Crypto, tokenisation, and the future of payments by Stephen Cecchetti and Kermit L. Schoenholtz published by VOXEU (8/2025).
The introduction of crypto technology and tokenisation is spurring changes in the financial system. Meanwhile, the Trump administration is taking steps to integrate crypto into traditional finance, most notably the GENIUS Act’s establishment of a regulatory regime for payment stablecoins. This column explores the US’ policy goals concerning digital assets and argues that tokenisation – rather than crypto-related technologies such as blockchains and distributed ledgers – is the truly transformative innovation in finance today.
