Tokenisation of government bonds: assessment and roadmap

Iñaki Aldasoro, Giulio Cornelli, Jon Frost, Priscilla Koo Wilkens, Ulf Lewrick and Vatsala Shreeti

No 107, BIS Bulletins from Bank for International Settlements

Abstract: Government securities play a crucial role in the financial system – as a savings vehicle for households and firms, collateral in a range of transactions and a means of pricing assets. Despite their early stage of development ($8 billion in issuance to date), tokenised bonds have lower bid-ask spreads than conventional bonds and comparable issuance costs. Government bond tokenisation could improve market efficiency and support financial innovation, but its success depends on addressing regulatory and infrastructure challenges.

Pages: 8 pages
Date: 2025-07-10
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