## Central Bank Exploration of Tokenized Reserves

_Fintech Notes, November 19, 2025_

## Source details

**Canonical URL:** [Central Bank Exploration of Tokenized Reserves](https://www.imf.org/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876)

## Other formats

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- [Structured JSON version](/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876/index.json)
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## Bibliographic details
- Authors: Tansaya Kunaratskul, Ashley Lannquist, Andre Reslow, Nicolas Zhang
- Published: November 19, 2025
- Series: Fintech Notes
- DOI: https://doi.org/10.5089/9798229025324.063

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### Overview
- 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 and scope
- 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.

### Policy objectives for tokenized reserves
- Primary objectives discussed:
  - Enable access to central bank money via distributed ledger technology for selected banks.
  - Support liquidity management and the monetary base through tokenized instruments.
  - Leverage smart contracts where appropriate to automate certain reserve-related functions.

### Operating models and roles of central banks
- Operating model considerations:
  - Models for making reserves available on distributed ledgers to a subset of financial institutions.
  - Delineation of central bank roles in issuance, custody, validation, and oversight of tokenized reserves.
- Role implications:
  - Central banks must determine operational responsibilities versus those delegated to private-sector participants.

### Implications for monetary policy implementation
- Considerations:
  - Effects on liquidity and the monetary base when reserves are tokenized and accessible on distributed ledgers.
  - Interaction between tokenized reserves and existing instruments used for monetary policy implementation.
  - Need to assess how tokenization affects transmission mechanisms and policy operational frameworks.

### Alternative solutions
- Topics addressed:
  - Non-tokenized alternatives to achieve similar policy objectives.
  - Trade-offs between tokenized implementations and conventional electronic central bank reserves.

### Implementation strategies
- Strategic choices and sequencing:
  - Implementation strategies tailored to jurisdictional differences in resources, legal frameworks, and policy priorities.
  - Phased or pilot approaches to testing technical, operational, and legal facets of tokenized reserves.

### Subjects and keywords
- 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

*Central Bank Exploration of Tokenized Reserves — Fintech Notes 2025/011, authors Tansaya Kunaratskul, Ashley Lannquist, Andre Reslow, Nicolas Zhang; published November 19, 2025.*

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## Content in this bundle

- **FTN011 -- Central Bank Exploration of Tokenized Reserves**
  - [FTN011 -- Central Bank Exploration of Tokenized Reserves (Markdown version)](/-/media/files/publications/ftn063/2025/english/ftnea2025011.pdf.md){rel="alternate" type="text/markdown"}
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_Source: https://www.imf.org/en/publications/fintech-notes/issues/2025/11/18/central-bank-exploration-of-tokenized-reserves-571876_