Yasuda on Tokenization

As the global financial system continues to evolve, central banks are increasingly exploring central bank digital currencies (CBDCs)—but their enthusiasm varies dramatically. On the one hand, countries like China, South Korea, India, Australia, and Mexico are emerging as leaders in CBDC innovation, actively running pilots and integrating tokenization into domestic and cross-border payment systems. In South Korea, the Bank of Korea launched a pilot in April 2025 involving 100,000 participants using tokenized deposits for everyday transactions, testing programmable payment features. Similarly, China continues to expand its digital yuan initiative and strengthen blockchain infrastructure like the Cross-Border Interbank Payment System (CIPS). India and Mexico, meanwhile, are participating in international tokenization projects such as Project Agorá, focused on enhancing cross-border settlement via programmable digital assets.

In contrast, several advanced economies are taking a more cautious, measured approach. The United Kingdom has signaled that its “Britcoin” CBDC is unlikely to launch before 2030 due to concerns about privacy, technological complexity, and user trust. Likewise, the United States has made it clear that it will not issue a digital dollar without clear legal backing and broad political consensus. The Federal Reserve is still focused on research and stakeholder feedback, emphasizing potential risks to financial stability and the importance of safeguarding consumer data. Other countries like Switzerland, Canada, and Germany (via the Bundesbank within the ECB) have voiced similar hesitations—acknowledging the potential of CBDCs while warning of unintended consequences for commercial banks, monetary policy, and public adoption.

This divergence highlights a split global landscape: some central banks are pushing hard to modernize payment systems and embrace tokenization as a backbone for future finance, while others are deliberately slow-walking CBDC development. As technological infrastructure, public sentiment, and regulatory clarity continue to mature, it remains to be seen which path—rapid deployment or cautious iteration—will ultimately prove most sustainable.

Governments and financial institutions around the world are increasingly turning to digital bond issuance as part of their broader efforts to modernize capital markets through blockchain and tokenization technologies. In Italy, state-backed Cassa Depositi e Prestiti (CDP), along with Intesa Sanpaolo, issued a €25 million digital bond using the Ethereum-based Polygon blockchain under Italy's new fintech regulations. Similarly, Thailand plans to issue 5 billion baht (~$148 million) in tokenized government bonds during its 2025 fiscal year, targeting retail investors with a low minimum entry point of 1,000 baht. These efforts reflect a growing trend of leveraging blockchain to democratize access to traditionally exclusive bond markets.

In Indonesia, tokenized bonds are emerging as a practical tool to open up government securities to the masses. PT Sejahtera Bersama Nano and fintech firm Nanovest launched IDDB, a tokenized version of Indonesian government bonds, reducing the traditional US$200,000 investment threshold to just US$100. This initiative, currently under review in the national regulatory sandbox, aims to expand retail investor participation and aligns with projections that the country’s asset tokenization market could grow 80-fold to US$88 billion by 2030. Meanwhile, Singapore’s OCBC Bank introduced customized tokenized bonds tailored to client-specific yields and tenors, offering greater flexibility for accredited investors.

Beyond the retail push, digital bonds are also becoming strategic tools for enhancing market efficiency and settlement speed. Several countries are integrating tokenized bonds into their central bank digital currency (CBDC) pilots or blockchain infrastructure upgrades. These initiatives not only reduce costs and manual reconciliation but also pave the way for programmable finance applications. With Europe, Southeast Asia, and Latin America all experimenting with digital bond issuance, it’s clear that tokenized debt instruments are no longer theoretical — they’re a growing cornerstone of next-generation capital markets.

Project Agorá is a pioneering international initiative launched by the Bank for International Settlements (BIS) in collaboration with the Institute of International Finance (IIF) and seven central banks—including those from Mexico, South Korea, Switzerland, the UK, and Singapore. The project aims to address the persistent challenges of cross-border payments, such as high costs, long settlement times, and lack of transparency, by leveraging tokenization and programmable financial infrastructure. Project Agorá proposes the use of tokenized commercial bank money and regulated platforms to create faster, cheaper, and more secure cross-border transactions.

Unlike conventional approaches that rely on correspondent banking networks, Agorá envisions an interconnected system where digital representations of fiat currency and financial assets are exchanged on shared or interoperable distributed ledger platforms. The initiative will also test compliance-by-design mechanisms, allowing for real-time regulatory checks embedded within the transaction flow. This approach aims to boost efficiency while preserving legal and regulatory controls, ensuring the framework aligns with jurisdiction-specific requirements.

Several countries participating in Agorá are already at the forefront of tokenization and digital finance. For instance, Mexico and South Korea are running domestic pilots on tokenized payments and CBDCs, while Singapore is leading advanced asset tokenization programs through its Project Guardian. The collective expertise and technological readiness of these nations underscore Project Agorá's potential to become a blueprint for global cross-border payment reform, laying the groundwork for a future where money and assets move seamlessly across borders in real time.

Spain is increasingly engaging with tokenization as part of a broader push to modernize financial systems and expand access to investment. A key highlight in this landscape is Enel Group’s innovative project that enables retail investors to purchase fractional ownership of solar panels via the Algorand blockchain. Although Enel is an Italian energy giant, its initiative resonates in Spain where residential solar demand is high but accessibility remains uneven. Through this model, participants can offset energy bills using the electricity generated from tokenized solar infrastructure—an approach that aligns with Spain’s push toward green energy and financial inclusion.

Another relevant initiative with implications for Spain is Italy-based BlockInvest’s tokenization of non-performing loans (NPLs). While the platform is based in Milan, it serves as a proof of concept for broader European applications, including in Spain’s own NPL market. Spain has faced a significant legacy of distressed loans from the 2008 financial crisis, and interest is growing in leveraging blockchain to improve transparency and liquidity in these markets. Platforms like Tokeniza Real Estate in Spain are already exploring tokenized mortgage-backed opportunities for retail investors, suggesting strong regional momentum.

Together, these developments showcase how tokenization is reshaping both traditional finance and sustainable infrastructure. From enabling small-scale investments in clean energy to modernizing the secondary market for distressed credit, Spain is part of a broader European ecosystem experimenting with how blockchain can democratize investment and streamline asset management. With increasing regulatory support across the EU, these projects set the stage for deeper cross-border adoption and innovation in digital asset markets.