This English executive brief introduces the complete Russian-language research article. The full study separates historical source evidence from original analysis and labels hypothetical calculations. It is available through the link below.
Read the complete study in Russian ↗The following is Human Fintech’s analysis
Identify the claim behind the token.
Start with the issuer, the holder’s rights and the asset delivered on redemption. A tokenised bank deposit and a stablecoin can have different balance-sheet and legal structures even when both appear as digital balances. Reserve value, reserve liquidity and a user’s ability to redeem are separate questions. Technical confirmation should not be treated as proof of legal finality or unrestricted access to funds.
Test the process as well as the code.
A pilot should examine failed instructions, lost access, governance changes and the exit route. For delivery versus payment, specify the assets, systems and conditions that are actually linked. Continuous operation may shift liquidity needs rather than remove them. The full Russian study analyses these choices and illustrative implementation economics using IMF and BIS material. The cited work provides analytical arguments; it does not certify the readiness, legal treatment or commercial value of every tokenised product. The relevant comparison is a defined operating process with explicit responsibilities, observable outcomes and a credible baseline for judging whether the proposed change is useful.
Sources for the full study.
[1] Tobias Adrian. Tokenized Finance. IMF Notes 2026/001, 2 April 2026. Использована авторская постановка вопроса о расчётном активе, управлении кодом и правовой определённости. Взгляды автора не обязательно представляют позицию МВФ, его руководства или Исполнительного совета.
[2] Rodney Garratt, Hyun Song Shin. Stablecoins versus tokenised deposits: implications for the singleness of money. BIS Bulletin 73, 11 April 2023. Сравнение двух конструкций является аналитической рамкой авторов и не описывает автоматически каждый существующий продукт.
[3] Bank for International Settlements. Annual Economic Report 2025, Chapter III: The next-generation monetary and financial system. Использована концепция соединения программируемых денег и активов; она не трактуется как доказательство фактической готовности любого отдельного проекта.
White Fintech.
Part VII of White Fintech covers payment businesses, including company structure, risks, compliance and economics. Explore the contents and the free sample.
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