On January 7, Lloyds Bank completed the UK’s first government bond purchase using tokenized deposits, marking the world’s first issuance of tokenized pound deposits on a public blockchain. The transaction, conducted via Archax and Canton Network, involved Lloyds Bank plc issuing tokenized deposits that Lloyds Bank Corporate Markets used to acquire a tokenized gilt from Archax. Archax subsequently moved the underlying funds back to its conventional Lloyds account. Lloyds highlighted benefits such as instant settlement, automated agreements, transparency, interest accrual, and deposit protection.