According to CoinMeta, Barclays, HSBC UK, Lloyds Bank, and four other major British banks have completed real-time customer transactions using tokenized pound sterling deposits, demonstrating that it is possible for traditional currency to become programmable without the need to issue a separate stablecoin. These transactions were carried out through the UK Tokenized Deposits Initiative. This pilot involved seven competing banks and will in the future connect tokenized customer funds with digital assets, as well as test the use of tokenized deposits for settling digital debt instruments. This move addresses a major issue faced by tokenization: digital assets still require digital cash for settlement.