"‘Tokenisation’ has been the word on everyone’s lips for a few years. Referring to the representation of assets on blockchains, it promises instant, cheaper settlement, greater efficiency and improved liquidity management. But while the process of tokenising assets is underway, the market has yet to come to a consensus on the appropriate payment instrument. Reaping the benefits of tokenisation requires a way to represent cash on chain. While stablecoins can fill this role, it requires adjustment to get used to a new type of risk."