The service allows for “programmatic and instantaneous settlement between independent payment networks, both on- and off-chain,” according to a Thursday (Jan. 15) press release.
“LSEG DiSH expands the tokenized cash and cash-like solutions available to the market, and for the first time, offers a real cash solution tokenized on the blockchain utilizing cash in multiple currencies held at commercial banks,” Daniel Maguire, group head of LSEG Markets and CEO of LCH Group, said in the release.
Users will experience reduced settlement risk through the service, and they can integrate existing cash, securities and digital assets across market infrastructure, Maguire said in the release.
“Through commercial bank deposits held on the DiSH ledger (DiSH Cash), the service will enable the 24/7 instantaneous movement of commercial bank money in multiple currencies and jurisdictions, PVP and DVP, providing a real cash leg for [foreign exchange] and digital asset transactions and settlements,” the release said
The announcement of DiSH follows LSEG’s rollout this week of its Trade Surveillance tool, created to help companies spot and investigate market abuse and financial crime.
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“Addressing these challenges head-on, LSEG’s new offerings are built on a breadth of high-quality, trusted data and leverage our proprietary surveillance technology, which processes billions of trade and order messages across our venues every day,” the company said in a Tuesday (Jan. 13) press release.
In other tokenization news, PYMNTS CEO Karen Webster wrote a column last week exploring the reasons why tokenized deposits scale while stablecoins struggle.
“Banks do not need a new business model for tokenized deposits to work,” she said. “Banks already move money at scale. Wholesale and cross-border banking networks process well over $10 trillion per day, or quadrillions of dollars annually, with battle-tested processes for liquidity, settlement and compliance.”
These economics are anchored by deposits, supporting net interest margin, lending, FX, payments and cash management revenue. Tokenization brings that model into an “always-on, programmable environment” without requiring banks to extract margin transaction by transaction, she said.
“Stablecoin issuers do not have that luxury,” Webster said. “As yield compresses and compliance costs rise, nonbank stablecoins become harder to scale cheaply for high-volume, low-margin institutional flows where basis points matter. Costs eventually surface, in fees, spreads or functional constraints.”
