{ "title": "Central Bank Exploration of Tokenized Reserves", "publication": "Fintech Notes, November 19, 2025", "sourceUrl": "https://www.imf.org/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876", "canonical": "https://www.imf.org/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876", "overlayPath": "/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876/index.md", "summary": "How should central banks explore tokenized reserves? Central banks are increasingly exploring how to make their reserves available to selected banks using distributed ledger technology, referred to as tokenized reserves.", "sections": [ { "heading": "Overview", "content": "- Title: Central Bank Exploration of Tokenized Reserves\n- Authors: Tansaya Kunaratskul, Ashley Lannquist, Andre Reslow, Nicolas Zhang\n- Publication date: November 19, 2025\n- Series: Fintech Notes No 2025/011\n- Issue: 011\n- Volume: 2025\n- Pages: 40\n- DOI: https://doi.org/10.5089/9798229025324.063\n- Stock No: FTNEA2025011\n- ISBN: 9798229025324\n- ISSN: 2664-5912" }, { "heading": "Core question and scope", "content": "- Core question: How should central banks explore tokenized reserves?\n- Scope: Exploration of making central bank reserves available to selected banks using distributed ledger technology (tokenized reserves).\n- Coverage: Policy objectives for tokenized reserves; operating models and roles of central banks; implications for monetary policy implementation; alternative solutions; implementation strategies.\n- High-level conclusion: Strategic decisions and policy options will vary across jurisdictions, reflecting differences in available resources, legal systems, and policy priorities." }, { "heading": "Policy objectives for tokenized reserves", "content": "- Primary objectives discussed:\n - Enable access to central bank money via distributed ledger technology for selected banks.\n - Support liquidity management and the monetary base through tokenized instruments.\n - Leverage smart contracts where appropriate to automate certain reserve-related functions." }, { "heading": "Operating models and roles of central banks", "content": "- Operating model considerations:\n - Models for making reserves available on distributed ledgers to a subset of financial institutions.\n - Delineation of central bank roles in issuance, custody, validation, and oversight of tokenized reserves.\n- Role implications:\n - Central banks must determine operational responsibilities versus those delegated to private-sector participants." }, { "heading": "Implications for monetary policy implementation", "content": "- Considerations:\n - Effects on liquidity and the monetary base when reserves are tokenized and accessible on distributed ledgers.\n - Interaction between tokenized reserves and existing instruments used for monetary policy implementation.\n - Need to assess how tokenization affects transmission mechanisms and policy operational frameworks." }, { "heading": "Alternative solutions", "content": "- Topics addressed:\n - Non-tokenized alternatives to achieve similar policy objectives.\n - Trade-offs between tokenized implementations and conventional electronic central bank reserves." }, { "heading": "Implementation strategies", "content": "- Strategic choices and sequencing:\n - Implementation strategies tailored to jurisdictional differences in resources, legal frameworks, and policy priorities.\n - Phased or pilot approaches to testing technical, operational, and legal facets of tokenized reserves." }, { "heading": "Subjects and keywords", "content": "- Subject: Asset and liability management; Blockchain and DLT; Central banks; International reserves; Liquidity; Monetary base; Money; Smart contracts; Technology\n- Keywords: Blockchain and DLT; Central Bank Digital Currency; central bank exploration; Central Bank Money; digital currency; exploration of Tokenized reserve; Global; International reserves; Liquidity; Monetary base; Reserves; Smart contracts; staff members; Tokenization; Tokenized assets; Tokenized money\n\nCentral Bank Exploration of Tokenized Reserves — Fintech Notes 2025/011, authors Tansaya Kunaratskul, Ashley Lannquist, Andre Reslow, Nicolas Zhang; published November 19, 2025.\n\n---\n\n Content in this bundle\n\n- FTN011 -- Central Bank Exploration of Tokenized Reserves\n - FTN011 -- Central Bank Exploration of Tokenized Reserves (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - FTN011 -- Central Bank Exploration of Tokenized Reserves (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876" } ], "bullets": [ "[Markdown version](/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876/index.md)", "[Structured JSON version](/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876/index.json)", "[Bundle manifest](/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876/bundle-manifest.json)", "Authors: Tansaya Kunaratskul, Ashley Lannquist, Andre Reslow, Nicolas Zhang", "Published: November 19, 2025", "Series: Fintech Notes", "DOI: https://doi.org/10.5089/9798229025324.063", "Title: Central Bank Exploration of Tokenized Reserves", "Authors: Tansaya Kunaratskul, Ashley Lannquist, Andre Reslow, Nicolas Zhang", "Publication date: November 19, 2025", "Series: Fintech Notes No 2025/011", "Issue: 011", "Volume: 2025", "Pages: 40", "DOI: https://doi.org/10.5089/9798229025324.063", "Stock No: FTNEA2025011", "ISBN: 9798229025324", "ISSN: 2664-5912", "Core question: How should central banks explore tokenized reserves?", "Scope: Exploration of making central bank reserves available to selected banks using distributed ledger technology (tokenized reserves).", "Coverage: Policy objectives for tokenized reserves; operating models and roles of central banks; implications for monetary policy implementation; alternative solutions; implementation strategies.", "High-level conclusion: Strategic decisions and policy options will vary across jurisdictions, reflecting differences in available resources, legal systems, and policy priorities.", "Primary objectives discussed:", "Operating model considerations:", "Role implications:", "Considerations:", "Topics addressed:", "Strategic choices and sequencing:", "Subject: Asset and liability management; Blockchain and DLT; Central banks; International reserves; Liquidity; Monetary base; Money; Smart contracts; Technology", "Keywords: Blockchain and DLT; Central Bank Digital Currency; central bank exploration; Central Bank Money; digital currency; exploration of Tokenized reserve; Global; International reserves; Liquidity; Monetary base; Reserves; Smart contracts; staff members; Tokenization; Tokenized assets; Tokenized money", "**FTN011 -- Central Bank Exploration of Tokenized Reserves**" ], "related": [ { "title": "FTN011 -- Central Bank Exploration of Tokenized Reserves", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/ftn063/2025/english/ftnea2025011.pdf", "summary": { "path": "/-/media/files/publications/ftn063/2025/english/ftnea2025011.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/ftn063/2025/english/ftnea2025011.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876/index.md", "json": "/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876/index.json", "bundleManifest": "/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876/bundle-manifest.json" }, "generatedAtUtc": "2026-09-21T15:04:43.727Z" }