Over the past decade, the global financial system has been evolving from dematerialization to digitalization. Now, with the rise of tokenized assets, a new layer emerges — programmability. More than simply representing assets digitally, tokenization embeds logic and rules directly into the assets, changing not just their form, but also their function and circulation possibilities.
The tokenization of financial assets is no longer a hypothesis — it is becoming a concrete part of the ongoing transformation of the financial system. Central banks are testing the structured use of digital currencies and programmable infrastructures, such as DREX in Brazil.
More than just digitizing assets, what is being built is a new layer of integration: financial ecosystems where different forms of money — central bank currency, tokenized deposits, and e-money — coexist and interact in common environments. In these platforms, called unified ledgers, settlements occur atomically, contracts are self-executing, and operational and intermediation costs are significantly reduced. This is a new financial architecture, designed to be more efficient, secure, and inclusive.
Brazil has played a leading role in this construction with DREX — not as a final product, but as Digital Public Infrastructure where the market can build solutions. The Central Bank’s architecture is layered: the central bank operates the foundations, the market develops protocols and services, and fintechs and banks interact with the end user. Tokenization, in this case, is a means, not an end — it enables rural credit through CPRs, simplifies regulatory compliance, allows delivery-versus-payment of vehicles and real estate, and reduces capital costs by embedding market logic directly into the asset.
But the challenges are significant. Technological fragmentation, liquidity risks, lack of interoperability, and legal uncertainties still threaten the scalability of these solutions. Without trust, infrastructure, and regulatory coordination, tokenization risks becoming just another unfulfilled promise.
Still, progress is visible. Platforms like Orion and GS DAP, the Regulated Liability Network in the U.S., and fintech initiatives in Brazil show that transformation is no longer theoretical. It is being built, layer by layer, by various public and private actors, connecting tokens, smart contracts, and real-time settlement.
Tokenization is not just a trend. It’s about redesigning the financial system so that it operates with more transparency, accessibility, and efficiency. And DREX, as a public instrument, could be the bridge between what exists and what could be — a new, programmable highway, built block by block.
None of this will happen overnight. But surely, after many nights of work.