In this note, we show how Sibos 2025 has moved from “what if” to “how fast,” with the spotlight on tokenized money—stablecoins and tokenized deposits—while CBDCs recede as interoperability between payment tokens and TradFi–DeFi rails takes center stage.

In capital markets, the talk has turned to execution: real standards (down to on-chain), real interoperability, and live ecosystems as CSDs, SWIFT, banks, exchanges, and paytechs roll out large-scale tokenization.

As Kelli West, SWIFT’s Global Head of Securities & FX Strategy, puts it: “In order to scale this new digital ecosystem, we firmly believe in the importance of standards, collaboration and interoperability.”

The headline, though, is strategy: institutions are redrawing product lines and business models, navigating regulation and the integration-vs-fragmentation fault line to build the capabilities needed to win the tokenized economy.

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