BlackRock, JPMorgan, and other old-money firms have finally collectively entered the fray—tokenized buybacks are just the appetizer, and the real main course is the $88 trillion RWA pie.

According to CoinWorld, the UK Digital Markets Taskforce has brought together 54 financial institutions including Blackrock and JPMorgan, aiming to develop tokenization use cases. Its first priority is end-to-end tokenized repo transactions. Members include Goldman Sachs, HSBC, Morgan Stanley, UBS, Barclays, Citi, State Street, Coinbase, Circle, Ripple, and Wintermute. The report estimates that by 2035, the tokenized real-world asset market will reach $88 trillion, which could add $44 billion in economic output and $18.7 billion in tax revenue for the UK each year. The roadmap recommends completing the first pilot issuance based on digital government bond instruments before Q1 2027.