The United Kingdom is officially testing the waters of tokenized money. On Friday, UK Finance, the powerful trade association representing more than 300 financial services firms, announced the launch of its tokenized sterling deposits (GBTD) pilot, marking a major step in the digital transformation of banking.

The project — which will run until mid-2026 — is designed to create a digital representation of the British pound issued by commercial banks, potentially revolutionizing how money moves across the financial system.

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Six of the UK’s biggest banks are participating: Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide and Santander. Together, these institutions represent the backbone of Britain’s financial landscape.

Why tokenized deposits matter

Tokenized deposits are not cryptocurrencies or stablecoins. Instead, they are blockchain-based digital versions of existing pounds held in commercial banks. Unlike volatile crypto assets, tokenized deposits are fully backed by fiat currency, making them stable and familiar to regulators.

UK Finance believes the initiative could bring multiple benefits:

• Faster payments across online marketplaces
• Fraud prevention through programmable transactions
• Efficiency in wholesale bond settlement and remortgaging

By digitizing bank money, the pilot could improve security and create new possibilities for programmable finance, a step closer to the concept of “smart money.”

Quant Network behind the tech

The infrastructure for the project will be delivered by Quant Network, a UK-based blockchain interoperability firm led by founder and CEO Gilbert Verdian.

“Our involvement underscores Quant’s leadership in digital finance,” Verdian said. “This project isn’t just about faster payments — it’s about enabling programmable money that can fundamentally transform how value is moved and managed.”

Quant previously helped deliver the Regulated Liability Network (RLN), another UK-led shared ledger initiative launched in 2024, which brought together global giants like Citi, Mastercard, Visa, and Standard Chartered.

UK catching up on regulation

The tokenized deposits pilot comes as the Financial Conduct Authority (FCA) prepares to roll out a comprehensive crypto regulatory framework by 2026. Earlier this year, the UK Treasury issued a policy note clarifying that tokenized deposits and stablecoins would be regulated differently from traditional e-money.

Meanwhile, the European Union has already implemented the Markets in Crypto-Assets (MiCA) regulation, which broadly governs tokenization but excludes deposits tied to traditional banking. That leaves the UK’s approach under the spotlight as it looks to position itself as a hub for digital finance.

Three key use cases

According to UK Finance, the pilot will focus on three main areas:

1. Online marketplace payments – faster, fraud-resistant transactions.
2. Remortgaging processes – streamlining paperwork and settlement.
3. Wholesale bond settlement – reducing friction in financial markets.

If successful, these use cases could provide a roadmap for wider adoption of tokenized deposits, reshaping the daily interactions of consumers, banks, and businesses.

The bigger picture

The push for tokenized deposits underscores a global race among governments and banks to modernize money. While central bank digital currencies (CBDCs) like the proposed Digital Pound are still under discussion, private-sector pilots like this could accelerate innovation without waiting for government rollout.

For now, the UK’s experiment with tokenized sterling deposits will be closely watched. As Gilbert Verdian put it: “We are building the infrastructure powering tomorrow’s economy.”

Hester Peirce, widely known in the digital asset community as “Crypto Mom,” offered a blend of humor and hard truths during her recent remarks at a Coin Center event. With her official term at the U.S. Securities and Exchange Commission expiring in June, speculation has swirled about her next career move.

Addressing the audience, Peirce dismissed the idea of pivoting to the private crypto sector like many former regulators, saying:

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I could leave the government and do a 180 on crypto, but that career path is too well-trodden for me.

Instead, she joked about turning to beekeeping — “honey is delicious and nutritious, and bees sting with less glee than most of my Twitter commenters” — before delivering her punchline:

For post-SEC life, therefore, I must turn to Plan C, or more precisely, Plan NFT.

Peirce said her tongue-in-cheek NFT collection would feature caricatures of the many characters she has encountered in the crypto ecosystem, from CEOs and influencers to regulators and skeptics.

A serious message behind the humor

While her NFT remarks drew laughs, Peirce quickly turned serious. She acknowledged that much of her tenure had been a struggle to convince colleagues to give the crypto industry a fair chance.

