Tokenized real and financial assets in modern money circulation

The subject of the research is tokenized real assets in modern money circulation and their impact on the financial system.The purpose of the article is to study the features of tokenized real assets functioning in modern money circulation and to analyze their impact on the transformation of financial markets and monetary policy.The methodology of the work includes a systematic approach, methods of analysis and synthesis, comparative analysis, and statistical methods. Theoretical provisions of institutional economics, theory of money and financial markets are used. The following methods are applied: generalization – in the study of the essence and types of tokenized real assets; comparative analysis – to determine the differences between traditional and tokenized assets; modeling – to predict the impact of tokenization on money circulation.The results of the work – the essence and features of tokenized real assets as a new phenomenon in money circulation are considered. The main types of tokenized assets and their functional characteristics are analyzed. The impact of tokenization on market liquidity, investment availability and transformation of financial intermediation is investigated. Potential risks and opportunities associated with the spread of tokenized assets for monetary policy and financial stability are identified. The necessity of adapting regulatory approaches to new forms of assets is substantiated. Promising directions for the development of infrastructure for the circulation of tokenized real assets are determined.Conclusions. Tokenization of real assets significantly transforms traditional mechanisms of money circulation and investment. This process contributes to increasing market liquidity, democratizing access to investments and optimizing transaction costs. At the same time, new challenges for financial stability and monetary policy effectiveness arise. A balanced regulatory policy is needed to stimulate innovation while minimizing systemic risks. The development of decentralized finance based on tokenized assets is promising and may significantly change the landscape of financial intermediation. For Ukraine, it is relevant to create a legal framework and infrastructure for the implementation of tokenized assets, which will help attract investment and integrate into global financial markets.