UK pushes for tokenized financial markets, potentially adding $44 billion in annual economic output by 2035

A UK government-backed industry working group has stated that if the UK becomes a leader in tokenized financial markets, it could add up to £33 billion (approximately $44 billion) to annual economic output by 2035. The report proposes a 12-month plan to test the use of blockchain in financial transactions where securities are borrowed against cash, and calls for the UK to issue its first tokenized government bond before the first quarter of 2027. Ripple supports the initiative, stating that on-chain funds, bonds, and repurchase agreements have already proven to be cheaper, better, and faster than traditional counterparts. (Cointelegraph).