Interesting idea, thanks for posting. Tokenised debt as a term sounds like a nightmare to me, speaking as a person who has rarely been out of debt in 55 years of life so far, simply because maximising my own possession of money has never been a primary goal in my life, and I know I am not alone in that. You correctly point out that most countries are in debt. Most people living in these countries do not have savings covering their portion of that, so technically most people are in debt, with little chance of getting out of it, until something changes.
From that point of view, it seems that most of the problems we see in the world today are down to the relentless funnelling of wealth from the have-littlest, to the have-most. Tokenising debt looks like an attempt to carry on doing the same by trying to convert something indeterminate into something determinate.
Most debt ends up comprising mostly interest, as most debtors end up paying out massively more than they ever borrowed in life. In practice, interest is not determinate. It follows also that debt based currencies (pretty much all fiat currencies) are not determinate.
Distributed Ledger Technology, a form of which you are talking about, is determinate. That was the whole reason it was adopted. It holds promise of a different economic paradigm, one which prevents indeterminate forces from being used by the unscrupulous. It is a ledger of transactions, a record of possession. Each transaction records a transfer of wealth. I guess you could name the token a debt token, but it is still fundamentally an actual record of possession, not debt. Debt is only a promise to make a transaction, the amount of which varies according to circumstances usually outside the control of the debtor.
Maybe what you actually mean is a transfer of ownership of one type of tokens in exchange for another, on the contract that these will be reversed in agreed increments periodically in the future, with result that all will be “paid back” in the end. But then, no interest can be charged, unless tokens representing the interest are somehow manufactured in the process maybe? If that was the case then we would be back to all of the problems associated with fiat, creating money on demand, completely defeating the point of Blockchain or any other form of distributed ledger.