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UK tokenization taskforce adds major banks and asset managers
The 54-firm group plans to work for a year on live tokenization use cases, starting with tokenized repo.
CoinDesk reports that BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, and other major institutions have joined a UK government-backed tokenization taskforce aimed at developing live use cases across the country’s financial markets.
The group consists of 54 firms and is backed by the City of London Corporation, with the effort led by HM Treasury’s Wholesale Digital Markets Champion Chris Woolard, the former chair of the Financial Conduct Authority.
According to the first of two HM Treasury reports by Woolard, the initiative will run for the next year and begin by focusing on tokenised repo. The broader push is intended to integrate tokenization into wholesale financial markets.
CoinDesk also cites an estimate from Boston Consulting Group that the tokenised real-world assets market could reach $88 trillion by 2035, versus a current crypto and stablecoin market of $3 trillion. The article notes the UK is accelerating tokenization efforts as other regions, including the US and the EU, explore how to bring the technology into traditional finance.