In a recent speech, Tao Zhang, Chief Representative for Asia and the Pacific at the Bank for International Settlements (BIS), argued that while technology is transforming finance, trust remains “the most valuable currency of all.”
Zhang highlighted the rapid growth of tokenization — the digital representation of money and assets in programmable form — which enables instant messaging, reconciliation, and settlement. By mid-2025, over 20 sovereigns and supranationals had issued tokenized bonds exceeding $4 billion across nine currencies, with several Asian economies among the early adopters. These developments, he noted, promise faster cross-border payments and more efficient securities settlement.
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