Ripple Labs joined the UK HM Treasury's Wholesale Digital Markets taskforce, a 54-firm initiative estimating tokenized wholesale finance could add up to £33 billion to UK annual economic output by 2035. The company holds a task force member seat alongside major institutions, participating in shaping tokenization standards for UK wholesale markets without controlling the program's direction. The £33 billion annual economic estimate originates from HM Treasury's own strategy documents, which Ripple cited in its public support statement on X, noting that onchain funds, bonds, and repurchase agreements are already being used and can settle faster and cost less than many traditional systems.
Ripple Joins UK Treasury Taskforce as One of 54 Members
Ripple's participation is that of a task force member, not an advisory lead or designated pilot operator. With more than 50 organizations involved, Ripple holds a seat at the table where tokenization standards for UK wholesale markets will be shaped, but does not control the program's direction. In a post on X, Ripple said that onchain funds, bonds, and repurchase agreements are already being used. The company also said these products can settle faster and cost less than many traditional systems, and pointed to the UK's well-developed capital markets and trusted regulatory system as reasons the country could become a leading market for tokenized wholesale finance. Industry feedback on taskforce priorities and timelines remains open through September 4.
HM Treasury Estimates £33 Billion Economic Impact by 2035
The £33 billion annual economic estimate originates from HM Treasury's own strategy documents, not from Ripple. The firm cited the figure in its public support statement. The taskforce composition signals the program is anchored in institutional finance, with Ripple positioned alongside major institutions. If UK and US tokenization standards converge, and cross-border repo and collateral settlement become primary use cases, existing institutional infrastructure for cross-border payments could become more directly applicable. A pilot is scheduled for spring 2027.
Ripple Disclosed SEC Lawsuit Shutdown Discussions from December 2020
Ripple disclosed details about the pressure it faced following the SEC's December 2020 lawsuit. CEO Brad Garlinghouse confirmed that company leadership discussed shutting Ripple down within days of the filing, including the option to close the business, distribute its XRP holdings to shareholders based on their ownership, and tell the SEC that the company named in the lawsuit no longer existed. CTO David Schwartz later confirmed that outside lawyers told company leaders the business could not be saved, and said the advice at the time was for the executives to strike a deal to protect themselves. Garlinghouse later disclosed that Ripple spent about $150 million on legal fees during the four-year court battle. Schwartz subsequently clarified that some reports misunderstood his comments, stressing that he never meant to suggest Ripple was close to shutting down.
XRP Holds $1.04-$1.11 Support Band
XRP is holding above the $1.04--$1.11 support band. Both the recent rally leg and the subsequent pullback formed three-wave structures, which do not yet constitute a confirmed bullish pattern. A sustained hold above support opens the path toward $1.19 and then $1.25; a break below the zone would reinforce the broader downtrend. XRP is up 3.89% year-to-date in 2026, extending a streak of positive annual returns: 47.6% in 2023, 31.2% in 2024, and 35% in 2025.
FAQ
What did Ripple join in the UK?
Ripple Labs joined the UK HM Treasury's Wholesale Digital Markets taskforce, a 54-firm initiative that estimates tokenized wholesale finance could add up to £33 billion to UK annual economic output by 2035. The company holds a task force member seat alongside major institutions, participating in shaping tokenization standards for UK wholesale markets.
How much did Ripple spend on SEC lawsuit legal fees?
Ripple CEO Brad Garlinghouse disclosed that the company spent about $150 million on legal fees during the four-year court battle following the SEC's December 2020 lawsuit. Company leadership discussed shutting Ripple down within days of the filing, and outside lawyers told company leaders the business could not be saved.
