A special chapter of BIS's Annual Economic Report 2026 finds current stablecoin designs fall short on key properties of money and sets out a path to integrate tokenisation into the two-tier financial system via a 'unified ledger', drawing on findings from the Project Agorá prototype.
The chapter is shaping the emerging global policy consensus on how tokenisation should be integrated into central-bank and commercial-bank money, including the technical case for a unified-ledger architecture with interoperable, privacy-preserving settlement — this frames the design space that central banks and regulators worldwide will reference when drafting tokenisation and stablecoin rules, and there remains room for technical and legal input on singleness-of-money and cross-ledger interoperability as the concept develops.
Prepare a technical briefing on unified-ledger interoperability and reference this chapter in EEA's tokenisation policy messaging to member institutions engaged in central-bank digital infrastructure discussions.
