Ryan Hayward

The ideal solution would be a model that combines the stability and trust of central bank money with the efficiency of tokenised rails. The ability to create an end-to-end digital money solution is certainly feasible, with banks able to transact with tokenised deposits, and major settlement banks able to use tokenised central bank reserves to ensure they retain risk-free settlement finality while enabling atomic delivery-versus-payment (and even payment-versus-payment). The DvP component obviously fits neatly within the effort to tokenise securities because they match the asset side. The PvP side will be more complicated, since connecting dollars and euros across jurisdictions will be difficult, but may prove even more powerful in the long term.

If you have ever accidentally spilled paint on the floor, then you know the panicked feeling of having to clean up that mess as soon as possible in hopes that your mistake won't be a permanent one.