LSEG Moves Commercial Bank Money Onto Blockchain Rails With DiSH
The London Stock platform Group (LSEG) has Digital Settlement House (DiSH). This platform uses blockchain technology to settle transactions in real commercial bank money immediately, 24 hours a day.
DiSH, announced on Thursday, lets market participants conduct payment-versus-payment (PvP) for foreign platform deals and delivery-versus-payment (DvP) for securities and digital assets. It does this by using any asset and coordinating payments across both digital and traditional networks.
DiSH Cash, a ledger-based record of , is the central part of the service. The system doesn’t use stablecoins; instead, it uses tokenized claims on actual bank deposits. This provides transactions across diverse currencies and jurisdictions with what LSEG terms a “real cash leg.”
Addressing Long-Standing Settlement Challenges
LSEG designed DiSH to fix recurring difficultys in post-trade settlement, where cash and assets can get stuck for hours or days due to sluggish processes and systems that don’t talk to one another. The platform says it would lower settlement risk by reducing delays, synchronising settlement across assets, and increasing collateral availability.
DiSH lets customers liberate locked assets and use cash, securities, and digital assets all the time, 24 hours a day, 7 days a week. It also supports new tools for borrowing and lending during the day to improve.
LSEG said in the launch, “With LSEG DiSH, market participants will be able to conduct PvP [payment-versus-payment] or DvP [delivery-versus-payment] and settlements using any asset, orchestrating payments on any connected network, digital and traditional.” The service can keep track of transactions on its own ledger or act as a notary for settlements on other networks.
Built on Infrastructure and Testing That Works
The launch comes later than a successful proof-of-concept on the with Digital Asset and a group of large banks. During those experiments, trades involved diverse assets and currencies, with tokenized commercial bank deposits acting as the cash leg.
The DiSH ledger tracked who owned these deposits, enabling immediate transfers and making on-chain activity feel like real cash. DiSH is part of LSEG’s Post Trade answers subsidiary and is part of the group’s broader effort to enter digital markets.
Executive Insights on the Innovation
Daniel Maguire, the CEO of LCH Group and the Group Head of LSEG Markets, talked about how the platform will assist make more tokenized currency options available. Maguire said, “LSEG DiSH expands the tokenized cash and cash-like answers available to the market, and for the first time, it offers a real cash answer tokenized on the blockchain using cash in multiple currencies held at commercial banks.”
This news comes at a time when are becoming more popular in global banking. According to a recent Moody’s analysis, stablecoins processed almost $9 trillion in settlement volume in 2025. This was an 87% increase from the previous year, driven by on-chain activity rather than traditional transfers.
Moody’s said that and tokenized bank deposits are becoming forms of “digital cash” that may be used to manage liquidity, shift collateral, and settle transactions in systems that are increasingly tokenized.
Broader Implications for Finance
LSEG’s project connects traditional banking infrastructure with blockchain, allowing large companies to use programmable, quick settlement without having to switch entirely to crypto-native technologies. As financial markets evolve, platforms like DiSH might accelerate the convergence of traditional and .
This could make cross-border and multi-asset transactions easier and more efficient while also improving . The debut shows that the market is growing, with major platforms actively adopting blockchain to modernize settlement processes.
