DFC

Visa Introduces Platform for Stablecoin Minting, Movement and Management (VISA)
Visa Introduces Platform for Stablecoin Minting, Movement and Management (VISA)
Visa is launching the Visa Stablecoin Platform (VSP), an enterprise environment for institutions to mint, move, and manage stablecoins, initially focused on Open USD (OUSD) issued via the Open Standard. VSP provides Visa‑managed onchain wallet infrastructure, connectivity for minting, burning, holding, and transferring OUSD, and integration with Visa’s existing settlement, treasury, and currency services, effectively offering a stablecoin “wallet‑as‑a‑service” embedded in Visa’s network stack. This is structurally significant because it treats stablecoins as an additional rail within Visa’s institutional treasury and settlement workflows, with controls such as dual‑approval, audit logging, passkeys, and allow‑lists aligned to existing risk and fraud frameworks. Key unresolved issues include how regulatory treatment, balance‑sheet accounting, and interoperability with non‑OUSD stablecoins and non‑Visa infrastructures will be handled as VSP moves from beta to broader deployment. [VISA]
·investor.visa.com·
Visa Introduces Platform for Stablecoin Minting, Movement and Management (VISA)
SWIFT vs Stablecoin Payment Rails (LinkedIn)
SWIFT vs Stablecoin Payment Rails (LinkedIn)
In a LinkedIn post, Victor Yaromin argues that cross‑border payment competition is shifting from individual rails to multi‑rail orchestration, contrasting SWIFT’s messaging‑only role with stablecoin rails that bundle messaging and settlement on‑chain. It explains that SWIFT messages still rely on correspondent banking, nostro/vostro structures and local settlement, whereas stablecoin transfers collapse these layers but face liquidity and on/off‑ramp constraints that limit practical impact without robust local banking connectivity. The post notes that key industry players are investing in connectivity, treasury infrastructure, compliance and payout networks so that transactions can be routed dynamically across SWIFT, instant payment systems and blockchains based on cost, speed, and reliability rather than rail ideology. The unresolved issue is whether liquidity, regulation and bank access will scale fast enough to make this orchestration genuinely universal. [LinkedIn]
·linkedin.com·
SWIFT vs Stablecoin Payment Rails (LinkedIn)
Engaging with Privacy Stablecoins: A Framework for Scalable and KYC/AML-Compliant Adoption (Bank of Italy)
Engaging with Privacy Stablecoins: A Framework for Scalable and KYC/AML-Compliant Adoption (Bank of Italy)
The Bank of Italy published a paper by Michele Manna that argues that privacy-preserving stablecoins can become mainstream retail payment instruments only if they move from public Layer-1 chains to Layer-2 architectures that combine high throughput with constrained privacy and built-in KYC/AML compliance. It finds that today’s stablecoins remain structurally limited by low base-layer scalability, fragmented legal enforceability, and weak user privacy, while Layer-2 rollups with zero-knowledge proofs, selective disclosure, and auditable regulatory access can preserve confidentiality without sacrificing supervision. The policy significance is that compliance-by-design, not ex post forensic oversight, is the path to “no-questions-asked” acceptance at scale. The main unresolved issue is regulatory: adoption will hinge on whether supervisors treat these designs as compliant, and on whether reserve quality, governance, and privacy technology mature enough to support trust and settlement finality. [Bank of Italy]
·uif.bancaditalia.it·
Engaging with Privacy Stablecoins: A Framework for Scalable and KYC/AML-Compliant Adoption (Bank of Italy)
ECB Selects 36 PSPs to Join Digital Euro Pilot (ECB)
ECB Selects 36 PSPs to Join Digital Euro Pilot (ECB)
The European Central Bank (ECB) has selected 36 payment service providers (PSPs) from across the euro area to run a 12‑month digital euro pilot starting in the second half of 2027, using a beta version aligned with draft legislation but without legal‑tender status. The exercise, hosted at the ECB and 19 national central banks, will test front‑end functionality, operational processes, and user experience for person‑to‑person and person‑to‑business payments, both online and offline, including point‑of‑sale and e‑commerce use cases. Participating banks and non‑banks will act as distributors and acquirers for staff and selected merchants, effectively piloting the prospective intermediated distribution model. The move signals continued progress toward possible issuance while leaving fundamental policy decisions on legal tender status and full‑scale rollout explicitly unresolved. [ECB]
