Overview
- A government report published July 13 set up a 54‑firm Wholesale Digital Markets Taskforce led by Chris Woolard and set targets for a live end‑to‑end tokenized repo by spring 2027 and a first digital gilt (DIGIT) issuance on HSBC’s Orion in early 2027.
- The taskforce combines major banks, asset managers and crypto firms, with members listed including BlackRock, JPMorgan, Goldman Sachs, HSBC, Coinbase, Ripple and Kraken.
- Work is organised into nine action groups that will tackle primary issuance, tokenized collateral, tokenized funds, digital payment rails, legal certainty, tax, compliance, interoperability and operational resilience.
- On July 14–15 the U.S. and UK Treasuries issued a non‑binding 10‑point roadmap that backs industry‑led cross‑border pilots and says payment stablecoins should be fully backed one‑to‑one by high‑quality liquid assets.
- Officials and industry estimate large economic gains if adoption scales but warn that clear rules on custody, settlement money, legal ownership and capital treatment must be settled before tokenized assets move into broad production.