A UK Treasury-backed task force is advancing plans to bring tokenized repo, gilts and funds to live markets within the next year. The effort includes major firms and highlights Ripple as a model for convergence between traditional finance and crypto networks.
The initiative, led by HM Treasury's Wholesale Digital Markets Champion Chris Woolard, involves 54 firms including BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley and UBS. It focuses initially on tokenized repo and aims to deliver productivity gains that could boost annual economic output by 33 billion pounds and tax revenue by 14 billion pounds within a decade.
Woolard's report proposes a hybrid model layering permissioned networks over permissionless chains. It cites Ripple's $1.25 billion acquisition of Hidden Road and Santander UK's use of Ripple rails as examples of established convergence.
A digital gilt is targeted for early 2027. Applications under the new Financial Services and Markets Act regime open on Sept. 30 ahead of an October 2027 launch. The tokenized real-world assets market could reach $88 trillion by 2035, according to Boston Consulting Group estimates.
