Tokenized assets continue to reinvent how money moves, settles, and interacts with financial markets. In a new OMFIF article, BWC Member Udaibir Das examines what this shift means for the future of digital money. He distinguishes between tokenized deposits, stablecoins, and central bank money, highlighting the different risks and claims each represents. Tokenization could make wholesale and cross-border payments faster and more efficient, but it also creates new challenges for liquidity, operations, and legal certainty. Das argues that the real test is whether digital money can preserve the same level of financial stability and trust.

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All views expressed by members are their own and do not necessarily reflect the views of the Bretton Woods Committee.