Ripple Says "Cheque, Please" to UK Treasury's £33B Tokenization Plan 🇬🇧

Ripple has joined the UK HM Treasury's Wholesale Digital Markets taskforce to back a government strategy targeting £33 billion in tokenized market value by 2035, the blockchain payments firm announced this week.

The company will work alongside Chris Woolard, the Wholesale Digital Markets Champion at HM Treasury, to scale on-chain adoption of funds, bonds, and repurchase agreements across Britain's financial system. Ripple said these instruments are already outperforming legacy infrastructure in cost, speed, and efficiency. "They're already happening, delivering onchain financial instruments that are cheaper, better and faster than their legacy equivalents," Ripple stated in its announcement.

As part of the initiative, Ripple plans to help build secondary markets, tokenize collateral, and support the issuance of DIGIT, the UK Digital Gilt instrument introduced under the broader strategy. The firm will leverage its XRP Ledger (XRPL), where it currently provides enterprise tokenization services. A spokesperson for Ripple confirmed the company's participation and outlined the technical scope of its contribution to the taskforce.

The Wholesale Digital Markets taskforce forms the operational arm of a June 2025 update from HM Treasury, which set out the government's intent to expand tokenization across wholesale finance and position the UK as a leading hub for digital asset infrastructure. The £33 billion by 2035 target covers tokenized money market funds, bonds, and related instruments.

Ripple joins a roster of established crypto and fintech firms working with the taskforce as HM Treasury moves from policy design to implementation. The Treasury has not yet named additional industry participants beyond those already disclosed in earlier policy consultations. The company also continues to operate its broader payments and custody businesses across the XRP Ledger ecosystem.