From Sandbox to System: Georgia's Next Tokenization Phase

Georgia's tokenization debate has reached a useful threshold. The technical feasibility of representing deposits, bonds, payment instructions and records of ownership on programmable infrastructure is established. The unresolved questions are institutional. When a transaction crosses a bank, a registry, a market infrastructure and a public authority, which record carries legal authority, when does settlement become final, who can stop an invalid transfer, and how is the system restored when part of it fails?

The next phase should therefore focus on complete transactions rather than isolated tokens. A credible pilot must connect the asset, the money, the identities, the rules and the institutions that remain accountable for the outcome. Its value will come from reducing reconciliation and uncertainty while preserving the legal and prudential safeguards on which trust depends.

This builds on the Intelligence Economy Institute's Tokenization Lessons from Georgia study, the July workshop in Tbilisi and the subsequent analysis of tokenized bank deposits. Those earlier stages identified relevant use cases and the foundations already present in Georgia. Follow-up discussions point to the next question: can those foundations support one production-shaped transaction across institutional boundaries?