The UK Treasury has brought Ripple into its Wholesale Digital Markets Taskforce as part of a broader push to integrate distributed ledger technology into wholesale finance, starting with the repo market. The government has attached a potential value of £33 billion to the initiative and projects it could generate an additional £14 billion in annual tax revenue by 2035, while a live pilot for a tokenised repo system is targeted for spring 2027. The taskforce is working with the government-appointed Wholesale Digital Markets Champion to develop standards for institutional finance tokenisation, a process that could reduce manual reconciliation, speed collateral movements and update ownership records in real time. Ripple's participation builds on its earlier work with Aviva Investors, which began initial steps to tokenize traditional funds on the XRP Ledger. Figures cited by Dr. Kamilah Stevenson said tokenized real-world assets on the XRP Ledger rose from about $150 million to around $4 billion over one year across more than 500 products, though those estimates were not independently verified. The development underscores how tokenisation is moving beyond isolated private-sector pilots toward government-backed market infrastructure experiments, even as legal, operational and industry-adoption hurdles remain.