Britain's largest banks make first interbank transactions using tokenised deposits

AI Summary

Britain's largest banks have completed the first known interbank transactions using tokenised deposits, a blockchain-based banking innovation supported by the Bank of England. This milestone could pave the way for modernized financial systems in the UK.

Britain's largest banks have completed what the industry describes as the first transactions anywhere using tokenised deposits to move money between one another, a milestone for a blockchain-based form of bank money that the Bank of England favours over privately issued stablecoins.