UK appoints banks for first digital government bond

• HM Treasury has appointed six banks to lead the UK's first digitally native government bond pilot.
• The DIGIT pilot is expected by Q1 2027 and will test distributed ledger technology.
• The project forms part of the UK's wider plan to digitalise financial markets.

HM Treasury has appointed six banks to lead the UK's first digitally native government bond pilot.

The DIGIT pilot is expected by Q1 2027 and will test distributed ledger technology across issuance and lifecycle.

“The appointment of Lead Managers marks an important step,” according to Economic Secretary Lucy Rigby KC MP.

Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets will lead investor engagement.

DIGIT will operate within the Digital Securities Sandbox and support on-chain settlement.

The pilot will test distributed ledger technology across UK financial market infrastructure.

HSBC became the DLT supplier in February, followed by a July memorandum involving London Stock Exchange Group (LSEG).

The initiative marks a direct shift towards digitally native financial infrastructure in UK markets.