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Tokenization Lessons from Georgia

An independent policy and research study on how a small open economy can build a responsible tokenized-economy strategy. Its argument is that Georgia's tokenization potential does not come from technology alone, but from the institutional foundations built through public-sector reform, registry modernization, digital public infrastructure, financial-sector supervision, and macroeconomic credibility. The study asks a practical question: how can Georgia prioritize the use cases where tokenization genuinely adds value while safeguarding sovereignty, stability, legal clarity, and trust? Produced in partnership with the ReTech Center at École des Ponts Business School and supported by Hadron by Tether, it maps priorities across money and payments, capital markets, and real-economy finance, and frames Georgia as a potential responsible tokenization laboratory.

Institutional Tokenization Is Becoming Financial-Market Infrastructure

What the latest developments from DTCC, the UK government, Swift, the ECB, Securitize and Cantor Fitzgerald reveal about the next phase of digital capital markets. Read together, they show tokenization moving beyond representing assets toward the redesign of mainstream financial-market infrastructure, converging on a hybrid architecture in which regulated institutions keep authoritative records while distributed systems improve mobility, and in which the most defensible layers manage the seams between systems.

15 min read

Who Orchestrates Tokenized Money?

Tokenized money is arriving in three forms that do not convert at par: tokenized bank deposits, wholesale central bank money, and stablecoins. The strategic question is not which format wins, but who owns the orchestration layer — the layer that decides, for each transaction, which money is used, which rail carries it, in what sequence, under whose compliance, and how the cash leg settles against the asset. This report maps nine models competing for that layer along two axes — whether a player issues money or only moves it, and whether it is public or private — from coordination-and-messaging layers and edge aggregators to settlement utilities, single-bank networks, stablecoin issuers, native payment networks, public base layers, mutualized utilities, and neutral coordination protocols. One pattern runs through all nine: each model's core strength is also its structural risk, so the likely outcome is not a single winner but a negotiated stack. The deepest risk is concentration — whoever wins concentration wins a chokepoint — which makes the contest over the orchestration layer a question of sovereignty as much as of commerce.

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Climate Integrity Infrastructure — Volume I

Volume I of the Intelligence Economy Institute's study of the infrastructure behind high-integrity climate assets — MRV (measurement, reporting, verification), digital verification, registries, certification, and finance — produced in partnership with the ReTech Center at École des Ponts Business School. It moves from measurement to bankability, Article 6 readiness, and high-integrity environmental markets, establishing the foundations on which a tonne of abatement can be measured, trusted, and financed. Its organising discipline: a tonne that cannot be measured cannot be trusted; a tonne that cannot be trusted cannot be sold; and a tonne sold twice was never abated at all.

Cheap Translation, Scarce Commitment

Advanced AI can increasingly inspect software interfaces, infer intent, translate between heterogeneous systems, and generate integration logic on demand — raising a provocative question: do standards still have a function when machines can mediate interoperability dynamically? Decomposing standards into their two separable jobs — compressing the cost of compatibility, and fixing the locus of commitment — this paper argues that AI collapses the first and cannot, by construction, supply the second, because commitment is a relation between accountable persons, not a property of representations. Using tokenized finance as the limiting case and analysing sixteen operational domains, it projects the future forms of standards and concludes that AI redistributes the standards function rather than retiring it: expect fewer, deeper, more executable standards. Translation becomes cheap; commitment remains scarce.

Programmable Money Meets Market Infrastructure

An analytical synthesis of the Point Zero Forum 2026 (Zurich), drawn from the author's notes across nine sessions and a follow-up research coordination discussion. It works through the settlement layer (atomic settlement), the money layer (stablecoins and tokenized commercial bank money), the infrastructure layer (a Swift-convened Policy Lab on DLT and resilience, and cross-border payment frictions), market integrity (financial crime in tokenized markets), the issuer perspective (a fireside with Tether's chief executive and the Georgian lari stablecoin project), and a developing-economy test case (Georgia) — situating public initiatives including the Eurosystem's Pontes and Appia programs, Project Agorá, Nexus, the German Commercial Bank Money Token, and the Swift shared ledger.

Ontology Control Layers over LLMs

When a large language model is asked to act on a user's behalf — book a flight, approve a payment — the designer must constrain what the model is allowed to say so it matches what the rest of the system is prepared to act on. This paper maps the middle layer between the model and the executing system: the ontology control layer that turns free-form text into structured, validated, actionable commands. It lays out a four-axis design space and four reference architectures (Prompt-Bound, Schema-Bound, Grammar-Constrained, and Verified Mediator), an honest accounting of what each can and cannot formally prove, and a survey of the formal methods themselves — with particular attention to the B method — framed around five concentric rings of verifiability. An agentic-payment example runs throughout.

Collateral Mobility: The $200 Trillion Question Hiding in the Plumbing

The financial system is short of nothing — it is slow at everything. This essay argues that tokenization's real prize is collateral mobility: moving collateral at machine speed across venues and balance sheets is now worth more than most asset classes, and it is the contest the plumbing is quietly fighting over.

Composing EVM Smart Contracts: A Seam Calculus

Many high-impact failures in composed Ethereum applications arise not inside a single contract but at the seam where one component silently assumes behaviour a neighbour does not guarantee. This working paper gives such boundaries a precise calculus — separating specification conflict from seam non-conformance, proving a one-directional rely–guarantee soundness theorem, and turning the assume–guarantee ledger into a typed, finite graph. It applies the calculus to load-bearing EVM standards, six DeFi platforms, and a fully worked yield-router case study.