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The UK chooses HSBC Orion platform to issue its first digital sovereign bond

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Crypto World News: The UK government has chosen HSBC’s Orion platform and plans to issue its first digital sovereign bond in early 2027, becoming the first G7 country to issue government debt on a distributed ledger. Finance Minister Rachel Reeves announced in a Mansion House speech that if the pilot goes smoothly, the government will follow up with further issuances of digital government bonds. The bond will be denominated in pounds and issued on HSBC’s Orion blockchain, operating within the digital securities sandbox run by the Bank of England and the Financial Conduct Authority. The Treasury launched the pilot in 2024 to test whether distributed ledger technology can shorten settlement times and reduce operating costs. HSBC obtained an operating license for the platform in February; it had previously issued more than $3.5 billion in digital bonds. Andrew Bailey, Governor of the Bank of England, said the central bank will work to ensure the digital government bond can be used as collateral in market operations. The planned bond issuance comes as the UK expands its work on digital financial markets; earlier, the UK and the US released a joint statement pledging to strengthen cooperation on stablecoin regulation and cross-border payments.
HSBC1.19%
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NFTeaConnoisseur
· 2h ago
Once it works in the sandbox, then expand—those Brits are still steady
View OriginalReply0
RugDetective
· 2h ago
In 2027, there isn’t much time left for other central banks.
View OriginalReply0
TrendMonk
· 2h ago
Distributed ledgers issue sovereign bonds, and traditional clearing institutions can’t sleep anymore
View OriginalReply0
IchimokuWanderer
· 2h ago
3.5 hundred million is just a warm-up; sovereign-level RWA is the endgame
View OriginalReply0
PegPilgrim
· 2h ago
HSBC has totally won this round.
View OriginalReply0

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