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Classifying Tokenised Money: Dimensions and Design Features

Author

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  • Thomas Ankenbrand
  • Denis Bieri
  • Stefano Ferrazzini
  • Johannes Hoehener

Abstract

Tokenised money encompasses a broad range of digital monetary instruments issued on distributed ledger technology, including Central Bank Digital Currencys (CBDCs), deposit tokens, stablecoins, and decentralised protocol-based designs. Despite their shared monetary function, these instruments differ markedly in issuer structure, collateralisation, stability mechanisms, governance, and technological embedding, creating conceptual ambiguity. This paper proposes a concise taxonomy spanning twelve key design dimensions, offering a systematic framework for comparing heterogeneous forms of tokenised money. The taxonomy clarifies how different design choices shape monetary properties, risks, and policy implications, supporting clearer analysis and dialogue across academia, industry, and regulation.

Suggested Citation

  • Thomas Ankenbrand & Denis Bieri & Stefano Ferrazzini & Johannes Hoehener, 2025. "Classifying Tokenised Money: Dimensions and Design Features," Papers 2512.11010, arXiv.org, revised Jan 2026.
    • Handle: RePEc:arx:papers:2512.11010
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    File URL: http://arxiv.org/pdf/2512.11010
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