Tokenisation as Infrastructure: Institutional-Scale Architecture and the Reassembly of Financial Market Flows

This paper analyses tokenisation as an infrastructural architecture in which value, ownership, and coordination are defined through structural design rather than market circulation. It examines how token-based systems reconfigure institutional logic by embedding control, enforceability, and coordination directly at the infrastructure layer. The analysis distinguishes between liquidity-driven market narratives and the systemic functions tokens perform as instruments of governance and coordination. By extending beyond financial market applications, the paper frames tokenisation as a transferable coordination architecture applicable across institutional and organisational contexts.