Tokenised central-bank money, deposits, and assets

The credible direction is the one the BIS has been describing: tokenised central-bank money, tokenised commercial-bank deposits and tokenised assets on infrastructure that can interoperate, with the monetary anchor left intact. Messaging, reconciliation and settlement stop being three industries and become conditions of one workflow.

A cross-border payment, a securities trade or a collateral move still touches identity, eligibility, the asset, the cash and the audit. Tokenisation can make those conditional on each other. Verify, then move, then pay, then update the pledge, and write the trail as you go. That is a different product from a faster SWIFT message.