HM Treasury has formally launched its procurement process for the UK’s first digitally native gilt issuance, confirming long-anticipated timelines and technical requirements for the pilot Digital Gilt Instrument (DIGIT).
The move marks a pivotal step in the UK’s transition toward programmable sovereign debt, leveraging Distributed Ledger Technology (DLT) within the Digital Securities Sandbox (DSS), a framework established under the Financial Services and Markets Act 2023.
The tender outlines a four-year contract for suppliers to develop and deliver the infrastructure required to issue, distribute, and settle DIGIT within the DSS, including interoperability and lifecycle management functionality.
Submissions are due by 17 November, with the contract expected to be awarded the week commencing 15 December.
While the sector has been anticipating this pilot since the DSS came into force in January, the notice provides the first concrete details on scope, evaluation criteria and submission protocols. The contract is exempt from the Procurement Act 2023, reflecting its experimental nature and strategic importance.
DIGIT is expected to serve as a testbed for future digital capital raising, with implications for settlement efficiency, transparency, and cross-platform interoperability.
The pilot will be closely watched by central banks, infrastructure providers, and fintechs exploring tokenised debt issuance. It marks a pivotal shift in sovereign finance and sets the tone for how programmable securities might reshape the UK’s capital markets.
For more information, visit the government tenders website.
