HSBC Welcomes UK Treasury’s Selection of Orion Platform for Digital Gilt Pilot

HSBC has welcomed HM Treasury’s decision to appoint its digital assets platform, HSBC Orion, as the technology provider for the Digital Gilt Instrument (DIGIT) pilot issuance. The initiative forms part of the UK government’s wider efforts to explore how distributed ledger technology can be applied to public debt markets.

Also, Lucy Rigby KC MP, Economic Secretary to the Treasury, said the pilot aims to strengthen the UK’s position as a global financial centre. She stated that DIGIT will help assess how new technologies can support investment, improve efficiency, and reduce operational costs for firms. Rigby added that the government looks forward to working closely with HSBC and other stakeholders to deliver the project.

HSBC Welcomes UK Treasury’s Selection of Orion Platform for Digital Gilt Pilot

Patrick George, Global Head of Markets and Securities Services at HSBC, highlighted the importance of the UK market to the bank. He noted that HSBC is happy to support the continued development of the gilt market and broader financial innovation. Following a competitive selection process, George said HM Treasury’s choice of HSBC Orion reflects the platform’s established experience in delivering digital bond issuances in multiple jurisdictions.

Moreover, the DIGIT pilot will explore the issuance of UK government bonds on blockchain-based infrastructure. Digital gilts and corporate bonds have the potential to shorten settlement cycles, streamline issuance processes, and improve transparency. By reducing settlement times, the approach may also support higher liquidity in both primary and secondary markets.

HSBC Orion has facilitated more than US$3.5 billion in digitally native bond issuances worldwide, spanning sovereign, supranational, central bank, financial, and corporate issuers. The platform has supported several landmark transactions in recent years, including the European Investment Bank’s first digital sterling bond in 2023 and the Hong Kong Government’s multi-currency digital green bond in 2024.

More recent transactions include Luxembourg’s first digital treasury certificates, Qatar’s first digital bond, and the world’s largest digital bond to date, a US$1.3 billion-equivalent green bond issued by the Hong Kong Government in 2025.

So, through the DIGIT pilot, HM Treasury and HSBC aim to assess how digital infrastructure can support the future development of the UK’s government bond market and wider capital markets ecosystem.

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