Wall Street and Crypto Unite Behind UK Tokenization Push HM Treasury has assembled a 54-firm taskforce to move Britain's wholesale financial markets onto blockchain infrastructure, placing @R
HM Treasury has assembled a 54-firm taskforce to move Britain's wholesale financial markets onto blockchain infrastructure, placing @Ripple alongside @BlackRock, @JPMorgan and @GoldmanSachs at the center of the effort. The UK government named the cross-industry group to move tokenization into wholesale financial markets, with the first report from HM Treasury's Wholesale Digital Markets Champion, Chris Woolard, published on July 13 and addressed to the Chancellor.
The taskforce's 54 members include JPMorgan, Goldman Sachs, Morgan Stanley, Citi, Deutsche Bank and UBS, alongside asset managers Fidelity International, Schroders and State Street, market infrastructure firms DTCC, Euroclear and the London Stock Exchange Group, and crypto-native players including Circle, Ripple and Coinbase.
As a member of the taskforce, Ripple is contributing to building secondary markets, tokenizing collateral, and issuing the UK Digital Gilt instrument DIGIT over the next 12 months.Ripple's acquisition of prime broker Hidden Road and Santander UK's white-label use of Ripple's rails are cited in the report as evidence of convergence between traditional finance and crypto.
The report frames the effort as a race the UK loses if standards and liquidity settle offshore first.The group will spend the next year working on live tokenization use cases, starting with tokenized repo.The group aims to run a live end-to-end repo transaction by spring 2027, with plans to also issue the first digital gilt, DIGIT, by early 2027.Success would make the UK the first G7 nation to issue tokenized government debt.
The economic case is drawn from a Barclays and PwC report, which forecasts up to £33 billion in annual economic benefits by 2035.The plan could also generate £14 billion in annual tax revenue by 2035. Those are ceiling figures, contingent on adoption, regulation and the UK capturing a meaningful share of a global market. The $88 trillion global tokenized asset estimate by 2035 underpins those projections, but they depend on the UK winning that competitive race.
The report proposes a hybrid model that layers permissioned institutional networks on top of permissionless chains, while warning that chain reorganizations on public blockchains pose unresolved settlement-finality risks. On the regulatory front, UK authorities plan to publish a cross-authority roadmap for wholesale market digitalization by the end of 2026, followed by consultations on rule changes in 2027. The report also notes that the UK now holds a lead over the US in wholesale digital market rules, where progress remains stalled in Congress.
City of London Corporation: UK announces plan to scale tokenisation of wholesale financial markets | CoinDesk: Ripple lands inside UK plan for tokenized repo, bonds and funds | Ledger Insights: UK sets out vision for wholesale digital markets
