The London Stock Exchange Group (LSEG) has officially launched a new digital settlement service designed to integrate commercial bank money with blockchain technology. The platform, named Digital Settlement House (DiSH), enables instant, 24/7 settlement across both blockchain-based and traditional payment networks, operating in multiple currencies and jurisdictions.
At the core of DiSH is DiSH Cash, a ledger-based representation of actual commercial bank deposits. Unlike systems that rely on stablecoins, DiSH uses tokenized claims on real bank deposits held at commercial banks, creating what LSEG calls a “real cash leg” for transactions involving foreign exchange, securities, and digital assets. This allows market participants to conduct payment-versus-payment (PvP) or delivery-versus-payment (DvP) settlements using any asset across connected networks.
The launch follows a successful proof-of-concept conducted with Digital Asset and a consortium of major financial institutions on the Canton Network. During these tests, trades across different assets and currencies were settled using these tokenized commercial bank deposits, with ownership recorded on the DiSH ledger.
LSEG states that DiSH is aimed at solving persistent inefficiencies in post-trade settlement, where assets and cash can be locked up for days due to slow, disconnected systems. The platform is designed to reduce settlement risk through synchronized settlement and increased collateral availability, while also offering intraday borrowing and lending tools for better liquidity management.
This development coincides with a broader trend identified by Moody's, which notes that stablecoins and tokenized deposits are becoming integral to global financial infrastructure. A recent Moody's report highlighted that stablecoins processed $9 trillion in settlement volume in 2025, an 87% year-over-year increase, driven largely by onchain activity.
