剑桥大学贾奇商学院：2026代币化货币领域洞察报告：应用场景、跨域互通与监管体系（英文版）（95页）.pdf

1、Tokenised MoneyUse Cases,Interoperabilityand RegulationFebruary 2026In collaboration withSuggested CitationCCAF and Fii(2026)Tokenised Money:Use Cases,Interoperability and Regulation,Cambridge Centre for Alternative Finance(CCAF),Cambridge Judge Business School,University of Cambridge;Financial Inno

2、vation for Impact(Fii)Foreword 4 Executive Summary 5 Research Team and Acknowledgements 7 Introduction 8 Definitions and Scope 9 Methodology 10 Report Structure 11Chapter 1:Taxonomy 12 1.1.The Tokenised Money Framework 14 1.2.Market Landscape 19Chapter 2:Use Cases 22 2.1.Strategic Priority and Imple

3、mentation Readiness 24 Assessment 2.2.Primary Use Cases 25 2.3.Cross-Cutting Themes and Patterns 33Chapter 3:Interoperability and Programmability 36 3.1.Interoperability:The Foundation for Scale 37 3.2.Programmability:Enabling Financial Innovation 44 3.3.Design Implications and Outlook 48Chapter 4:P

4、olicy and Regulatory Landscape 53 4.1.The Criteria of Money 54 4.2 Risks and Challenges 56 4.3.International Standards and Recommendations 59 4.4.Jurisdiction-Level Regulatory Frameworks 63Chapter 5:Summary of Insights and Future Outlook 81 Annexes 84 Endnotes 89Contents4Tokenised Money:Use Cases,In

5、teroperability and RegulationThroughout history,technology has reshaped how money is recorded,transferred and settled.The transition from physical notes to book-entry money managed by banks and other intermediaries illustrates how innovation has altered the mechanics of money while leaving its econo

6、mic role intact.Distributed,programmable ledgers should be understood as a recent development in this longer evolution.Initially confined to stablecoins used in crypto trading and decentralised finance,tokenisation is now spreading across a wider range of money instruments,including bank deposits,an