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Foundations · Chapter indexReference

Foundations

The textbook layer. Each chapter is split into short parts so you can read one in a few minutes and answer a quick check before moving on.

Start here~15 min · 4 short parts

New to tokenisation? Get the core model in about 15 minutes.

Four short reads, one mental model: why tokenisation exists, what a token is, the two tiers of money, and why settlement is the point. The full syllabus sits below when you want the rest.

  1. 1Why tokenisation matters to traditional finance4 min
  2. 2What a token legally is, and how one is issued4 min
  3. 3Central-bank money versus commercial-bank money4 min
  4. 4What atomic delivery-versus-payment guarantees4 min

Orientation

Start here
0
Why tokenisation
Where tokenisation actually helps traditional finance, where it does not, and why the question is on the table now.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~18 min

Money primitives

I
Tokenisation
What a token legally is, how one is issued, and why a tokenised asset is not the same as a record in a database.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~18 min
II
Stablecoins
Tell a payment stablecoin from a tokenised money-market fund, and know which regulatory regime each falls under.
Pt 1Pt 2Pt 3Pt 4Pt 5Pt 6
6 parts · ~17 min
III
The two-tier money system
How commercial-bank money and central-bank money differ, and why that split drives every tokenised-deposit and wholesale-CBDC design.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~19 min

Settlement primitives

IV
Settlement finality
What makes a transfer legally final, and why finality is the property that lets tokenised settlement stand in for today's plumbing.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~18 min
V
Permissioned blockchains
What a permissioned blockchain is, how its validators and privacy modes work, and why institutions run them over public chains.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~19 min
VI
Atomic DvP
Why simultaneous delivery-versus-payment is the point of tokenised settlement, and what 'atomic' actually guarantees.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~19 min

Tokenised bank money

VII
Tokenised deposits
What a tokenised deposit is, how a bank issues one, and why it stays a deposit liability rather than a stablecoin.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~18 min
VIII
wCBDC vs tokenised deposits
How wholesale central-bank money differs from a tokenised deposit, and when a settlement design needs the central-bank tier.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~18 min

Editorial wedge

IX
Agentic commerce
What changes once AI agents hold and move tokenised money, and the questions a regulator has to answer before they can.
Pt 1Pt 2Pt 3Pt 4Pt 5
5 parts · ~18 min
Full syllabus — every part
  1. 0Why tokenisation
  2. ITokenisation
  3. IIStablecoins
  4. IIIThe two-tier money system
  5. IVSettlement finality
  6. VPermissioned blockchains
  7. VIAtomic DvP
  8. VIITokenised deposits
  9. VIIIwCBDC vs tokenised deposits
  10. IXAgentic commerce