Track 03Module 2 of 511 sources
The plumbing: settlement, collateral, deposits and stablecoins
Explain atomic settlement, the unified ledger idea, and the difference between a stablecoin and a tokenised deposit.
Key ideas
- Today a trade and its payment settle in separate systems. On a shared ledger both legs can settle together or not at all, which removes settlement risk.
- The BIS proposes a unified ledger that holds central bank money, bank deposits and assets together. Money on that ledger keeps the two-tier banking system.
- A stablecoin is a claim on an issuer's reserves and can trade below par. A tokenised deposit is a bank deposit in a new form and settles at par in central bank money.
- The first real use is collateral. Moving Treasuries and money market funds as margin at any hour is where institutions see value now.
Start hereWatch or read these first. They carry the core idea.
Tokenisation, stablecoins and the future of money – upgrading the two‑tier system
Video · Bank for International Settlements · 3:42
The BIS position in four minutes.
Report
The next-generation monetary and financial system (Annual Economic Report 2025, ch. III)
BIS · 2025
The most important single document in this track. It sets out why stablecoins fall short as money and what tokenised central bank money could do.
Stablecoins vs. Deposit Tokens: How Do They Compare for Institutions | J.P. Morgan
Video · jpmorgan · 1:01
A bank's one-minute comparison of stablecoins and deposit tokens.
CoreThe standard references. Work through them once the idea is clear.
Report
Blueprint for the future monetary system (Annual Economic Report 2023, ch. III)
BIS · 2023
The original unified ledger blueprint.
Stablecoins vs. Tokenized Deposits
Video · Tokenized · 52:48
A full discussion of stablecoins against tokenised deposits.
The DTCC Collateral AppChain: From Experiment to Production Infrastructure
Video · The DTCC · 10:57
How tokenised collateral moves from pilot to production.
Report
Stablecoin growth: policy challenges and approaches (BIS Bulletin 108)
BIS · 2025
How fast stablecoins are growing and what that means for policy.
Site
Project Agora: tokenised cross-border payments
BIS Innovation Hub
Seven central banks testing tokenised cross-border payments.
Site
Project Guardian
Monetary Authority of Singapore
Singapore's programme for tokenised funds, bonds and foreign exchange.
Go deeperResearch, primary sources and data for when you want the detail.
Collateral Infrastructure for Tokenized Capital Markets Virtual Event
Video · The DTCC · 1:00:39
An hour on collateral infrastructure for tokenised markets.
Site
Practice
Draw the path of a share purchase today from order to settlement. Draw it again on a shared ledger. List every intermediary that disappears and every one that stays.
See it live
Where this leads
03.3 · TokenisationReal-world assets on chain: Treasuries, funds and equitiesKnow what has actually been tokenised at scale, how large it is and how to check the numbers yourself.05.1 · Macro and LiquidityMoney, the Fed and liquidity plumbingExplain how central banks set the price and quantity of money, and how to track liquidity week to week.