Digital representation

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Blockchain - distributed ledger - wholesale central bank digital currencies - tokens.

An entry in a distributed ledger technology (DLT) platform, relating to a conventional asset.

For example, a conventional bank deposit.

A tokenised bank deposit is a digital representation of value in a distributed ledger technology (DLT) system.

Innovative financial services - well beyond payments
"Within the new functions unlocked by wholesale CBDCs, one set of applications deserves special mention – namely, those stemming from the tokenisation of deposits (M1), and other forms of money that are represented on permissioned DLT networks.
The role of intermediaries in settling transactions was one of the major advances in the history of money, tracing back to the role of public deposit banks in Europe in the early history of central banking.
Bank deposits serve as the payment medium, as the intermediary debits the account of the payer and credits the account of the receiver.
The tokenisation of deposits takes this principle and translates the operation to DLT by creating a digital representation of deposits on the DLT platform, and settling them in a decentralised manner.
This could facilitate new forms of exchange, including fractional ownership of securities and real assets, allowing for innovative financial services that extend well beyond payments."
Bank for International Settlements (BIS) - Annual Economic Report 2022 - p91.

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