UK taskforce targets tokenised repo as immediate priority
14 July 2026 UK
Image: Melinda_Nagy/stock.adobe.com
Chris Woolard, in his role as the UK’s Wholesale Digital Markets Champion, has published his inaugural report to the Chancellor of the Exchequer.
The paper sets out how the UK could potentially accelerate the adoption of tokenisation and other related technologies across wholesale financial markets, with the potential for significant economic growth for UK institutions.
Over the next 12 months, members of the cross-industry taskforce — which consists of 54 firms — will be working with Woolard and supported by the City of London Corporation to drive delivery of live end-to-end use cases, with an initial focus on tokenised repo.
According to the report, tokenisation of wholesale markets will boost the UK’s competitiveness, generate additional liquidity and revenues, secure cost and capital efficiencies, enable innovation, and strengthen the resilience of the financial system.
It also highlights the fact that, despite “strong progress” through a number of pilots and small-scale commercial trials, growing international competition necessitates an accelerated pace to secure the UK’s leading role in shaping the next generation of global market infrastructure.
The estimated US$88 trillion valuation of tokenised real-world assets (RWAs) could result in up to £33 billion added to the UK’s annual economic output and a further £14 billion in annual tax revenues by 2035.
Speaking on the report, Woolard says: “There is so much potential, technologically and economically, if the right actions are taken and decisions are made now to embrace and support tokenisation.”
Chris Hayward, policy chairman of the City of London Corporation, comments: “By accelerating the adoption of tokenisation across our wholesale markets, we can build the market infrastructure of the future, set global standards, and reinforce the UK’s position as the world's leading international financial centre.”
Rachel Reeves, Chancellor of the Exchequer, adds that tokenisation will “make our markets even more competitive, attract investment to the economy, and drive growth across the UK”.
The paper also sets out a framework for industry-led practical action, in coordination with government and regulators, to transition from experimentation to scalable live markets, setting out clear priorities and actions identified through extensive industry engagement.
Primary issuance — including the Digital Gilt (DIGIT) programme — tokenised issuance, tokenised funds, payment rails for digital markets, legal and regulatory certainty, interoperability standards, financial crime compliance, tax neutrality, and resilience have all been highlighted as key facets in establishing the UK as a leader in tokenised finance.
The paper sets out how the UK could potentially accelerate the adoption of tokenisation and other related technologies across wholesale financial markets, with the potential for significant economic growth for UK institutions.
Over the next 12 months, members of the cross-industry taskforce — which consists of 54 firms — will be working with Woolard and supported by the City of London Corporation to drive delivery of live end-to-end use cases, with an initial focus on tokenised repo.
According to the report, tokenisation of wholesale markets will boost the UK’s competitiveness, generate additional liquidity and revenues, secure cost and capital efficiencies, enable innovation, and strengthen the resilience of the financial system.
It also highlights the fact that, despite “strong progress” through a number of pilots and small-scale commercial trials, growing international competition necessitates an accelerated pace to secure the UK’s leading role in shaping the next generation of global market infrastructure.
The estimated US$88 trillion valuation of tokenised real-world assets (RWAs) could result in up to £33 billion added to the UK’s annual economic output and a further £14 billion in annual tax revenues by 2035.
Speaking on the report, Woolard says: “There is so much potential, technologically and economically, if the right actions are taken and decisions are made now to embrace and support tokenisation.”
Chris Hayward, policy chairman of the City of London Corporation, comments: “By accelerating the adoption of tokenisation across our wholesale markets, we can build the market infrastructure of the future, set global standards, and reinforce the UK’s position as the world's leading international financial centre.”
Rachel Reeves, Chancellor of the Exchequer, adds that tokenisation will “make our markets even more competitive, attract investment to the economy, and drive growth across the UK”.
The paper also sets out a framework for industry-led practical action, in coordination with government and regulators, to transition from experimentation to scalable live markets, setting out clear priorities and actions identified through extensive industry engagement.
Primary issuance — including the Digital Gilt (DIGIT) programme — tokenised issuance, tokenised funds, payment rails for digital markets, legal and regulatory certainty, interoperability standards, financial crime compliance, tax neutrality, and resilience have all been highlighted as key facets in establishing the UK as a leader in tokenised finance.
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