The best way to prevent tokenisation markets fragmenting involves mandatory interoperability and public-private cost sharing, new research from the International Monetary Fund argues.

In a working paper published on September 19, authors Itai Agur and Alexander Copestake model the “coalition formation game”. Several major brokers, such as BlackRock, Goldman Sachs and JP Morgan, have announced tokenisation initiatives on their own ledgers. These brokers, with their “heterogeneous market power”