UK Treasury selects HSBC’s Orion blockchain for digital gilt pilot
The Treasury will trial a blockchain-native sovereign bond in a regulated sandbox, appointing HSBC and law firm Ashurst to run the programme.
The UK Treasury has selected HSBC’s Orion blockchain platform to run a pilot of a digitally native sovereign bond, and has appointed banking group HSBC and law firm Ashurst to steer the trial. The pilot will be conducted in a regulated sandbox overseen by the Financial Conduct Authority [1][2][3].
Officials say the trial will tokenize gilts with the aim of streamlining trading and settlement and modernizing sovereign bond issuance; proponents argue the move could attract global investment and would constitute the first G7 digital gilt [1][2][4].
The Treasury expects to run the trial this year as Britain seeks to catch up with jurisdictions such as Hong Kong and Luxembourg that have advanced digital-bond initiatives [3].
The pilot is presented as a measured step toward broader adoption of tokenized finance for government debt, with regulatory oversight a central element of the programme’s design [2][4].
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Citations
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- 1UK Treasury taps HSBC’s Orion blockchain to pilot first G7 digital giltCrypto Briefing• Feb 12, 2026
- 2The UK Treasury has chosen HSBC’s blockchain platform to manage its digital gilt pilot.Cryptopolitan• Feb 12, 2026
- 3UK appoints HSBC for blockchain bond pilotCoinDesk• Feb 12, 2026
- 4Treasury Taps HSBC for Digital Bond TrialCoinoMedia• Feb 12, 2026
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