The London Stock Exchange Group has rolled out a new digital settlement service to bring commercial bank money onto blockchain rails.
The service, called Digital Settlement House (DiSH), enables instant settlement across both blockchain-based and traditional payment networks, operating around the clock across multiple currencies and jurisdictions, according to a Thursday announcement.
At the core of the platform is DiSH Cash, a ledger-based representation of commercial bank deposits. Rather than relying on stablecoins, the system uses tokenized claims on actual bank deposits, providing what LSEG describes as a “real cash leg” for foreign exchange, 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 settlements using any asset, orchestrating payments on any connected network, digital and traditional,” the LSEG said.
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LSEG’s DiSH aims to speed up settlements
LSEG said the platform is designed to fix long-standing problems in post-trade settlement, where cash and assets are often locked up for hours or even days because of slow processes and disconnected systems.
“The service also enables users to reduce settlement risk through reduced settlement timelines, synchronised settlement, and increased collateral availability,” the global financial markets infrastructure and data provider said.
The launch follows a successful proof-of-concept carried out with Digital Asset and a group of major financial institutions on the Canton Network. During those tests, trades were completed across different assets and currencies, using tokenized commercial bank deposits as the cash side of each transaction. Ownership of these deposits was recorded on the DiSH ledger.
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Stablecoins move into market infrastructure
LSEG’s move comes as stablecoins are increasingly becoming part of the core infrastructure of global finance, moving beyond their crypto-native roots, according to a new outlook report from Moody’s. The report found that stablecoins processed $9 trillion in settlement volume in 2025, an 87% increase from the previous year, driven by onchain activity rather than traditional bank-to-bank transfers.
Moody’s said fiat-backed stablecoins and tokenized bank deposits are emerging as forms of “digital cash” used for liquidity management, collateral movement and settlement in a more tokenized financial system.
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