HM Treasury’s 54-firm taskforce brings BlackRock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley and UBS into a one-year push for live tokenization use cases, starting with tokenized repo. Chris Woolard’s report estimates tokenized markets could add up to £33 billion in annual output and £14 billion in annual tax revenue by 2035. Starting with repo puts collateral mobility at the center, and Banking Circle says the bottleneck is real-time settlement across stablecoins, tokenized deposits and fiat rails.

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