·ecb.europa.eu·
ECB Selects 36 PSPs to Join Digital Euro Pilot (ECB)
Stablecoins and the Future of the Dollar (Philadelphia Fed)
Stablecoins and the Future of the Dollar (Philadelphia Fed)
An article by the Philadelphia Fed's Joseph Abadi argues that reserve‑backed stablecoins, reinforced by the GENIUS Act, will entrench the dollar and position stablecoins primarily as regulated payment instruments rather than interest‑bearing stores of value. It traces the shift from early trading‑oriented and algorithmic designs, through the Terra collapse and the Silicon Valley Bank–linked run on USD Coin, to the current dominance of transparently backed, short‑term dollar‑asset portfolios that depend on public safety nets in stress. This matters because U.S. law now treats stablecoins as fully reserved “digital cash,” channels them into settlement and remittance use, and is intended to prevent disintermediation of bank deposits, even as yield‑like products via exchanges expose a regulatory gap. The unresolved issue is whether Congress closes this “yield loophole” and how cross‑border demand interacts with capital controls. [Philadelphia Fed]
·philadelphiafed.org·
Stablecoins and the Future of the Dollar (Philadelphia Fed)
Bolivian Government Considers including USDT as an Official Form of Payment (La Razon)
Bolivian Government Considers including USDT as an Official Form of Payment (La Razon)
La Razon is reporting that Bolivia’s government is considering recognizing USDT as an additional settlement currency within the domestic payment system alongside the dollar and boliviano, following a 2024 Central Bank of Bolivia resolution that lifted a prior ban on crypto operations amid foreign‑exchange pressures. Authorities highlight that current usage of crypto-assets remains outside legal‑tender status and operates in a regulatory vacuum beyond the initial unblock, creating both market disruption and compliance gaps. The policy discussion is shaped by Bolivia’s placement on the Financial Action Task Force (FATF) “grey list,” with explicit concern that any formal integration of USDT must address anti‑money‑laundering and counter‑terrorist‑financing (AML/CFT) vulnerabilities in crypto flows. The key unresolved issue is the design of a robust regulatory framework governing crypto‑asset use in payments. [La Razon]
·larazon.bo·
Bolivian Government Considers including USDT as an Official Form of Payment (La Razon)
U.S. Retail CBDC Ban Passed into Law (Congress.gov)
U.S. Retail CBDC Ban Passed into Law (Congress.gov)
The 21st Century ROAD to Housing Act, a U.S. bipartisan housing law that incidentally statutorily prohibits the Federal Reserve from issuing or creating a retail central bank digital currency (CBDC) (or "any digital asset that is substantially similar to a retail CBDC directly or indirectly through a financial institution or other intermediary") until December 31, 2030, became law via constitutional default after President Trump neither signed nor vetoed the bill to protest Congressional inaction on the Safeguard American Voter Eligibility Act (SAVE Act) that would require documented proof of U.S. citizenship when registering to vote in U.S. federal elections. The CBDC prohibition is carefully worded to focus on retail CBDC ("widely available to the general public") and will not "prohibit any dollar-denominated currency that is open, permissionless, and private, and fully preserves the privacy protections of U.S. coins and physical currency". [Congress.gov]
·congress.gov·
U.S. Retail CBDC Ban Passed into Law (Congress.gov)
Why the Digital Euro Will Fail? (LinkedIn)
Why the Digital Euro Will Fail? (LinkedIn)
Cédric Nicolas summarized a Cercle Européen de la Régulation Financière (CERF) article that argues that the retail digital euro is a late, mis‑specified response to Europe’s payment sovereignty concerns, likely to fail operationally and commercially. He notes that the Economic and Monetary Affairs Committee has advanced legislation for a two‑mode (online/offline) central bank digital currency (CBDC) with a EUR 3,000 holding cap and mandatory “waterfall” transfers between central bank and commercial bank accounts. This architecture must operate across thousands of institutions and millions of merchants, all subject to a 24‑hour sweep of received digital euro balances, creating a highly complex, latency‑sensitive reconciliation engine. Nicolas contends that instant payment schemes like Wero and EuroPA already address domestic sovereignty, while account‑based design and rejection of blockchain prevent the digital euro from competing with global dollar stablecoins, suggesting a moratorium and a shift toward euro‑denominated stablecoins and deposit tokens instead. [LinkedIn]
