The UK Establishes Tokenization in Financial Market Working Group, with 54 Institutions Including BlackRock, Goldman Sachs, JPMorgan

BlockBeats News, July 13th, the UK Treasury has officially established the Wholesale Digital Markets Tokenization Working Group. 54 financial institutions including BlackRock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, and UBS have joined and will drive the practical implementation of tokenization in the UK financial market over the next year. The initial phase will focus on Tokenized Repo applications.

The report points out that the Real World Assets (RWA) tokenization market is expected to reach $88 trillion by 2035. The UK hopes to enhance the efficiency of the financial market through tokenization and expects to bring about approximately £33 billion in annual economic output and £14 billion in tax revenue by 2035.

Chris Woolard, head of the UK Treasury's Wholesale Digital Markets, stated that the global financial market tokenization is a "network effect competition," and the UK must advance the related infrastructure construction at the fastest speed to maintain its competitiveness as an international financial center. Industry insiders believe that whether the future tokenization market can achieve cross-chain interoperability, real-time settlement, and the integration of stablecoins, tokenized deposits, and the traditional payment system will be key to the industry's development.