Led by HM Treasury and supported by the City of London, the tokenisation working group will develop real-world tokenisation use cases across UK financial markets over one year, with the initial focus on tokenised repo. Participating institutions include BlackRock, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and UBS. The report states that the UK needs to accelerate the development of tokenised market infrastructure to maintain its competitiveness in global wholesale financial markets.