Macro Research Report
Currency Tokenisation Race: Public institutions or Private Innovators?
Summary
The currency tokenisation race is a pivotal moment for the international monetary system, as distributed-ledger technology shifts money from physical instruments and bank deposits toward programmable digital protocols. This shift is accelerating a new contest between public institutions pursuing CBDCs (notably the digital euro) and private innovators expanding stablecoins and tokenised deposits. The stakes are political and macroeconomic: who captures seigniorage, how monetary policy transmission evolves, and whether digital payment infrastructure fragments into competing blocs. In this report, we analyse how tokenisation is changing payment systems, seigniorage, monetary policy (with a focus on the EU), financial markets, and the geopolitical architecture of global liquidity.
Authors
- Niccolò RotondiHead of Macro Research
- Simone Vittorio PercocoCo-Head of Macro Research
- Sophia C. FroehlichTeam Leader
- Jovana MrdaljResearch Analyst
- Marco CatoniResearch Analyst
- Ludovico MonacelliResearch Analyst
- Juliette BourgeoisResearch Analyst
- Adam LugossyResearch Analyst
- Ralph HermansResearch Analyst
Details
- Published
- 3 January 2026
- Division
- Macro Research
- Type
- Macro Research Report
- Pages
- 24
- Authors
- 9
Cite this report
Minerva Investment Management Society (2026). Currency Tokenisation Race: Public institutions or Private Innovators? Macro Research. https://minervaims.org/archive/currency-tokenisation-race-public-institutions-or-private-innovators-2026
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