London, Feb 12, 2026, 07:52 GMT — Premarket
- The UK Treasury has tapped HSBC’s Orion platform for a pilot run of tokenised government bonds.
- HSBC wrapped up the previous session at 1,305.4p, hardly budging before London’s open.
- Investors have their eyes on HSBC’s annual results dropping Feb. 25, plus the bank’s call on its dividend.
HSBC Holdings could draw attention Thursday, as the UK government named the bank’s Orion platform to handle a pilot for issuing “digital gilts”.
The timing is notable: HSBC finds itself in the spotlight, running a live pilot that makes it the first big UK bank to help issue a short-dated UK government bond as a digital token logged on a blockchain—a shared database that tracks who owns what, and when. The test also comes just before HSBC’s annual results, where the focus will shift to the bank’s stance on capital returns and its outlook for the coming year.
HSBC finished Wednesday at 1,305.4 pence, slipping 0.05%. Shares swung from 1,316.8p down to 1,290.2p during the session, Investing.com data showed.
HM Treasury tapped HSBC for the role after what it described as a competitive procurement process, also bringing in law firm Ashurst to handle legal matters. According to the government, the instrument will be issued as digitally native, operating within the Digital Securities Sandbox—a framework designed for firms trialing new market infrastructure under an adjusted rulebook. 1
Economic Secretary to the Treasury Lucy Rigby said the pilot aims to “deliver efficiencies and reduce costs for firms”. Over at Ashurst, digital assets head Etay Katz called it a “landmark transaction”, adding the firm is eager to back the government as it moves forward with what’s described as a “transformative step” for UK capital markets.
HSBC’s global head of markets and securities services, Patrick George, said the bank was “very pleased” the Treasury picked Orion for the pilot. He highlighted Orion’s track record, noting the platform had already handled digital bond deals elsewhere. 2
No word yet from the government on when the pilot will launch. Tokenising traditional assets keeps gaining traction, but tokenised debt hasn’t made much of a dent in the broader bond market. 3
There’s another date on the calendar: HSBC put out a notice on Feb. 10, flagging that a board committee plans to gather on Feb. 25 to review its 2025 final results and weigh a fourth interim dividend. According to the filing, if a dividend gets the green light, it’ll go to shareholders on record as of March 13, with payment set for April 30. 4
HSBC plans to release its Annual Results 2025 on Feb. 25 at 4 a.m. GMT. The bank will host a meeting for investors and analysts later that same morning. 5
Even so, the digital gilt pilot isn’t bringing in revenue by itself. Timing and the rulebook are likely to overshadow any headlines. Should delays crop up again or if trading stays shallow, the pilot risks remaining sidelined as a niche effort, not a blueprint.
Traders are eyeing specifics on DIGIT’s trading and settlement mechanics. Next up: HSBC reports Feb. 25, with earnings, guidance, and word on shareholder payouts all on the docket.
