UK taskforce of 54 firms to advance tokenized repo markets
Regulation & Gov ·
BlackRock, Goldman Sachs, and JPMorgan join a UK government-convened group tasked with building out tokenized asset infrastructure, including repo markets.
The UK government has assembled a taskforce of 54 financial institutions, including BlackRock, Goldman Sachs, and JPMorgan, to develop use cases for tokenized assets, with a specific focus on tokenized repo markets, according to wublockchain.xyz. The initiative brings together some of the largest names in global finance to work on shared infrastructure for moving traditional market functions onto blockchain-based rails.
The UK Treasury has projected that tokenization efforts of this kind could generate £33 billion in annual economic output by 2035, a figure tied to the broader push to modernize capital markets through digital settlement and collateral systems. Repo markets, which underpin short-term funding across the financial system, are seen as a practical starting point because they involve high transaction volumes and rely heavily on collateral movement, both of which tokenization is intended to streamline.
The taskforce's composition mirrors a wider pattern of collaboration already underway elsewhere in the industry. Separately, Ondo has joined a DTCC working group aimed at bringing $114 trillion of U.S. capital markets onchain, working alongside BlackRock, JPMorgan, and Goldman Sachs on similar tokenization infrastructure. Goldman Sachs itself has been expanding its own tokenization footprint, having tokenized real estate fund shares on its GS DAP platform in partnership with Apex and Archax, part of a broader institutional shift toward treating blockchain rails as an extension of existing capital markets rather than a separate system.
For an institution with more than 150 years in capital markets, this kind of participation reflects a continuation of Goldman Sachs' role in shaping how large-scale financial infrastructure is built and regulated, now extending that influence into digital asset settlement and tokenized collateral. The involvement of JPMorgan and BlackRock alongside Goldman Sachs in both the UK taskforce and the DTCC working group suggests overlapping efforts among major banks and asset managers to standardize how tokenized repo and other market functions will operate.
What remains unclear is the taskforce's specific timeline, governance structure, and how its work will translate into deployed tokenized repo products, as well as how the UK effort will coordinate, if at all, with parallel initiatives such as the DTCC working group. It is also not yet specified which of the 54 institutions will lead particular workstreams or how the £33 billion economic projection was calculated.