Lloyds Bank issued tokenized deposits on the Canton Network to acquire tokenized Gilts from UK digital asset broker Archax as part of a pilot. Although the tokenized deposit originated with the main bank, Lloyds Bank Corporate Markets later used it to purchase the Gilts. Archax subsequently transferred the tokenized deposit to its regular Lloyds Bank account.
Digital Asset’s Canton technology is described as an enterprise blockchain, while the Canton Network is a public chain designed to connect institutional, permissioned ledgers. In this case, Lloyds issued the tokenized deposit on the public chain and operated a validator node on the network.
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