Tokenized Cash Management Advisory Group Publishes the Scope of Its Work Program
The practitioner-led group sets out the use cases, participants, and capabilities required to take tokenized cash management from pilots into production.
LONDON and NEW YORK, June 10, 2026 /PRNewswire/ — The Tokenized Cash Management Advisory Group (TCMAG) today published the scope of its work program: the priority use cases, the participants required to deliver them, and the capabilities each must provide to move tokenized cash management beyond pilots and into production.
TCMAG was formed as a group of corporate treasury practitioners to guide the adoption of tokenization in cash management. In April it published twelve core principles for digital money. The work program published today is the next step, translating those principles into a concrete agenda built around the requirements of the corporate treasurer.
Darsh Johal, Chair of TCMAG, said, “The success of tokenized cash management depends on a diverse group of players weaving their capabilities into an integrated whole. By defining that scope now, we give the industry the opportunity to hit the mark as an alternative to a series of stand-alone pilots. Our twelve principles have set the standard and outlined the requirements for corporate treasurers. The work program we are publishing today turns this into a shared agenda that the whole industry can build against.”
The priority use cases
The work program is organized around the everyday workflows of the corporate treasurer:
- Tokenized Money Vendor Payments. A corporate pays a vendor in tokenized money from its ERP; the payment is converted back to fiat and credited to the receiving corporate.
- Tokenized Money Receipts. A corporate receives tokenized money from different issuers and chains; each is converted to cash and credited at par value.
- Inter-Company Sweeping. A corporate HQ uses its treasury management system (TMS) to sweep excess tokenized balances from subsidiaries into a central wallet.
- Subscription and Redemption into Tokenized Money Market Funds. Excess balances are deployed 24/7 into tokenized MMFs to optimize yield on idle liquidity.
- Interoperability of Tokenized Money. Instruments from different issuers and chains are made fungible through redemption at par into cash, letting a corporate receive one instrument and pay in another.
- Agentic Payment. A corporate AI agent initiates and settles payments on-chain within pre-defined spending mandates, without human approval at execution.
The participants and capabilities required
The use cases depend on co-ordination of participants. The program defines the capabilities each must provide:
- Wallet and custody providers: multi-chain wallets and segregated custody per corporate.
- Issuers: issuance across multiple chains, with programmable token controls.
- Chains: connection to wallets and settlement venues, with privacy and performance where required.
- Instruments: tokenized deposits, stablecoins, and tokenized MMFs.
- ERP and TMS platforms: connectivity to wallets and chains, on-chain instruction and sweeps, and real-time reconciliation.
- Messaging platforms: standardized formats bridging traditional rails such as SWIFT and blockchain-native layers.
- Banks and custodians: issuance or distribution of tokenized money, and on/off-ramps between fiat and tokenized instruments.
- Identity providers: reusable digital identity, with KYC and AML credentials recognized across issuers and chains.
- Corporates: connectivity to wallets and issuers, and participation in end-to-end demonstrations.
- Clearing and settlement platforms: minting, redemption, and conversion of tokens and cash at par value, 24/7 and in near real time.
Each use case will be assessed against TCMAG’s twelve principles, so that compliance, settlement finality, and operational resilience are built in from the start.
A call to action
For treasury practitioners. Corporate treasurers are invited to join, to bring their real-world requirements, and to shape the use cases so that what the industry builds reflects how treasury operates.
For the wider ecosystem. The work program calls on each of the participants set out above – chains, issuers, wallet providers and custodians, banks, identity providers, and ERP and TMS platforms – to step forward and commit the capabilities described.
TCMAG will continue to develop the work program with practitioners and solution providers, and welcomes participants across the ecosystem to help co-create the future of tokenized corporate treasury.
Notes to Editors:
About TCMAG: The Tokenized Cash Management Advisory Group is a neutral and independent group of treasury practitioners who wish to positively influence the adoption of new forms of digital money in line with corporate treasury requirements. For more information please visit tcmag.org.
