In a speech at UK Digital Assets Week, the Economic Secretary to the Treasury announced that HM Treasury has appointed six firms as joint lead managers for the pilot issuance of the Digital Gilt Instrument, or DIGIT. The digitally native UK government debt instrument is scheduled for issuance on HSBC’s Orion platform in the Digital Securities Sandbox in the first quarter of 2027. HM Treasury intends to list DIGIT on the London Stock Exchange Group’s main market, supported by a bilateral link between HSBC and LSEG, and is preparing for possible further issuances subject to the pilot’s success. The speech also outlined the government’s wider shift from digital asset experimentation to live market activity and regulation. HM Treasury intends to lay secondary legislation in the coming months to support digital services and issuances in the sandbox, where HSBC and ClearToken have received approval to operate live digital securities depositories. The broader cryptoasset regime will bring covered activities within the Financial Conduct Authority’s regulatory perimeter from Oct. 25, 2027, while targeted stablecoin amendments are intended to avoid firms having to obtain cryptoasset permissions before seeking reauthorization under planned payments reforms.
HM Treasury appoints six joint lead managers for first quarter 2027 DIGIT pilot issuance
HM Treasury has appointed six joint lead managers for the DIGIT pilot, a digitally native UK government debt issuance planned for the first quarter of 2027. The instrument will be issued through the Digital Securities Sandbox, with HM Treasury also preparing supporting legislation and possible further issuances subject to the pilot’s success.