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The BIS has released a special chapter of its Annual Economic Report 2025.
The chapter looks at how tokenised platforms with central bank reserves, commercial bank money and government bonds can underpin the next-generation monetary and financial system.
Key takeaways
- Tokenisation represents a transformative innovation to both improve the old and enable the new. It paves the way for new arrangements in cross-border payments, securities markets and beyond.
- Tokenised platforms with central bank reserves, commercial bank money and government bonds at the centre can lay the groundwork for the next-generation monetary and financial system.
- Stablecoins offer some promise on tokenisation but fall short of requirements to be the mainstay of the monetary system when set against the three key tests of singleness, elasticity and integrity.
Read more
The full Annual Economic Report 2025, to be released on 29 June, will look at trade tensions, global economic challenges, the rise of non-banks and the future monetary system.
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