ECB Executive Board member Isabel Schnabel has argued that central bank money must migrate natively onto distributed ledger technology rails to unlock the full benefits of Tokenization and protect financial stability. In her latest presentation titled “Central Banks On-Chain,” Schnabel evaluated technical models such as native programmable reserves, interoperability bridges, and tokenised reserve backing, noting that direct issuance on DLT is favored to keep policy operations on-chain. Using diagrammatic expressions, Schnabel explained that Tokenization transforms wholesale financial markets by delivering three core structural improvements.
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