UK Treasury taps HSBC Orion platform for Digital Gilt Instrument tokenized bond pilot

The UK Treasury has appointed HSBC's Orion platform to support its Digital Gilt Instrument pilot, which is designed to test blockchain-based sovereign bond issuance. The program will issue a digitally native, short-dated gilt within the UK's Digital Securities Sandbox, with onchain settlement separate from the main debt management framework, and HSBC says such digital gilts could markedly speed up transaction settlement times.