The Bank of England is testing the interoperability of systemic stablecoins and retail-focused tokens in cross-border payments. In May, it proposed moving its Real-Time Gross Settlement (RTGS) and Clearing House Automated Payments System (CHAPS) toward near-24/7 operation, including weekends and extended daily hours, to support cross-border payments and new settlement models as tokenization develops. In July, the central bank also approved HSBC’s Orion platform to operate in the UK’s Digital Securities Sandbox, where it is expected to support digital bond issuance, including the country’s planned Digital Gilt Instrument.
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