Hedera Joins BlackRock, Ripple and Chainlink in Shaping UK Tokenised Markets

The UK’s UK wholesale tokenization landscape just moved a step closer to reality. On September 14, the Financial Conduct Authority (FCA) and Bank of England published Feedback Statement FS26/1.

It summarized 123 responses to their May Call for Input on tokenizing wholesale markets.

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What FS26/1 Actually Said, and Why Collateral Is the Real Prize

Respondents delivered one consistent message: temporary regimes discourage investment. Firms pushed the regulators to move from sandboxes and pilots toward full production.

Hedera was among the respondents, alongside BlackRock, Ripple, and Chainlink, and used the window to put three priorities on the record: interoperability, governance, and auditability.

Hedera’s public statement was pointed. “Regulatory clarity isn’t enough,” the network said. “Trust lives at the infra layer.”

The FCA and Bank of England received input from a wide field. Asset managers, banks, market infrastructure firms, and blockchain protocols all submitted views.

The two regulators now plan to publish a joint UK wholesale tokenization roadmap later in 2026, with target dates for each workstream.

The regulators accepted that demand. They confirmed that the Digital Securities Sandbox (DSS) already permits scalable live activity. A “clear pathway” to permanent authorization will follow.

HM Treasury also intends to prepare for further Digital Gilt Instrument (DIGIT) issuances if the first, set to run on HSBC Orion in Q1 2027, succeeds.

Collateral dominated the feedback. Respondents rarely cited 24/7 trading as a standalone benefit. Instead, they focused on faster collateral mobility.

The regulators cited a US report finding that market participants hold an average of 7% excess collateral as a buffer. Tokenization could shrink that buffer considerably.

Ripple has separately backed the UK’s £33 billion tokenization plan through HM Treasury’s Wholesale Digital Markets Taskforce, signaling how seriously the industry is treating this roadmap.

The Bank of England is also developing a synchronization service so tokenized assets can settle in central bank money. It targets 2028.

Meanwhile, the Bank of England’s formal mandate on stablecoins and digital money has already set the expectation that sterling settlement assets will anchor the next phase of wholesale infrastructure.

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Where Hedera Sits in the UK Production Stack

Hedera is not a new name in UK regulated finance. FCA-regulated exchange Archax has issued tokenized money market funds on Hedera’s Token Service, covering products from Aberdeen, State Street, Fidelity, and LGIM.

In July 2025, Archax, Lloyds Banking Group, and Aberdeen completed what they described as a UK-first FX collateral transaction, using tokenized MMF units and tokenized gilts on Hedera.

That live collateral track record is what gives Hedera’s FS26/1 submission weight. The tokenized BlackRock MMF shares issued by Archax on Hedera placed the network inside a regulated UK custody and settlement workflow before the consultation even opened.

Hedera is competing in a crowded field. Canton and private bank chains dominate many wholesale bank pilots.

LSEG’s partnership with Kraken’s parent to tokenize UK stocks shows how quickly the equity-tokenization race is moving.

The FCA’s crypto authorization gateway opens on 30 September 2026, with the full cryptoasset regime following in October 2027.

On the same day FS26/1 was published, the FCA also opened a separate Call for Input on tokenized gold. Responses close 23 October 2026.

The UK FCA’s tokenized gold and commodities framework moves in parallel with the wholesale roadmap, and Hedera’s auditability argument applies equally to gold collateral.

The joint roadmap expected later in 2026 is the next event to watch. It will carry target dates for each workstream. Miss that roadmap window and this is a one-day policy story.

Hit it, with Hedera-relevant workstreams on collateral, interoperability, and audit, and it becomes a months-long infrastructure thesis.

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