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BlackRock and JPMorgan join the UK’s tokenization task force of 54 companies, with potential to increase annual output by up to $44 billion by 2035

MarsBitNews
Mars Finance news: The UK government-backed Digital Markets Taskforce brings together 54 financial firms to develop real-time tokenization use cases, with the first priority being an end-to-end tokenized repurchase (repo) trading transaction. Members include Blackrock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, UBS, Barclays, Citi, State Street, Coinbase, Circle, Ripple, and Wintermute. A report supported by the UK Treasury estimates that by 2035, the tokenization market could add up to £33 billion in annual output to the UK. Tokenized real-world assets could reach as high as $8.8 trillion by 2035, with potential UK benefits of up to $44 billion in additional economic output per year and $880k in annual tax revenue. The roadmap also proposes tokenization use cases for fixed income and uncleared OTC derivatives, and recommends completing the first pilot issuance based on the UK’s Digital Gilt Instrument DIGIT before Q1 2027.
BLK-0.24%
GS0.03%
HSBC1.15%
MS0.91%
UBS3.64%
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