Roughly 1.4bn adults around the world remain unbanked, with the greatest exclusion concentrated in sub-Saharan Africa and southeast Asia. At the same time, sovereign bonds in these regions are often issued in large denominations and dominated by foreign institutional investors, limiting access for local retail investors and exposing governments to significant foreign exchange risk. Tokenisation can directly address these structural barriers. By issuing bonds in local currencies and lower denominations, governments can democratise access to public debt, engage domestic and diaspora populations, and reduce reliance on ... (full story)