HSBC, Lloyds Banking Group, Monzo, Nationwide, NatWest and Santander participating on infrastructure built by Quant. The project examines whether regulated commercial-bank money can move between institutions in tokenized form while supporting retail payments and conditional transfers. The tests come as the Bank of England and Financial Conduct Authority prepare the financial system for tokenization, including longer settlement hours and frameworks for tokenized markets and institutional stablecoin settlement. The group plans next to test digital-asset settlement using tokenized customer money.