A digital bearer instrument is a transferable digital claim that can circulate from holder to holder without requiring the issuer to update an account for each transfer.
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.
Bearer-style transfer concerns how the claim circulates. The legal consequences of cryptographic control depend on the applicable legal and contractual framework.
The bearer structure affects issuer visibility, transferability, compliance design, settlement, and the relationship between the token holder and the issuer.
A holder can transfer a stablecoin to another blockchain address without asking the stablecoin issuer to approve or record that individual transfer in an account system.