For citizens it underscores a simple truth, money is no longer just cash in your pocket or numbers on a bank screen, it is becoming programmable, borderless and contested. By understanding this spectrum, we gain a clearer view of the future of finance and our place within it.

Understanding this ever-growing spectrum is no longer simply an academic exercise. It is essential for policymakers to design regulations for banks and fintechs to build the future of payments, for investors to navigate the opportunities and risks of a rapidly digitalizing financial system,

In the span of just a few decades, the universe of money and financial assets has exploded. Once dominated by coins, banknotes, and bank deposits, the landscape now stretches into digital and virtual assets, from central bank digital currencies and tokenized deposits to stablecoins, cryptocurrencies and tokenized real-old assets.