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XRP The UK Treasury selects Ripple to participate in wholesale digital market reform
The UK Treasury has selected Ripple, a US-based blockchain payment company, as a member of a major government support program aimed at modernizing the country's wholesale financial market through tokenization.
Ripple joins top financial institutions reform group
Ripple will join a 54-institution working group led by Chris Woolard, head of wholesale digital markets, and the City of London government. Other members include well-known global financial institutions such as BlackRock, Goldman Sachs, and JPMorgan Chase, as well as leading market infrastructure providers such as European Clearing House and Bloomberg.
The government's goal is to completely replace traditional settlement systems with blockchain technology throughout the wholesale financial market. The move reflects Britain's ambition to gain a share of the rapidly expanding global market for tokenized real-world assets, which analysts predict could reach $88 trillion by 2035.
The British government estimates that the transition to on-chain wholesale markets could bring in £ 33 billion of additional economic output every year and add £ 14 billion in annual tax revenue by 2035.
By migrating mature financial activities to blockchain-based platforms, officials aim to streamline operations and expand the competitive position of London's financial industry.
Note: The City Government is the municipal governing body of London's historic center, playing a central role in promoting London as a leading financial center and supporting initiatives that target financial innovation and regulation.
Action plan focuses on digital bonds and tokenized markets
The group has developed a 12-month timetable, initially focusing on the fixed income area, which officials believe is ready for rapid transformation. Key parts of the strategy include the launch of sovereign digital bonds issued by the UK government and the digitization of the collateral market.
Nine special action groups will be dedicated to end-to-end deployment of technical solutions. Their scope of work also includes conducting real-time testing of tokenized repo transactions, with the goal of completing them by spring 2027.
Main reform goals and implementation nodes:
Fixed income markets--digital transformation immediately
Digital bonds--issued as UK sovereign digital bonds
Tokenized repo transactions--End-to-end real-time testing completed by spring 2027
The collection of opinions from market participants will last until September 4, 2026. After the feedback phase, the reform plan will enter the implementation phase, opening a new era for the UK's wholesale capital market.
As the UK is committed to promoting digital innovation at the heart of its finance, Ripple is expected to contribute its global technical expertise to support high-volume institutional transactions.
