The London Stock Exchange Group has launched a up-to-date digital settlement service that aims to bring commercial banks’ real money onto blockchain rails.
The service, called Digital Settlement House (DiSH), enables instant settlements across both blockchain-based and established payment networks, operating 24/7 in multiple currencies and jurisdictions. According to until Thursday’s announcement.
At the heart of the platform is DISH Cash, a ledger-based representation of commercial bank deposits. Instead of relying on stablecoins, the system uses tokenized claims on real bank deposits, providing what LSEG describes as a “real cash component” for currency, securities and digital asset transactions.
“With LSEG DISH, market participants will be able to conduct PvP [payment-versus-payment] or DvP [delivery-versus-payment] and settlement across any asset, arranging payments across any connected network, digital and traditional,” LSEG said.
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LSEG’s DSH goal is to speed up settlements
LSEG says the platform is designed to solve long-standing post-trade settlement issues, where cash and assets are often tied up for hours or even days due to leisurely processes and disconnected systems.
“The service also enables users to reduce settlement risk through shortened settlement timelines, synchronized settlements and increased collateral availability,” said the provider of infrastructure and data for global financial markets.
The launch follows a successful proof of concept with Digital Asset and a group of major financial institutions in the Canton network. During these tests, transactions were made across a variety of assets and currencies, using tokenized deposits in commercial banks as the cash side of each transaction. The ownership of these deposits was recorded in the DISH ledger.
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Stablecoins are entering the market infrastructure
LSEG’s move comes as stablecoins increasingly become part of the core infrastructure of global finance, moving beyond their crypto-native roots, according to a up-to-date report from Moody’s. The report found that stablecoins processed approximately $9 trillion in settlement volume in 2025, an 87% augment from the previous year, driven by on-chain activity rather than established bank-to-bank transfers.
Moody’s says fiat-backed stablecoins and tokenized bank deposits are becoming forms of “digital cash” used to manage liquidity, collateral flow and settlement in a more tokenized financial system.
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