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BlackRock and JPMorgan Join UK Task Force on Tokenization of 54 Companies; Annual Output Could Increase by Up to $44 Billion by 2035
Svmuu News: The UK government-backed Digital Markets Task Force has brought together 54 financial firms to develop real-time tokenization use cases, with the first focus being on end-to-end tokenized repurchase agreements.Members include BlackRock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, UBS, Barclays, Citi, State Street, Coinbase, Circle, Ripple, and Wintermute.A report supported by the UK Treasury estimates that by 2035, the tokenization market could add up to 33 billion pounds in annual output to the UK;the market for tokenized real-world assets could reach $88 trillion by 2035, with the UK potentially benefiting from up to $44 billion in additional annual economic output and $18.7 billion in annual tax revenue.The roadmap also outlines use cases for the tokenization of fixed-income securities and non-cleared over-the-counter derivatives, and recommends completing the first pilot issuance based on the UK’s Digital Gilt Instrument (DIGIT) by the first quarter of 2027. (Bitcoin.com News).
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