BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley Join UK Government's Tokenization Taskforce

BlackRock, Goldman Sachs, JPMorgan and Morgan Stanley have joined a UK government tokenization taskforce of 54 firms backed by the City of London Corporation. According to CoinDesk, the HM Treasury initiative, led by Wholesale Digital Markets Champion Chris Woolard, will spend the next year developing live tokenisation use cases across UK financial markets, initially focused on tokenised repo. Woolard’s report cited estimates that tokenised real-world assets could reach $88 trillion by 2035 and projected up to 33 billion pounds in annual economic output and 14 billion pounds in annual tax revenue by 2035.