国际清算银行-政府债券代币化：评估和路线图（英）

BIS Bulletin No 107 Iñaki Aldasoro, Giulio Cornelli, Jon Frost, Priscilla Koo Wilkens, Ulf Lewrick and Vatsala Shreeti 10 July 2025 Tokenisation of government bonds: assessment and roadmap BIS Bulletins are written by staff members of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. The authors are grateful to Douglas Araujo, Bryan Hardy, Pablo Hernández de Cos, Anneke Kosse and Ilaria Mattei for comments, and to Nicola Faessler and Danielle Ritzema for administrative support. The editor of the BIS Bulletin series is Hyun Song Shin. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN: 2708-0420 (online) ISBN: 978-92-9259-872-3 (online) BIS Bulletin 1 Iñaki AldasoroInaki.Aldasoro@bis.orgGiulio CornelliGiulio.Cornelli@bis.orgJon FrostJon.Frost@bis.orgPriscilla Koo WilkensPriscilla.KooWilkens@bis.orgUlf LewrickUlf.Lewrick@bis.orgVatsala ShreetiVatsala.Shreeti@bis.orgTokenisation of government bonds: assessment and roadmap Key takeaways • Government securities play a crucial role in the financial system – as a savings vehicle for households and firms, collateral in a range of transactions and a means of pricing assets. • Despite their early stage of development ($8 billion in issuance to date), tokenised bonds have lower bid-ask spreads than conventional bonds and comparable issuance costs. • Government bond tokenisation could improve market efficiency and support financial innovation, but its success depends on addressing regulatory and infrastructure challenges. Experiments with tokenisation are gaining momentum.1 By enabling the contingent execution of actions, tokenisation can help to enhance the efficiency of markets, reduce settlement risk, broaden investment access and spur the creation of new financial services. Similar to key monetary innovations of centuries past, the tokenisation of money and financial assets has the potential to expand the universe of possible contracting outcomes to support economic growth.2 However, significant challenges remain, notably the need for scalable platforms, regulatory clarity and robust infrastructure. At $80 trillion, government debt stands as the largest and most critical global asset market, and a cornerstone of the financial system. Government bonds provide a safe asset for investors, and underpin monetary policy implementation, collateral management and financial stability. Bond markets are a promising setting for tokenisation, as current trading and settlement practices involve a complex web of intermediaries, messaging instructions, reconciliation efforts and money flows. The to