Digital Bearer Instrument

In the bearer-style model described by BIS research, a private money token represents a transferable claim on its issuer. Moving the token moves that claim to the new holder without requiring the issuer to update an account for each transfer. Asset-backed stablecoins are a leading example. Cryptographic control enables transfer of the token, while legal ownership and enforceable claims still depend on the governing law and contractual structure.

The bearer structure affects issuer visibility, transferability, compliance design, settlement, and the relationship between the token holder and the issuer.