A group of 54 firms, supported by the City of London Corporation, will dedicate the next year to developing practical tokenization applications within the UK's financial markets.
By Ian Allison|Edited by Jamie Crawley Jul 13, 2026, 11:40 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Chris Woolard, HM Treasury's Wholesale Digital Markets ChampionSummaryShow- The taskforce comprises 54 firms and is supported by the City of London Corporation, focusing on practical tokenization applications in UK financial markets over the next year.
- This initiative is spearheaded by Chris Woolard, who leads HM Treasury's Wholesale Digital Markets efforts and is a former FCA chair.
- According to Boston Consulting Group (BCG), the market for tokenized real-world assets (RWA) could soar to $88 trillion by 2035, vastly surpassing the current $3 trillion crypto and stablecoin market.
The United Kingdom is intensifying its efforts to integrate tokenization into wholesale finance through an initiative by HM Treasury. This program features over 50 financial institutions, including BlackRock, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, and UBS.
This collective, under the guidance of the City of London Corporation, will devote the upcoming year to exploring real-world tokenization applications within UK financial markets, beginning with tokenized repurchase agreements, as detailed in the initial report from Chris Woolard, HM Treasury's Wholesale Digital Markets Champion.
The potential for tokenizing financial markets is significant. BCG estimates that the tokenized RWA market could reach $88 trillion by 2035, dwarfing the existing crypto and stablecoin markets valued at $3 trillion.
Other regions, including the U.S. and the European Union (EU), are also examining strategies to incorporate tokenization into their traditional financial systems.
Key benefits include productivity enhancements and cost savings, which could greatly benefit major financial hubs like London. Woolard’s report anticipates a potential increase of £33 billion ($44.2 million) in annual economic output and £14 billion in annual tax revenue by 2035.
The report, directed to the U.K. Chancellor (the successor to Rachel Reeves), stresses that tokenized markets operate as a “network game,” and the U.K. must act swiftly to secure its position in this evolving landscape.
“In network games, speed is crucial, and the U.K. must match the pace of the most agile competitors to maintain its stake in shaping international market approaches,” Woolard remarked.
Kirit Bhatia, Chief Digital Assets Officer at Banking Circle, highlighted that a significant hurdle will be ensuring tokenized assets can be funded, settled, and utilized as collateral across various networks.
“To support tokenized markets, we will require payment systems capable of real-time settlements, cross-border transactions, various forms of regulated currency, and interoperability among stablecoins, tokenized deposits, and traditional fiat systems. Without these improvements, digital assets may become faster at the edges but remain limited by outdated infrastructure,” Bhatia explained.
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Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
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CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
By CoinDesk Research1 hour agoCEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
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