Is a token a physical object, a digital object, something defined by a smart contract, or something else entirely? This lack of consistency has arguably led to further confusion and miscommunication. References to tokens in the economics literature, computer science publications, technology blog posts, and general newspapers are inconsistent, as different people use the term to describe different (but related) things. What is a token from a technical perspective, and from a conceptual or functional perspective? Many people use "token" as if its meaning were self-evident. As work in these areas progressed from speculative ideation to concrete technology development, central banks began actively researching digital tokens through distributed ledger technology (DLT) experiments.ĭespite the prevalence of the terms "token" and "tokenization," their meanings are still confusing to most. Technology startups proposed digital tokens tied to fiat currencies and other assets (for example, gold, diamonds, and other commodities). 2 Established financial institutions proposed to tokenize securities to speed up settlement and enhance collateral mobilization. When these ideas first entered the public discourse, they were used to help illustrate a possible future state where financial instruments could be turned into digital objects and transferred in real time across the globe without financial intermediaries. Several years ago, innovation in financial markets began to generate discussion of digital tokens and tokenization of financial assets. Factors Affecting Reserve Balances - H.4.1ĭecemTokens and accounts in the context of digital currenciesĪlexander Lee, Brendan Malone, and Paul Wong 1 Introduction.Industrial Production and Capacity Utilization - G.17.Survey of Household Economics and Decisionmaking.Household Debt Service and Financial Obligations Ratios.Financial Accounts of the United States - Z.1.Statistics Reported by Banks and Other Financial Firms in the United States.Senior Credit Officer Opinion Survey on Dealer Financing Terms.New Security Issues, State and Local Governments.Senior Loan Officer Opinion Survey on Bank Lending Practices.Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.Assets and Liabilities of Commercial Banks in the U.S.Aggregate Reserves of Depository Institutions and the Monetary Base - H.3.Payments System Policy Advisory Committee.International Standards for Financial Market Infrastructures.Supervision & Oversight of Financial Market Infrastructures.Sponsorship for Priority Telecommunication Servicesįinancial Market Utilities & Infrastructures.Federal Reserve's Key Policies for the Provision of Financial Services.Regulation HH (Financial Market Utilities).Regulation II (Debit Card Interchange Fees and Routing).Regulation CC (Availability of Funds and Collection of Checks).Securities Underwriting & Dealing Subsidiaries.Enforcement Actions & Legal Developments.Federal Financial Institutions Examination Council (FFIEC)īanking Applications & Legal Developments.Federal Reserve Supervision and Regulation Report.Community & Regional Financial Institutions.
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