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  "documentTitle": "Elevating the Exchange",
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      "text": "Digital assets (such as security tokens) and sustainable finance instruments (such as green bonds) are moving rapidly into the investing mainstream.",
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      "text": "Tokenized deposits are a form of money, issued by a commercial bank, represented on a distributed ledger and, as such, a liability on the bank's balance sheet. Central bank digital currencies (CBDC) are issued by central banks as electronic and programmable versions of money. They would be part of the monetary system and treated the same as physical notes from a fiscal and monetary policy perspective. In return, stablecoins represent a privately issued digital currency, designed to maintain a stable value relative to a fiat currency through 1:1 collateralization. Examples include Tether or Circle. Cryptocurrencies operate instead on decentralized networks and aren't tied to any national currency, and as such rather viewed as an alternative asset class. Popular examples include Bitcoin, Ethereum, and Solana.",
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      "text": "Though the term \"digital assets\" is often used synonymously with cryptocurrencies, the term encompasses both tokenized assets and deposits (see sidebar, \"What are digital assets?\").",
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      "text": "This shift creates openings for both exchanges and market-infrastructure players to offer solutions for issuing, trading, settling and safekeeping these next-generation assets.",
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      "text": "From a broader market perspective, these digital assets could offer several potential benefits, including instant settlement, secure transactions to reduce counterparty risk and automatic asset servicing. According to our executive interviewees, exchanges currently focus more on indirect exposure to digital assets and have not yet ramped up direct trading and listing. In time, however, all large exchanges and market infrastructure players will likely offer digital assets alongside traditional products. These would create additional revenue streams through trading and advisory fees, as well as from related value-added services, such as data monetization.",
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      "text": "Tokenized securities—digital versions of traditional assets like stocks, bonds or private equity—are overseen by securities or capital-markets regulators across jurisdictions, but also come with built-in features which make them immutable and traceable. Asset-backed tokens, on the other hand, represent ownership in something physical (like real estate or collectibles) or digital (like non-fungible tokens). These tokens allow for fractional ownership of both physical and digital assets, opening new possibilities for investment. The executives we interviewed anticipate that within the next two to five years, the tokenization of traditional assets like real estate and art will increase significantly.",
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