According to Odaily, the UK Treasury has selected HSBC Holdings' blockchain platform Orion to pilot the issuance of the country's digital bond instrument, DIGIT. HSBC stated that issuing bonds on a blockchain can improve the structure of the UK's debt capital markets by accelerating settlement speeds. The UK Treasury plans to issue these digital instruments within a regulated testing environment managed by the Financial Conduct Authority. HSBC’s Orion platform has been used for the issuance of over US$3.5 billion in digitally native bonds globally, including the European Investment Bank’s first digital sterling bond in 2023 and the multicurrency US$1.3 billion equivalent green bond issued by the Hong Kong government last year.