UK launches tokenization task force with BlackRock, Morgan Stanley

The UK government has launched a financial market tokenization task force with 54 financial institutions, including BlackRock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, and UBS, CoinDesk reported. Led by the UK Treasury and supported by the City of London Corporation, the project will spend the next year developing real-world use cases for tokenization in the UK's financial markets, with an initial focus on tokenized repurchase agreements (Repo). In a related report, Boston Consulting Group (BCG) projected that the tokenized real-world asset (RWA) market is expected to grow to $88 trillion by 2035, far exceeding the current crypto market capitalization of about $3 trillion. BCG added that increased adoption of tokenization could boost the UK's annual economic output by up to £33 billion and its annual tax revenue by £14 billion by 2035.