The London Stock Exchange Group has rolled out a new digital settlement service to bring money from commercial banks onto blockchain rails.
The service, called Digital Settlement House (DiSH), enables instant settlement across both blockchain-based and traditional payment networks, operating 24 hours a day across multiple currencies and jurisdictions, according to an announcement Thursday.
At the heart of the platform is DiSH Cash, a ledger-based representation of deposits from commercial banks. Instead of relying on stablecoins, the system uses tokenized claims on actual bank deposits, which LSEG describes as a “real cash leg” for transactions in foreign currencies, securities and digital assets.
“LSEG DiSH allows market participants to perform PvP [payment-versus-payment] or DvP [delivery-versus-payment] and cross-asset settlements, orchestrating payments on any connected network, digital or traditional,” the LSEG said.
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LSEG’s DiSH aims to accelerate settlements
LSEG said the platform is designed to solve long-standing problems in post-trade settlement, where cash and assets are often locked up for hours or even days due to slow processes and disconnected systems.
“The service also enables users to reduce settlement risk through shorter settlement times, synchronized settlement and increased collateral availability,” the global financial markets infrastructure and data provider said.
The launch follows a successful proof-of-concept conducted with Digital Asset and a group of major financial institutions on the Canton Network. During those tests, transactions were made in various assets and currencies, using tokenized commercial bank deposits as the cash side of each transaction. Ownership of these deposits was recorded in the DiSH ledger.
Onchain transactions on Canton. Source: Canton network
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Stablecoins are moving into market infrastructure
LSEG’s move comes as stablecoins are increasingly becoming part of the core infrastructure of global finance and moving beyond their crypto-native roots, according to a new outlook report from Moody’s. The report shows that stablecoins processed $9 trillion in settlement volumes in 2025, an increase of 87% 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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