·linkedin.com·
Why the Digital Euro Will Fail? (LinkedIn)
SWIFT's Blockchain Ledger for Tokenized Deposits Ready for Use (SWIFT)
SWIFT's Blockchain Ledger for Tokenized Deposits Ready for Use (SWIFT)
SWIFT announced that its new blockchain-based shared ledger for tokenized bank deposits is ready for initial live cross-border payment pilots, positioned as an extension of its existing messaging infrastructure rather than a new settlement asset. Seventeen banks across six continents will orchestrate 24/7 movements of bank-issued tokenized deposits on their own ledgers, with final settlement still occurring through current systems, aiming to improve intraday and overnight liquidity efficiency and customer payment availability without altering underlying compliance, credit, and control frameworks. Key unresolved issues include how far this model can scale beyond deposits to broader regulated digital assets and whether interoperability across competing tokenized networks will remain under SWIFT-led governance. [SWIFT]
·swift.com·
SWIFT's Blockchain Ledger for Tokenized Deposits Ready for Use (SWIFT)
Zelle Head to India and Unveils ZelleUSD Stablecoin (EWS)
Zelle Head to India and Unveils ZelleUSD Stablecoin (EWS)
[On June 11, 2026] Early Warning Services (EWS), the network operator of Zelle, unveiled ZelleUSD (ZLUSD), its proprietary U.S. dollar-backed stablecoin. ZLUSD will support future international payment capabilities, giving U.S. consumers more opportunities to send money to family and friends around the world. EWS is owned by Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo. EWS runs Zelle, a U.S.-based service that enables individuals to near instantly transfer money from their bank account to another registered user's bank account using a mobile device or the website of a participating banking institution. Coincidentally, EWS announced that India will be the first country where U.S. consumers can use Zelle to send money to family and friends overseas. Further details on ZLUSD will be announced in the coming months. [EWS]
·web.archive.org·
Zelle Head to India and Unveils ZelleUSD Stablecoin (EWS)
Will Canada Become Cashless? (Engert)
Will Canada Become Cashless? (Engert)
A paper by Engert, Shcherbakov, Stenzel and Huynh argues that, despite declining point‑of‑sale cash use, Canada is unlikely to become cashless in the foreseeable future, based on a structural equilibrium model of consumer–merchant payment choice calibrated to three waves of Bank of Canada survey data from 2013/14, 2017/18, and 2023/23. The model estimates how large an increase in the relative usage cost of cash would be required to drive cash use to insignificance, finding that this required shock is consistently large over time. This matters because cash demand (and the cash‑to‑GDP ratio) remains robust even as contactless cards and pandemic‑related shifts have reduced cash’s transaction share, implying persistent roles for cash in hoarding and for less affluent and older users. A key unresolved issue is whether future changes to banking infrastructure or card economics materially raise cash usage costs enough to alter this equilibrium. [Engert]
·web.archive.org·
Will Canada Become Cashless? (Engert)
Germany: Cash Dominates the Payment Landscape (CashEssentials)
Germany: Cash Dominates the Payment Landscape (CashEssentials)
CashEssentials published an article that argues Germany’s payment landscape remains cash‑centric even as digital usage overtakes cash in transaction counts, based on the Bundesbank’s 2025 payment behavior study. The study reports that digital means of payment account for 55% of recorded purchases, but cash is still the single most used instrument with 45% of payments, ahead of debit cards and mobile payments. Measured by value, debit cards lead with 28% of turnover, while cash and credit transfers each hold 23%, indicating differentiated roles by ticket size and use case. The article emphasizes inclusion and resilience; cash usage is higher among older, lower‑income, and less digitally literate groups, and respondents strongly support retaining cash and developing European digital alternatives such as Wero and a digital euro. [Cash Essesntials]
