The tokenization of identity, money, and objects is unlocking new business models and redefining the notion of ownership in the digital age. As we embark on the continued emergence of new realities driven by XR and blockchain, the role of central bank money must adapt in the next generation of financial markets as novel venues for exchanging value emerge. Underpinning this evolution is the introduction of central bank digital currencies (CBDCs), which leverage tokenization to deliver proof of value, ownership, and transfer. While retail applications are receiving much attention, this talk will uncover insights into the expected benefits and hurdles of wholesale CBDCs in interbank payments and securities transactions, including impacts on exchanges, custodians, and banks and what this means for the future of web3 and other tokenized payment instruments like stablecoins and deposit tokens.