Overview

• Six banks—Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide and Santander—will run real transactions through mid-2026 under the UK Finance-led GBTD program.
• Quant Network will operate the programmable-money layer, integrating bank ledgers with RTGS/CHAPS, Faster Payments, Open Banking APIs and tokenised deposit platforms.
• Live tests will target three applications: online marketplace payments, remortgaging workflows and wholesale bond settlement with instant delivery-versus-payment using a shared liquidity pool.
• EY and Linklaters will provide audit and legal frameworks as tokenised deposits are evaluated within traditional banking regulation, distinct from stablecoins and electronic money.
• The initiative builds on 2024 Regulated Liability Network work, with findings expected to inform operations as the FCA finalizes a wider crypto-asset regime anticipated in 2026.