UK forms 54-firm taskforce to boost wholesale tokenisation

The United Kingdom has launched a major cross-industry initiative to accelerate the adoption of tokenization in its wholesale financial markets, convening a taskforce of 54 major financial institutions and digital asset firms. The plan, set out in a report published on July 13 by the government's Wholesale Digital Markets Champion, Chris Woolard, aims to move the technology from pilot projects to live market applications within the next year.

The taskforce brings together traditional finance giants including BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, HSBC, Barclays, Citi, and UBS, alongside prominent digital asset companies such as Coinbase, Circle, Ripple, Kraken, and Fidelity International. Market infrastructure providers like DTCC, Euroclear UK International, LSEG, and Fireblocks are also participating. The initiative is supported by HM Treasury and the City of London Corporation.

Over the coming 12 months, the group will work to develop live, end-to-end use cases for tokenization, with an initial focus on tokenized repurchase agreements, or repos, a cornerstone of global funding markets. To drive this work, nine dedicated action groups will address priority areas...