Barclays, Citi Are Among Banks Testing Tokenized Deposits in UK

Industry body UK Finance is expanding its pilot of an experimental shared ledger to track banking payments, hoping to join some of the dots in the nascent world of digital assets.

Banks including Barclays Plc, Lloyds Banking Group Plc and Citigroup Inc. as well as card networks Mastercard Inc. and Visa Inc. are involved in this phase of the pilot, UK Finance said in a statement Monday

The trial is the latest stepping stone to creating a viable commercial system that all banks can use for tokenized deposits and securities. With more assets recorded as a token on a ...