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BlackRock, Goldman Sachs, JPMorgan, HSBC, Morgan Stanley and UBS are among 54 firms joining a UK Treasury-backed taskforce to develop live tokenization use cases, with tokenized repo as the first concrete target. The group has a one-year mandate, with a Treasury report estimating tokenized markets could add up to £33 billion in annual economic output and £14 billion in tax revenue by 2035.
Why it matters
The roster is the story. BlackRock, Goldman Sachs, JPMorgan and HSBC are not in the room to observe, they are committing engineer-hours to a shared rail. Tokenized repo is a deliberately conservative starting point: same-day collateral mobility for institutions that already run trillions in repo daily. Getting the legal and settlement plumbing right on a known product is the wedge into broader money-market, fund and securities tokenization later.
Market impact
A coordinated UK playbook, written with input from the firms that dominate global repo and custody, is the closest thing TradFi has produced to a shared tokenization standard. Watch for the 12-month output: the legal opinion, the settlement architecture and whether a live tokenized repo product follows in 2027. The £33B / £14B 2035 figures are the Treasury's upside case, not a forecast; the real signal is the institutional alignment behind them.
Source: [source](https://assets.publishing.service.gov.uk/media/6a510e8b2467584757371d58/Digital_Markets_Champion_Report.pdf)
Frequently asked questions
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Which firms joined the UK tokenization taskforce?
BlackRock, Goldman Sachs, JPMorgan, HSBC, Morgan Stanley and UBS are among 54 firms that joined the UK Treasury-backed taskforce, alongside other financial institutions, to develop live tokenization use cases starting with tokenized repo.
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What is the first concrete use case the taskforce is targeting?
Tokenized repo. The taskforce will use the first year to build out a live use case around tokenized repurchase agreements, a product the participating institutions already run at scale in traditional markets.
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How much economic value does the UK Treasury expect from tokenization?
A Treasury report estimates tokenized markets could add up to £33 billion in annual economic output and £14 billion in tax revenue by 2035. The figures are an upside case rather than a forecast.
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Why does tokenized repo matter for institutional finance?
Repo is a multi-trillion-dollar daily market where institutions borrow against collateral. Tokenizing it aims to cut settlement times and enable same-day collateral mobility, a structural efficiency gain on a product banks already know well.
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What should investors watch from the taskforce over the next 12 months?
Watch for the taskforce's legal opinion on tokenized repo, the proposed settlement architecture, and whether any participating firm launches a live tokenized repo product in 2027 once the one-year mandate concludes.
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