The UK government has appointed six banks to lead the first digitally native government bond, DIGIT, to be issued on a platform operating within the UK’s Digital Securities Sandbox. The pilot will test the use of distributed ledger technology (DLT) across the bond’s issuance and lifecycle, including onchain settlement. HSBC was appointed in February as the DLT supplier, and a July agreement between HSBC and the London Stock Exchange Group aims to develop a digital securities depository link. The project seeks to explore DLT adoption in sovereign debt markets and develop digital financial infrastructure in the UK, with a target issuance date in early 2025.
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