Choose Rich Live
Crypto News

UK selects six banks to lead first digital gilt pilot

The UK Treasury has appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets as joint lead managers for DIGIT, its first digitally native sovereign bond pilot targeting issuance by early 2027.

Screenshot of an official UK government press release titled 'UK takes next step towards first digitally native government bond' with the HM Treasury logo building pictured.
Image: @Crypto_Briefing

The UK government has appointed six major financial institutions—Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets—as joint lead managers for the pilot issuance of its first digitally native government bond. Known as the Digital Gilt Instrument, or DIGIT, the pilot targets issuance by the end of the first quarter of 2027.[1][3][4]

City minister Lucy Rigby announced the appointments on 6 October 2026 during a keynote address at Digital Assets Week. According to HM Treasury, finalizing the bank selections completes the procurement process and opens the door for investor engagement. The initiative is part of wider government efforts to digitalise financial markets, enhance the UK's competitiveness, and modernize capital market infrastructure.[1][3]

The DIGIT pilot is designed to test distributed ledger technology and onchain settlement for sovereign debt, according to Coin Telegraph. Crypto Briefing also noted that the digital bond structure could enhance transparency, operational efficiency, and secondary market development.[2][4]

Key facts

  • The UK government appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets as joint lead managers for the DIGIT pilot.
  • Issuance of the UK's first digitally native government bond is planned by the end of the first quarter of 2027.
  • City minister Lucy Rigby announced the appointments on 6 October 2026 at Digital Assets Week.
  • The selection of the six banks concludes the procurement phase and allows investor engagement to begin.
  • The DIGIT trial will test distributed ledger technology and onchain settlement for UK sovereign debt.
  • The pilot is part of a broader push to modernize UK capital markets and strengthen national competitiveness in digital finance.

Sources · 4 sources

  1. CB

    Crypto Briefing@Crypto_BriefingPost on X ·

    🇬🇧 NEW: The UK has tapped Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets to lead its first digital gilt pilot, targeting issuance by the end of Q1 2027. https://t.co/Xv404tksoS

    Open source
  2. CB

    Crypto BriefingArticle ·

    UK taps six banks to lead its first digital gilt pilot The UK's digital gilt pilot could revolutionize sovereign debt markets, enhancing transparency, efficiency, and secondary market development. The post UK taps six banks to lead its first digital gilt pilot appeared first on Crypto Briefing .

    Open source
  3. BL

    Bloomberg@businessPost on X ·

    The UK Treasury has appointed six banks as joint lead managers for the pilot issuance of the country’s digital gilt instruments, as part of a push to modernize how the nation’s capital markets operate https://t.co/Fr1hc7UGRf

    Open source
  4. CT

    Coin TelegraphArticle ·

    UK names 6 banks to lead first digitally native government bond The DIGIT pilot will test distributed ledger technology and onchain settlement for UK sovereign debt, with issuance expected by the first quarter of 2027.

    Open source