Tokenisation needs connected markets to reach scale

A speech hosted by the BIS notes progress in tokenised bonds, private credit, equities, precious metals, and money market funds. It also observes that activity remains small relative to conventional markets. The speaker emphasizes common standards and coordination across custodians, cash providers, counterparties, and market infrastructure. These are the speaker’s views rather than a statement of BIS policy.

Perspective

Creating a token is only one step. Access to liquidity, reliable custody, governance, and connected settlement arrangements determines practical usefulness.