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BlackRock, JPMorgan, Goldman Sachs and Coinbase are among more than 50 financial and crypto firms joining a UK-based coalition to develop tokenization use cases, including on-chain settlement and fund structures.
Why it matters
The lineup pulls in the largest asset manager, two of the top US investment banks, and one of the dominant US crypto exchanges in a single working group focused on tokenizing real-world assets. UK regulators have positioned themselves as a pro-tokenization hub since the Law Commission clarified the legal status of crypto-assets in 2023.
Market impact
Tokenization of money-market funds and Treasuries has been the early institutional wedge, with BlackRock's BUIDL fund already settling tokenized Treasuries on-chain through partners. A coordinated UK working group compresses the feedback loop between issuers, custodians, banks and venues, and gives TradFi a shared venue to test rails before regulators mandate settlement standards.
Frequently asked questions
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Which firms are in the UK tokenization coalition?
BlackRock, JPMorgan, Goldman Sachs and Coinbase are among more than 50 financial and crypto firms joining the working group to develop tokenization use cases in the UK.
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What is the coalition focused on building?
Use cases including on-chain settlement and tokenized fund structures for real-world assets, with TradFi and crypto-native firms collaborating in a shared sandbox.
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Why is the UK the location for this push?
The UK has positioned itself as a pro-tokenization hub since the Law Commission clarified the legal status of crypto-assets in 2023.
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What is BlackRock's existing tokenization foothold?
BlackRock's BUIDL fund already settles tokenized US Treasuries on-chain through partners, making it one of the most advanced TradFi tokenization products live today.
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Why does a 50-firm sandbox matter for institutional adoption?
It compresses the feedback loop between issuers, custodians, banks and crypto venues, letting TradFi firms test shared rails before regulators mandate settlement standards.
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