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The United Kingdom becomes the first among the G7 to tokenize government bonds., 2026/02/12 13:20:10
The UK Treasury has announced the issuance of digital government bonds (digital gilts) on the Orion blockchain, which is owned by HSBC, the largest bank in Europe by assets.
The UK has become the first nation among the G7 to begin testing government securities on a blockchain. The trial of the tokenized government bonds, referred to as DIGIT, will take place in the Bank of England’s “digital sandbox” — a specially designed environment where national laws do not apply. Orion will facilitate the issuance, management, and settlement of the bonds. The digital tokens represent legal claims against the UK government, equivalent in economic value to traditional bonds.
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The Orion platform was launched in 2023. It employs blockchain technology to digitize financial assets and national currencies, targeting corporate clients. Over $3.5 billion in digital securities have been issued globally through Orion. In 2025, the platform issued Hong Kong’s “green bonds” amounting to $1.3 billion.
In Europe, tokenized government bonds are only issued by Switzerland and Luxembourg. In Germany, such tokens have only recently been permitted. In 2024, the German state bank KfW announced plans to prepare for the issuance of digital bonds, but the project has yet to be realized.
