Classifying Tokenised Money: Dimensions and Design Features
Thomas Ankenbrand, Denis Bieri, Stefano Ferrazzini, Johannes Hoehener
TL;DR
A concise taxonomy spanning twelve key design dimensions is proposed, offering a systematic framework for comparing heterogeneous forms of tokenised money and supporting clearer analysis and dialogue across academia, industry, and regulation.
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.