According to CoinMeta, and as reported by Reuters, major British banks such as lloyds, natwest, barclays, and hsbc have completed some of the world's first transactions using tokenized deposits for cross-bank fund transfers. The test scenarios included two mortgage transactions and one P2P payment for a simulated online purchase. Programmable deposits can automatically release funds once conditions such as product delivery or completion of a property transaction are met. The Bank of England has previously stated that, compared to privately issued stablecoins, it prefers banks to develop tokenized deposits that have the same legal status as traditional bank deposits.