A UK taskforce projects tokenization could add up to $44 billion annually to economic output by 2035, backed by 54 firms including BlackRock and HSBC.
BlackRock and HSBC have joined a UK initiative to expand tokenization, aiming to unlock up to $44 billion in annual economic gains by 2035. The taskforce, led by former Financial Conduct Authority interim head Christopher Woolard, targets digital tokens for assets like bonds and property to cut costs and accelerate settlement.
A Barclays and PwC study underpins the projection, with two-thirds of the $44 billion benefit expected outside financial services. A conservative scenario estimates $29 billion in annual output gains, plus $19 billion in tax revenue. Tokenized real-world assets grew nearly 300% in 2025, reaching $30 billion, though still a fraction of global markets.
The plan outlines a shift from pilot programs to live markets, with a July 2026 report to the Treasury detailing next steps. Supporters argue tokenization frees capital trapped in legacy systems, positioning the UK as a potential hub if adoption scales alongside the US and Europe.