Money is changing, both in its form and in how it moves. Tokenised deposits, stablecoins and programmable infrastructure are enabling 24/7 cross-border and cross-currency payments with profound implications for corporate treasuries of multinational organisations. This paper highlights how these instruments could augment treasury operations by enabling more dynamic, intelligent and real-time liquidity orchestration across time zones and legal entities. It introduces a framework in which stablecoins support mobility, tokenised deposits provide secure storage, and tokenised money market funds offer intraday yield, together transforming liquidity from static end-of-day positions into a continuous, programmable flow, orchestrated around business events rather than discrete settlement cut-offs. It then contrasts how the new capabilities could apply across treasury archetypes. For global business-to-business corporates, structured and forecastable flows benefit from 24/7 access to cross-border liquidity positioning. For global merchants, high-volume, consumer-driven flows align with stablecoin-based settlement and real-time liquidity consolidation across networks and jurisdictions. Five enablers for scaled adoption are discussed: regulatory clarity, redemption reliability, network interoperability, operational readiness and risk management. The paper concludes that tokenised money represents a new capability that, at scale, will require not only modern infrastructure but also a mindset shift and close collaboration between banks, corporates and regulators to ensure these instruments are deployed securely and deliver real economic value. This article is also included in the Business & Management Collection which can be accessed at http://hstalks/business.
Inga Bambalaite-Saliba (Sun,) studied this question.