Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest and Santander completed what the project described as the world's first interbank customer transactions using tokenized sterling deposits. The trials included two remortgage payments by Lloyds, NatWest and Barclays, with funds automatically released after property transfers were confirmed, and a simulated customer-to-customer marketplace payment led by HSBC. The tests were conducted through the Great British Tokenised Deposit initiative, using technology built by Quant. Tokenized deposits represent commercial bank money on a blockchain and differ from privately issued stablecoins because they remain within the supervised banking system. The project plans to establish a company, publish a rulebook and issue three digital bonds settled with tokenized deposits in early 2027.