[UK Treasury’s Wholesale Digital Markets Taskforce: Ripple Supports a £33 Billion Tokenisation Strategy]
Dr. Kamilah Stevenson says Ripple has been integrated into a UK government initiative to modernise wholesale financial markets through blockchain infrastructure, positioning the effort as a more significant strategic partnership.
Dr. Stevenson’s focus is the UK Treasury’s Wholesale Digital Markets Taskforce and its potential role in establishing the operating rules for tokenised institutional finance.
According to Dr. Stevenson, Ripple is backing the taskforce’s tokenisation strategy and collaborating with the government-appointed Wholesale Digital Markets Champion. She argues that Treasury involvement is critical because governments can set the standards that banks, funds, and market infrastructure providers must eventually comply with.
A £33 billion tokenisation plan with repo markets in focus
The YouTube clip cites a Treasury plan estimating the initiative’s potential value at roughly £33 billion and projecting about £14 billion in additional annual tax revenue by 2035. According to Stephenson, these figures suggest the government views tokenised markets as an economic policy initiative rather than an early-stage technology experiment.
The proposed early application is the repurchase-agreement (repo) market, with testing and a live trial targeted for spring 2027, according to the video. Repos are short-term transactions in which institutions exchange securities, often government bonds, for cash and later reverse the trade.
The repo market is central to day-to-day bank funding and liquidity. Moving repo workflows onto blockchain rails could, in theory, reduce reconciliation work, accelerate collateral transfers, and provide more immediate records of ownership. However, it would also require legal certainty, resilient infrastructure, and broad institutional participation.
Wealth doctor sees a wider XRP Ledger institutional pattern
Dr. Stevenson also points to an earlier partnership between Aviva Investors and Ripple, which involved traditional fund structures on the XRP Ledger. Aviva Investors, which manages about £253 billion, describes the initiative as its first move into tokenisation.
The presenter further claims that tokenised real-world assets on the XRP Ledger grew from roughly $150 million to about $4 billion over one year, encompassing more than 500 products. The video does not disclose the methodology behind these figures, so investors should consider them as claims cited by the presenter rather than independently verified market totals.
Her core distinction is between adoption by a private company and endorsement by a policymaker. “Companies choose vendors, governments choose standards,” she says, arguing that the more important question is no longer whether institutions will use blockchain, but which networks and settlement systems become embedded in regulated market rails.
A Treasury-backed pilot would not guarantee demand for XRP or exclusive use of the XRP Ledger, but it could serve as a meaningful signal of how tokenisation is evolving from experimentation toward regulated wholesale-market infrastructure.