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XRP Wall Street and the crypto industry join forces to support the UK's tokenization push
The UK Treasury has formed a task force of 54 companies to relocate the UK's wholesale financial market to blockchain infrastructure. This action puts Ripple and traditional financial giants such as BlackRock, JPMorgan Chase, and Goldman Sachs at the core.
The British government officially named this cross-industry group to promote tokenization into the wholesale financial market. Chris Woolard, head of wholesale digital markets at the UK Treasury, submitted his first report to the Chancellor of the Exchequer on July 13.
The 54 members of the working group include JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup, Deutsche Bank, UBS, as well as asset management companies Fidelity International, Schroeder, State Street Bank, market infrastructure institutions DTCC, Bank for European Settlements, London Stock Exchange Group, and crypto-native companies Circle, Ripple and Coinbase.
As a member of the working group, Ripple will participate in building the secondary market, promoting the tokenization of collateral, and issuing British Digital Gilt Bonds (DIGIT) in the next 12 months.
The report cited the case of Ripple's acquisition of Hidden Road, a major broker, and the Bank of Santander White Label's use of Ripple's payment channels as evidence of the integration of traditional finance and crypto.
Buyback first, gilt later: Race against offshore standards
The report characterizes this effort as a race-if standards and liquidity are first implemented in offshore markets, the UK will face failure.
The working group will work around actual use cases of tokenization in the next year, with the first task focusing on tokenization repurchase agreements. The goal is to complete an end-to-end real-time repurchase transaction by spring 2027, and plans to issue the first digital gilt bond DIGIT in early 2027. If successful, the UK will become the first G7 country to issue tokenized government debt.
According to reports by Barclays Bank and PricewaterhouseCoopers, economic benefits are expected to bring up to 33 billion pounds per year by 2035. The plan could also generate £ 14 billion in annual tax revenue by 2035. These are cap numbers and depend on actual adoption rates, the regulatory environment and whether the UK can gain a significant share of the global market.
The global valuation of tokenized assets is expected to reach US$88 trillion by 2035, supporting the above forecast, but only if the UK wins this competition.
Thereport proposes a hybrid model that superimposes a network of licensing agencies on top of unlicensed chains, and warns that chain reorganization on public blockchains will bring unresolved final risks of delivery.
In terms of regulation, the British authorities plan to release a cross-departmental wholesale market digitization roadmap before the end of 2026, and then conduct consultations on rule adjustments in 2027. The report also pointed out that the UK currently leads the United States in wholesale digital market rules-the latter's progress at the congressional level remains stalled.
City of London Government: Britain announces expansion of tokenization in wholesale financial markets
Ripple joins core of UK tokenization repurchase, bond and fund programs
UK unveils vision for wholesale digital markets
