A U.K. government-backed digital markets taskforce has brought together 54 financial firms to develop live tokenization use cases, starting with tokenized repo. The initiative comes as the Treasury-backed report estimates tokenized markets could add up to £33 billion in annual UK output by 2035.
Key Takeaways
A U.K. taskforce of 54 firms will pilot tokenized repo as its first live blockchain use case.Blackrock, JPMorgan and Circle joined a roadmap targeting UK wholesale tokenization.The UK sees tokenization adding up to £33B annually by 2035 through market upgrades.The United Kingdom is moving from tokenization policy to live market design, drawing some of the world’s largest financial institutions into a taskforce focused on blockchain-based wholesale finance.
The 54-firm group includes Blackrock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, UBS, Barclays, Citi, State Street, Coinbase, Circle, Ripple and Wintermute. It is working under the U.K.’s Wholesale Digital Markets Champion, Chris Woolard, whose first report to the Chancellor sets out a roadmap for tokenized wholesale markets.
Repo Becomes the First Test Case UK Sees Large Economic PrizeThe report presents tokenization as both a technology upgrade and a competitiveness issue for the City of London.
