UK digital gilt programme moves forward
12 February 2026 UK
Image: Alex_Segre/stock.adobe.com
The UK government鈥檚 Digital Gilt Instrument (DIGIT) issuance has taken further steps towards launching, after the UK government appoints HSBC and global law firm Ashurst.
HSBC has been appointed as the platform provider for DIGIT, which was initially announced by Chancellor Rachel Reeves in November 2024, with Ashurst set to provide legal services for the digital pilot.
The pilot seeks to allow the government to explore how DLT can be applied to UK sovereign debt issuance processes, in addition to catalysing the development of UK-based DLT infrastructure, and the adoption of DLT across UK financial markets.
DIGIT鈥檚 pilot will see the UK issue a digitally native sovereign bond through HSBC鈥檚 Orion platform, aiming to deliver onchain settlement and trading functionality, and said to position the UK as among the first G7 nations to issue the first-ever tokenised sovereign bonds on a blockchain.
The ongoing exploration of DLT conducted by other financial hubs is indicative of 鈥渢he potential for significant growth in this area,鈥� with the timing of the launch aiming to allow the UK financial services sector to leverage this opportunity.
Moreover, DIGIT intends to support the government鈥檚 commitment to maintaining the UK鈥檚 status as a leading global financial centre.
Lucy Rigby KC MP, Economic Secretary to the Treasury, says: 鈥淲e want to attract investment and make the UK the best place to do business, which is why we are launching DIGIT to understand how the UK can capitalise on this technology, deliver efficiencies, and reduce costs for firms.鈥�
Commenting on the company鈥檚 involvement with DIGIT, global head of markets and securities services at HSBC, Patrick George, says: 鈥淗SBC is delighted to be supporting the continued development of the gilt market, market innovation, and the growth of the border UK economy.鈥�
Etay Katz, head of digital assets at Ashurst, adds: 鈥淥ur team brings deep expertise in digital assets transactions, and we look forward to working with HSBC and supporting the government as it takes this transformative step for UK capital markets.鈥�
DIGIT is designed to be digitally native, short-dated, issued on a platform operation within the Digital Securities Sandbox, providing onchain settlement, and independent of the government鈥檚 predominant debt management programme.
HSBC has been appointed as the platform provider for DIGIT, which was initially announced by Chancellor Rachel Reeves in November 2024, with Ashurst set to provide legal services for the digital pilot.
The pilot seeks to allow the government to explore how DLT can be applied to UK sovereign debt issuance processes, in addition to catalysing the development of UK-based DLT infrastructure, and the adoption of DLT across UK financial markets.
DIGIT鈥檚 pilot will see the UK issue a digitally native sovereign bond through HSBC鈥檚 Orion platform, aiming to deliver onchain settlement and trading functionality, and said to position the UK as among the first G7 nations to issue the first-ever tokenised sovereign bonds on a blockchain.
The ongoing exploration of DLT conducted by other financial hubs is indicative of 鈥渢he potential for significant growth in this area,鈥� with the timing of the launch aiming to allow the UK financial services sector to leverage this opportunity.
Moreover, DIGIT intends to support the government鈥檚 commitment to maintaining the UK鈥檚 status as a leading global financial centre.
Lucy Rigby KC MP, Economic Secretary to the Treasury, says: 鈥淲e want to attract investment and make the UK the best place to do business, which is why we are launching DIGIT to understand how the UK can capitalise on this technology, deliver efficiencies, and reduce costs for firms.鈥�
Commenting on the company鈥檚 involvement with DIGIT, global head of markets and securities services at HSBC, Patrick George, says: 鈥淗SBC is delighted to be supporting the continued development of the gilt market, market innovation, and the growth of the border UK economy.鈥�
Etay Katz, head of digital assets at Ashurst, adds: 鈥淥ur team brings deep expertise in digital assets transactions, and we look forward to working with HSBC and supporting the government as it takes this transformative step for UK capital markets.鈥�
DIGIT is designed to be digitally native, short-dated, issued on a platform operation within the Digital Securities Sandbox, providing onchain settlement, and independent of the government鈥檚 predominant debt management programme.
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