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Central Bank Exploration of Tansaya Kunaratskul, Ashley Lannquist, André Reslow, andNicolas Xuan-Yi Zhang NOTE/2025/011 FINTECH NOTE Central Bank Exploration of Prepared by Tansaya Kunaratskul, Ashley Lannquist, André Reslow, andNicolas Xuan-Yi Zhang November 2025 ©2025 International Monetary Fund Central Bank Exploration of Tokenized Reserves Note 2025/011Prepared by Tansaya Kunaratskul, Ashley Lannquist, André Reslow, and Nicolas Xuan-Yi Zhang Cataloging-in-Publication DataIMF Library Names: Kunaratskul, Tansaya, author. | Lannquist, Ashley, author. | Reslow, André, author. | Zhang,Nicolas, author. | International Monetary Fund, publisher. Title: Central bank exploration of tokenized reserves / Tansaya Kunaratskul, Ashley Lannquist, AndréReslow, and Nicolas Xuan-Yi Zhang Other titles: Fintech notes. Description: Washington, DC : International Monetary Fund, 2025. | Nov. 2025. | NOTE/2025/011. |Includes bibliographical references. Identifiers: ISBN: 9798229025324(paper)9798229026772(ePub)9798229027113(WebPDF)Subjects: LCSH: Digital currency. | Banks and banking, Central—Technological innovations. Classification: LCC HG1710.K8 2025 DISCLAIMER:Fintech Notes offer practical advice from International Monetary Fund (IMF) staffmembers to policymakers on important issues. The views expressed in Fintech Notes are those of theauthor(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF RECOMMENDED CITATION:Tansaya Kunaratskul, Ashley Lannquist, André Reslow, andNicolas Xuan-Yi Zhang. 2025. “Central Bank Exploration of Tokenized Reserves,” IMF Fintech Note Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, U.S.A. *This Note was written under the supervision of Tommaso Mancini-Griffoli and Marcello Miccoli, with TansayaKunaratskul, Ashley Lannquist, André Reslow, and Nicolas Xuan-Yi Zhang as lead authors. It has benefited fromthe contributions of several IMF staff members. This Note was prepared with financial support from the Contents I.Introduction............................................................................................................................................. 4 Definitions—What Are Tokenized Reserves? ........................................................................................ 5Policy Objectives and Use Cases for Tokenized Reserves ................................................................... 6 III.Implementation Considerations ......................................................................................................... 11 Implementation Models ........................................................................................................................ 11Factors Influencing Tokenized Reserves Implementation.................................................................... 14 IV.Monetary Policy Implementation with Tokenized Reserves ........................................................... 20 Scenario 1: Only Tokenized Reserves Exist as Wholesale Central Bank Money................................ 21Scenario 2: Both Tokenized and Traditional Reserves Coexist ........................................................... 23Monetary Policy Implementation across Operating Models ................................................................. 24 V.Alternative Solutions for Settling Tokenized Assets........................................................................ 25 Real-Time Gross Settlement Link......................................................................................................... 25Omnibus Account ................................................................................................................................. 25Privately Issued Tokenized Money....................................................................................................... 26 VI.Charting Exploratory Work................................................................................................................. 29Strategic Approaches for Engaging with Settlement Solutions ............................................................ 30 References ................................................................................................................................................. 33 BOXES Box 1. Atomicity and Atomic Settlement .......................................................................................................8Box 2. Emerging Markets’ Exploration........................................................................................................10Box 3. Non-distributed Ledger Technology Case Studies of Integration, Distribution, and SeparationModels.........................................................................................................................................................14 FIGURES 1. Ledger Models for Tokenized R