Money matters
The settlement asset, redeemability, liquidity and institutional framework are as important as token mechanics.
BIS 2026 work emphasises programmable platforms, tokenised commercial bank money and strong institutional safeguards; European central-bank commentary describes tokenised capital markets moving from exploration toward production.
The settlement asset, redeemability, liquidity and institutional framework are as important as token mechanics.
Tokenisation can support DvP and other contingent workflows when asset and money legs are coordinated.
Multiple ledgers and traditional infrastructure will need robust APIs, messaging and governance rather than one universal chain.
Official sources: BIS, 23 June 2026 · European tokenised-market infrastructure speech, 25 March 2026.
Assess whether your use case actually needs tokenisation and what settlement/control architecture it requires.