BlackRock, Goldman Sachs, JPMorgan and Morgan Stanley have joined the UK government's tokenization taskforce, backed by the City of London Corporation. The group will spend the next year developing live tokenization use cases across UK financial markets.
The effort is part of the government's push to scale tokenized wholesale markets. The Wholesale Digital Markets Champion initiative calls for a cross-sectoral taskforce by July 2026 to coordinate tokenization development across the country's financial infrastructure.
The taskforce includes firms across banking, asset management, infrastructure and technology. BlackRock and the three major Wall Street banks represent significant capital allocators and market intermediaries in wholesale finance. Their participation signals engagement from institutions that have moved into digital asset infrastructure in recent years.
The City of London Corporation, which represents the capital's financial district, is leading coordination. The initiative reflects broader regulatory interest in tokenization among major financial centers, with the UK positioning itself as a venue for scaled wholesale digital markets.
Work on defining use cases and technical standards is set to begin following the taskforce's formal establishment in July.
