UK Promotes Tokenized Financial Markets, Could Boost Annual Economic Output by $44 Billion by 2035

Odaily News A UK government-backed industry working group report states 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 used as collateral to borrow cash, and calls for the UK to issue its first tokenized government bond by Q1 2027. Ripple supports the initiative, stating that on-chain funds, bonds, and repos have already proven to be cheaper, better, and faster than their traditional counterparts. (Cointelegraph).