UK picks HSBC as platform provider for its digital bond pilot issuance

FILE PHOTO: The HSBC building in Canary Wharf · Reuters

Reuters

Thu, February 12, 2026 at 4:33 PM GMT+9 1 min read

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LONDON, Feb 12 (Reuters) - The UK has chosen HSBC’s blockchain platform to run the country’s ‌pilot issuance of tokenised or digital government ‌bonds, the bank said on Thursday, a move that puts Britain ​ahead of its G7 peers in exploring blockchain-based sovereign debt.

The UK’s “Digital Gilt Instrument” pilot, which was announced in 2024, tests how distributed-ledger technology could make ‌capital markets more efficient ⁠and reduce costs for financial institutions. It is unclear when the government plans to ⁠issue the gilt using the new technology.

Patrick George, HSBC’s global head of markets and securities services, said ​in a ​statement that the bank ​was “delighted” to support the ‌development of the gilt market and wider UK economy.

George said the bank’s Orion platform had a “proven track record” of delivering successful outcomes in other jurisdictions, having enabled the issuance of more than $3.5 billion ‌in digital bonds globally across ​the sovereign, central bank, financial ​institution, and corporate ​sectors.

The government also appointed Ashurst LLP to ‌provide legal services for the ​DIGIT pilot, ​it said in a statement.

While interest in issuing traditional assets on blockchain is rising globally, ​tokenised debt remains ‌a small fraction of the market.

(Reporting by ​Muvija M and Phoebe Seers; editing by Sarah ​Young and Rashmi AIch)

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