Lloyds completes three live tokenised deposit transactions
30 July 2026 UK
Image: Lloyds_Banking_Group/stock.adobe.com
Lloyds Banking Group has announced the completion of three live tokenised deposit transactions as part of the real-value testing phase of Project Agorá.
Project Agorá is a public-private initiative convened by the Bank for International Settlements and the Institute of International Finance, which aims to explore how tokenisation could benefit wholesale cross-border payments.
According to Lloyds, the test runs evaluated how tokenised commercial bank deposits can be used in practical payment and settlement scenarios — spanning Swiss francs, euros, and pound sterling — and demonstrated greater transparency and reduced friction in cross-border payment flows.
The cross-currency transaction saw the group’s corporate markets arm convert Swiss francs into sterling, with FX conversion, payment, and settlement linked, resulting in a simultaneously occurring transfer.
It also participated as a customer bank in separate Swiss franc and euro transactions, using tokenised deposits.
Commenting on the initiative, Peter Left, head of digital and markets innovation at Lloyds Banking Group, says: “This testing has allowed us to bring together our payments, settlement, and FX capabilities in a cross-currency transaction.
“It gives us valuable practical insight into how tokenisation could help reduce friction and settlement risk in wholesale payments, while operating within the regulated banking system.”
Lloyds says its latest test builds on prior work with Aberdeen Investments and Archax on use cases for tokenised money market fund units.
The banking group also completed the UK’s first public blockchain transaction using tokenised deposits earlier this year.
Project Agorá is a public-private initiative convened by the Bank for International Settlements and the Institute of International Finance, which aims to explore how tokenisation could benefit wholesale cross-border payments.
According to Lloyds, the test runs evaluated how tokenised commercial bank deposits can be used in practical payment and settlement scenarios — spanning Swiss francs, euros, and pound sterling — and demonstrated greater transparency and reduced friction in cross-border payment flows.
The cross-currency transaction saw the group’s corporate markets arm convert Swiss francs into sterling, with FX conversion, payment, and settlement linked, resulting in a simultaneously occurring transfer.
It also participated as a customer bank in separate Swiss franc and euro transactions, using tokenised deposits.
Commenting on the initiative, Peter Left, head of digital and markets innovation at Lloyds Banking Group, says: “This testing has allowed us to bring together our payments, settlement, and FX capabilities in a cross-currency transaction.
“It gives us valuable practical insight into how tokenisation could help reduce friction and settlement risk in wholesale payments, while operating within the regulated banking system.”
Lloyds says its latest test builds on prior work with Aberdeen Investments and Archax on use cases for tokenised money market fund units.
The banking group also completed the UK’s first public blockchain transaction using tokenised deposits earlier this year.
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