UK Banks Move Real Deposits Between Banks on Blockchain

What happened

Seven banks joined a shared tokenised-deposit system, which is shared digital records of deposits. Live British pounds funded two completed remortgages, which are replacement home loans.

Confirmed

Global impact / market context

The test shows real money can move between banks on shared digital records for actual home loans. If expanded, this could speed payments, cut settlement steps, and change how banks hold and transfer customer deposits.

Confirmed

This fits a broader push to modernise bank payments using shared digital records. A successful live test could encourage more banks to join, prompting investment in similar systems and influencing how deposit-based services compete with other payment methods.

Analyst inference

What to watch

1. Whether the same shared deposit system handles larger payments and more banks. Confirmed
2. Whether regulators approve broader use of shared deposit records for everyday banking. Proposed
3. Whether other banks copy this model, which could pressure payment firms and change deposit competition. Analyst inference

Evidence

• coindoo.com