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XRP UK tokenized financial market report: Economic output may be increased by 33 billion pounds by 2035
According to estimates by an industry task force supported by the UK government, if the UK becomes the leader in tokenized financial markets, its annual economic output is expected to increase by as much as 33 billion pounds (approximately US$44 billion) by 2035. This estimate appears in the first report by Chris Woolard, the wholesale digital markets envoy, appointed by the UK Treasury to drive the implementation of the government's digital markets strategy.
The report, developed in conjunction with the industry task force, proposes a 12-month plan to test the use of blockchain in securities lending cash transactions. The report also calls on the UK to issue its first tokenized government bonds before the first quarter of 2027. The roadmap seeks to move UK tokenization from an isolated pilot project to an active market that can be traded, settled and used as collateral. The report pointed out that the current task is to "move from pilot to scale" and "move from vision to action."
Ripple, an industry member of the task force, expressed support for the plan on Monday. "Chain funds, bonds and repos are not experiments," the company said. It added that such tools have proven to be "cheaper, better and more efficient than traditional similar products."
UK continues to advance digital gilt bond and settlement program
Digital government bonds (or gilts) are not a new proposal in themselves. The UK first announced its digital gilt bond instrument pilot program in November 2024. Subsequently, an update plan released in July 2025 outlined plans for on-chain settlement, over-the-counter trading and secondary market development. On February 12, 2025, the government designated HSBC's Orion platform to support the pilot project.
The new report adds a timetable for this financial instrument and expands its expected role. In addition to calling for issuance, the report also calls for the subsequent launch of digital gilts bonds, active secondary market transactions, and qualifying them as collateral for the central bank. The report pointed out that tokenized securities would have very limited value if they were not tradeable or used for financing, and urged the Bank of England to accept digital gilts as collateral.
The UK also has a blockchain wholesale payment infrastructure that supports such markets. On September 23, 2025, London-based Fnality launched a pound denominated payment system linked to central bank reserves, designed to support real-time repurchase, tokenized securities settlement and cross-border payments.
