BlackRock, Goldman Sachs, JPMorgan and Morgan Stanley Join UK Government’s Tokenization Working Group
The tokenization of real-world assets has reached a historic milestone. BlackRock, Goldman Sachs, JPMorgan and Morgan Stanley — four of the largest financial institutions on the planet — have officially joined the tokenization working group established by the British government. This unprecedented collaboration between the public sector and traditional finance giants marks a decisive turning point for institutional adoption of blockchain technology, with estimated annual economic impacts of $44 billion by 2035, according to a report from the UK Treasury.
The working group, led by His Majesty’s Treasury, aims to accelerate the integration of tokenized assets into the British financial system. For the first time, it brings together the world’s largest asset managers and investment banks around a common roadmap for the tokenization of bonds, funds, real estate, and commodities. The UK Treasury sees this initiative as a major lever to strengthen the competitiveness of the City of London against rivals such as Singapore, Dubai, and the European Union.
A Strong Signal for Institutional Adoption
The joint participation of BlackRock, Goldman Sachs, JPMorgan and Morgan Stanley sends a clear message to financial markets. These four institutions, which collectively manage over $20 trillion in assets, do not engage lightly. Their presence in this working group indicates that tokenization is no longer a marginal technological experiment but a strategic priority for traditional finance.
BlackRock, already a pioneer with its tokenized BUIDL fund on Ethereum, sees tokenization as a way to democratize access to private assets and improve capital market efficiency. Goldman Sachs, which has been exploring bond tokenization for several years, brings its expertise in delivery-versus-payment and collateral management. JPMorgan, with its Onyx network and JPM Coin, is one of the most advanced leaders in institutional blockchain. Morgan Stanley, for its part, seeks to extend its wealth management platform to digital assets.
UK Treasury Report: $44 Billion Per Year
The UK Treasury published a detailed report on tokenization, estimating that this technology could add up to $44 billion per year to the UK’s economic output by 2035. This figure is based on several factors: reduced settlement costs, increased liquidity in secondary markets, the ability to fractionate traditionally illiquid assets, and the creation of new blockchain-based financial products.
The report specifically cites the convergence model proposed by Ripple Labs as an example of how tokenization can transform cross-border payment systems and capital markets. Ripple, which has developed a real-time settlement infrastructure using the XRP Ledger, is presented as a successful use case of blockchain integration into the traditional financial system. This mention is particularly significant because it shows that the British government now views distributed ledger technologies not as a threat but as a competitive opportunity.
The City of London in a Position of Strength
The United Kingdom seeks to consolidate its position as a global leader in fintech and financial technologies. The creation of this tokenization working group is part of a broader strategy to make London the global capital of digital finance. The British government has already established a favorable regulatory framework for stablecoins and cryptocurrency services, and Parliament is currently working on a comprehensive bill to regulate digital assets.
The participation of the four major American banks in this British initiative is also an important geopolitical signal. While the United States struggles to define a clear regulatory framework for cryptocurrencies — despite recent advances with the Clarity Act — the United Kingdom positions itself as a welcoming jurisdiction for financial innovation. Several crypto sector companies have already moved their European headquarters to London in recent years, attracted by a more predictable regulatory environment and privileged access to capital markets.
Tokenization: A $30 Trillion Market
According to projections from several analysis firms, the market for tokenized assets could reach between $16 trillion and $30 trillion by 2030. This figure includes tokenization of corporate and sovereign bonds, investment funds, commercial real estate, commodities, and structured products. Tokenized bonds constitute the most advanced segment, with issuances already carried out by the European Investment Bank, the World Bank, and several private companies.
Tokenization offers several advantages compared to traditional markets:...
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