Global: LSEG Launches Blockchain-Based Digital Settlement Network

The London Stock Exchange Group (LSEG) has unveiled a new blockchain-enabled settlement service, marking a significant step in bridging traditional financial infrastructure with digital asset markets.

Known as the Digital Settlement Network, the initiative introduces the LSEG Digital Settlement House (DiSH), an open-access platform designed to support real-time, programmatic settlement across independent payment systems, both on-chain and off-chain. The service enables the movement of commercial bank money for digital asset, foreign exchange and securities transactions.

At the core of the platform is DiSH Cash, a ledger-based representation of commercial bank deposits. Through this structure, participants can access 24/7 instantaneous settlement in multiple currencies and jurisdictions, supporting both payment-versus-payment (PvP) and delivery-versus-payment (DvP) transactions. This provides a genuine cash leg for FX and digital asset settlements, addressing one of the long-standing challenges in tokenised markets.

Under the model, DiSH Cash operates accounts at participating commercial banks, allowing members to hold instant ownership of deposits across the network and transfer funds continuously without traditional settlement delays. The platform can either settle transactions directly on its own ledger or act as a notary layer to validate settlement across other networks and asset classes.

The launch follows a successful proof of concept conducted with Digital Asset and a consortium of financial institutions on the Canton Network, where commercial bank deposits were tokenised and used as the true cash leg in live transactions.

Commenting on the development, Daniel Maguire, Group Head of LSEG Markets and Chief Executive Officer of LCH Group, said the initiative expands the range of tokenised cash solutions available to market participants.
“LSEG DiSH offers, for the first time, a real cash solution tokenised on blockchain technology, using commercial bank money across multiple currencies,” he said. “This service will help reduce settlement risk and enable seamless integration of existing cash, securities and digital assets across both new and established market infrastructure.”

With DiSH, LSEG is positioning itself at the centre of the evolving digital settlement landscape, as financial markets increasingly explore tokenisation and always-on settlement models.