“I am sorry that over most of my tenure at the SEC I failed to convince my colleagues in government to give you a chance,” Peirce admitted. “I hope that you and others whom you have inspired will use this time… to build good things that will enhance the safety, security, happiness, and prosperity of your family, friends, neighbors, and nation.”

SEC’s shifting crypto stance

Her comments come at a time when the SEC’s tone on digital assets appears to be softening. Since the January departure of former SEC Chair Gary Gensler — often criticized for pursuing “regulation by enforcement” — the agency has scaled back some long-standing lawsuits against crypto companies.

Analysts suggest this shift could pave the way for long-awaited approvals of cryptocurrency exchange-traded funds (ETFs), a development that might legitimize the industry in the eyes of traditional investors.

A market structure bill moving through the U.S. Senate is also expected to clarify the roles of financial regulators, potentially giving the SEC more defined responsibilities in overseeing digital assets.

Why Peirce matters to crypto

As one of the most vocal advocates for blockchain innovation within the SEC, Peirce has earned respect in the crypto community. Her balanced approach — skeptical but supportive of experimentation — has set her apart from more hardline regulators.

By floating lighthearted NFT ideas while stressing the importance of regulatory clarity, she struck a chord with both policymakers and innovators.

For the industry, Peirce’s eventual departure will mark the end of an era. But her parting words were a reminder that she sees the current moment as a critical opportunity:

Regulatory clarity has replaced ambiguity as government’s objective — now it’s up to you to build responsibly.

Whether or not she ever mints her “Crypto Mom” NFTs, Peirce’s legacy will be remembered as one of the few regulators who tried to bridge Washington with Web3.

The crypto markets just got another headline-grabber: World Liberty Financial, a decentralized finance project backed by the Trump family, is taking bold steps to stabilize its token after a brutal month. The WLFI token — which plunged 41% in September, sliding from $0.33 at the start of the month to $0.19 — will now be subject to a buyback-and-burn program aimed at cutting supply and restoring investor confidence.

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What World Liberty is doing

On Friday, World Liberty confirmed it will begin repurchasing WLFI tokens from the open market and sending them to a burn address, effectively destroying them. In crypto, token burns are used to reduce circulating supply, making the remaining tokens scarcer — and, at least in theory, more valuable.

“We will provide full transparency,” the team said in a statement, promising public updates on each buyback and burn.

Community vote paved the way

The decision wasn’t unilateral. According to the project, the initiative followed a community governance vote where 99% of WLFI holders approved the buyback plan. Fees generated from World Liberty’s liquidity pools across Ethereum, BNB Chain, and Solana will be used to fund the purchases.

Every WLFI token bought through these fees will then be burned, removing it permanently from circulation. “Every trade will now contribute to reducing supply,” the team said, calling the mechanism a step toward aligning growth with token value.

Speculation and unanswered questions

Crypto traders are already speculating how significant the burn could be. Some analysts suggest as many as 4 million WLFI tokens could be removed daily, amounting to nearly 2% of the total supply in a year. But the exact number remains unclear. The proposal did not specify targets, and World Liberty has not disclosed how aggressive its buybacks will be.

Cointelegraph reported reaching out to the World Liberty team for clarification but received no response before publication.

Why it matters

Token buybacks and burns are common in crypto, often seen as emergency tools when prices fall sharply. By cutting supply, projects attempt to ease selling pressure and restore market confidence. Whether it will work for WLFI remains to be seen.

The timing is notable: WLFI’s collapse coincided with broader market turbulence and skepticism about celebrity-linked crypto projects. With Donald Trump still a polarizing figure in politics and finance, World Liberty’s struggles have attracted even more attention than a typical DeFi token.

Investors react

On social media platform X, traders expressed cautious optimism. Some applauded the project’s transparency pledge, while others worried the move was “too little, too late.”

One investor wrote: “Buybacks are great, but unless there’s real demand for WLFI, burning tokens won’t save the price.”

The bigger picture

Despite its flashy backing and high-profile name association, World Liberty now faces a crucial test. If the buyback and burn strategy can stabilize WLFI’s value, it could restore trust and attract new users. If not, the project risks joining the long list of celebrity-linked crypto ventures that faded after a brief spotlight.

For now, all eyes are on the blockchain addresses — and whether the buybacks will be big enough to turn the tide.