UK plans first G7 digital sovereign bond by early 2027
The security will launch on HSBC’s Orion platform within the BoE and FCA’s Digital Securities Sandbox to test reduced settlement times and costs.
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UK plans first G7 digital sovereign bond by early 2027
Finance
UK plans first G7 digital sovereign bond by early 2027
The security will launch on HSBC’s Orion platform within the BoE and FCA’s Digital Securities Sandbox to test reduced settlement times and costs.
By
Francisco Rodrigues
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Edited by
Sheldon Reback
Jul 15, 2026, 8:16 a.m.
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Chancellor of the Exchequer Rachel Reeves. (Yui Mok/WPA Pool/Getty Images)
Summary
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The U.K. plans to issue its first digital sovereign bond by early 2027, becoming the first G7 nation to place government debt on a distributed ledger.
The gilt will list on HSBC’s Orion platform within the BoE and FCA’s Digital Securities Sandbox to test reduced settlement times and costs.
Bank of England Governor Andrew Bailey said the bank plans to make the bond eligible as collateral in market operations, enabling banks to use it in central bank funding transactions.
The U.K. plans to issue a digital sovereign bond by early 2027, becoming the first of the seven leading industrialized nations to place government debt on a distributed-ledger infrastructure.
Chancellor Rachel Reeves announced the timeline in her annual
Mansion House speech
to industry leaders. The government plans further issuance after the initial sale.
The Digital Gilt Instrument, known as DIGIT, will be a sterling-denominated government security issued on HSBC’s Orion platform and will operate inside the Bank of England and Financial Conduct Authority’s Digital Securities Sandbox.
The Treasury
announced the pilot in 2024
to test whether blockchain infrastructure could reduce settlement times, reconciliation work and operating costs. HSBC was
appointed to run the platform
in February, having issued over $3.5 billion in digital bonds through its Orion blockchain.
Speaking at the same event, Bank of England Governor Andrew Bailey said the central bank will work to make
DIGIT eligible as collateral
in its market operations. That could support tokenized repo and allow banks to use the bond in central bank funding transactions.
The Treasury has not disclosed the bond’s size, maturity, coupon, investor eligibility or settlement asset. The initial sale will sit outside the government’s conventional gilt-financing program.
UK
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