.png&w=3840&q=75)
On October 6, 2026, Lucy Rigby, Economic Secretary to the Treasury, announced the appointment of six joint lead managers for the pilot issuance of the UK’s first digital-native government bond, known as "DIGIT" (Digital Gilt Instrument), scheduled for the first quarter of 2027. Unlike existing securities that are tokenized retrospectively, DIGIT is a fully digital bond created and settled directly using distributed ledger technology (DLT).
Six world-leading financial institutions were selected as joint lead managers: Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets. HSBC, in particular, is also serving as the technology provider, offering its proprietary "HSBC Orion" platform—a system with a track record of over $5 billion in issuances across global markets (as reported in July 2026). Furthermore, development is underway on a bilateral link with the London Stock Exchange Group’s (LSEG) Digital Securities Depository (DSD)—following a Memorandum of Understanding signed in July—aimed at preventing platform fragmentation.
This live operation is underpinned by meticulously crafted regulatory details. Within the Digital Securities Sandbox (DSS) managed by the Financial Conduct Authority (FCA) and the Bank of England, HSBC became the first institution in July 2026 to secure "Gate 2" approval from the Bank of England, authorizing live transactions using real funds and assets.
Additionally, in April 2026, the Treasury appointed Chris Woolard as the "Wholesale Digital Markets Champion" and established a cross-industry task force comprising 54 companies to collaborate with him. Separately, in September, the government submitted a Statutory Instrument (SI) to Parliament to amend crypto-asset regulations; this measure aims to avoid a redundant licensing process wherein stablecoin payment providers—having already obtained authorization for crypto-assets—would otherwise be required to re-apply for authorization under the payment regulation reforms.
