According to Odaily, the UK Treasury has selected HSBC Holdings' Orion blockchain platform to pilot the issuance of the country's digital bond instrument, DIGIT. HSBC stated that blockchain-based bond issuance could improve the structure of the UK's debt capital market by accelerating settlement speeds. The UK Treasury plans to issue this digital instrument in a pilot environment regulated and managed by the Financial Conduct Authority. HSBC's Orion platform has been used for digital bond issuances worth over US$3.5 billion globally, including the European Investment Bank's first digital sterling bond in 2023 and the Hong Kong government's US$1.3 billion multi-currency green bond issued last year.
đŹđ§ UK Trials Digital Bond on HSBC Orion Blockchain
According to Odaily, the UK Treasury has selected HSBC's Orion blockchain platform to pilot the issuance of a digital bond, called DIGIT.
HSBC stated that blockchain-based bond issuance could improve the efficiency of the UK's debt market, particularly by accelerating the settlement process. This trial will be conducted in a controlled environment regulated by the Financial Conduct Authority (FCA).
The Orion platform has previously been used to issue over US$3.5 billion in digital bonds globally, including:
The European Investment Bank's first sterling digital bond (2023)
The Hong Kong Government's US$1.3 billion multi-currency green bond
đ This move demonstrates the increasingly serious adoption of blockchain in traditional financial markets, paving the way for the digitization of bonds and global financial infrastructure.
#Blockchain #DigitalBond #HSBC #FinTech #CryptoNews #UKGovernment