A total of 54 institutions, including BlackRock, Goldman Sachs, JPMorgan, and Morgan Stanley, have joined the UK government’s tokenization taskforce.

Foresight News reported, citing CoinDesk, that the UK's Treasury has officially launched the Wholesale Digital Markets Working Group, whose members include more than 50 financial institutions such as BlackRock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, and UBS, and is supported by the City of London Corporation. Over the next year, the working group will advance the implementation of tokenization applications in the UK's financial markets, initially focusing on the tokenization of repo agreements. Chris Woolard, Wholesale Digital Markets Commissioner at the UK Treasury, predicts in the report that the tokenized market could bring up to £33 billion (approximately $44.2 billion) in additional economic output and £14 billion in additional tax revenue per year to the UK by 2035. Boston Consulting Group (BCG) estimates that the global tokenized RWA market size could reach $88 trillion by 2035.