BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, HSBC and UBS are joining the U.K. government’s tokenization taskforce.

Backed by the City of London Corporation, the initiative will spend the next year testing live tokenization use cases in UK financial markets, starting with tokenized repo. The goal is clear: bring tokenization deeper into traditional finance and keep London competitive as the race for RWA infrastructure accelerates.

According to a BCG estimate, the tokenized real-world assets market could reach $88 trillion by 2035, while the U.K. says the shift could add billions in annual economic output and tax revenue.

The message coming out of London is clear: tokenization is no longer being treated as a side experiment or a niche innovation. It is steadily moving into the center of financial infrastructure, where the next generation of markets will be built.