The Next-Generation Monetary and Financial System
Overview
Appearing in the BIS Annual Economic Report 2025, this chapter considers what a tokenized monetary and financial system could look like, with particular attention to the role of central bank money, commercial bank money and the settlement layer on which tokenized assets would trade.
Why it matters
The BIS is often described as the bank for central banks, and its annual report chapters are widely read as an indication of where central-bank thinking is heading. Anyone following debates on tokenized deposits, stablecoins or unified-ledger proposals will encounter the framing set out here.
Key subjects
- Role of central bank money
- Tokenized deposits and stablecoins
- Unified-ledger concepts
- Settlement finality
Related resources
- Building the Path Towards Digital Asset Securities Interoperability ↗DTCC, Clearstream, Euroclear and Boston Consulting Group, 2026
- BIS Innovation Hub ↗Bank for International Settlements
This brief is TokenShares' own independent summary. TokenShares is not affiliated with Bank for International Settlements; the original publication is the authoritative source.