·cashessentials.org·
Germany: Cash Dominates the Payment Landscape (CashEssentials)
The Evolution and Future of Money in Canada (Benjamin Geva)
The Evolution and Future of Money in Canada (Benjamin Geva)
The University of Toronto Press published a book by lawyer and law professor Benjamin Geva on the evolution of money from barter to coins, banknotes, scriptural money, electronic money, and digital currencies. Of course, this has all been covered elsewhere, but what makes this book unique, is the deep, yet very readable, focus on legal aspects, particularly from the perspective of the Canadian monetary regime. The latter includes a thorough history going back to New France's use of agricultural commodities and playing cards as money, to Bank of Canada explorations of both retail and wholesale central bank digital currencies (CBDCs). The book also extensively covers the legal aspects of virtual currencies, particularly stablecoins, and digital bearer instruments (DBIs). Interestingly, Geva makes a case for DBIs as the optimal Canadian retail CBDC as a path of least resistance through the Bank of Canada and Currency Acts, plus several architectural, economic, and privacy advantages over account-based platforms. He also singles out synthetic CBDCs as an optimal solution for achieving uniformity of money in a framework allowing competition. The book ends by addressing the challenges faced by the current monetary system as the digital age continues to evolve and become more decentralized. [University of Toronto Press]
·utppublishing.com·
The Evolution and Future of Money in Canada (Benjamin Geva)
Don’t Kill Cash (OMFIF)
Don’t Kill Cash (OMFIF)
OMFIF published an article in which Biagio Bossone argues that physical cash should be treated as critical national payment infrastructure rather than a legacy instrument to be phased out. He notes that in an era of overlapping climate, cyber, and geopolitical shocks, digital payment systems and central bank digital currencies (CBDCs) share dependencies on power, networks, and cloud infrastructures that fail precisely under stress, whereas cash uniquely preserves transactional capacity and economic agency during systemic outages. This matters for payment-system oversight, as current frameworks focus on digital financial market infrastructures and largely ignore strategic governance of cash, leaving gaps in crisis planning, access monitoring, and retailer acceptance. A strategic cash policy would embed cash into national resilience planning, guarantee minimum access infrastructure, and formalize its role in disaster response, but the extent to which central banks will internalize these resilience externalities and act before cash usage erodes further remains uncertain. [OMFIF]
·omfif.org·
Don’t Kill Cash (OMFIF)
European Council Agrees Position on the Digital Euro and on Strengthening the Role of Cash (European Council)
European Council Agrees Position on the Digital Euro and on Strengthening the Role of Cash (European Council)
[December 19, 2025] The European Council released a 157-page document outlining its position on digital euro legislation, rejecting a proposal for an offline-only approach and insisting on both online and offline versions of the central bank digital currency (CBDC). While the digital euro is primarily intended for peer-to-peer and retail payments to reduce dependence on Visa and Mastercard, the Council envisions a broader scope including machine-to-machine payments for Industry 4.0, Web3 applications, and business-to-business conditional payments from the outset. The proposal also aims to safeguard acceptance of cash as a payment method throughout the euro area, and guarantee that people have access to cash and are free to choose their preferred payment method. It proposes to effectively ban non-acceptance of cash by retailers or service providers with a few exceptions, notably for payments for goods or services purchased at a distance, including online, and unmanned points of sale. [Source: European Council]
·consilium.europa.eu·
European Council Agrees Position on the Digital Euro and on Strengthening the Role of Cash (European Council)
Making euro cash fit for the future
Making euro cash fit for the future
The European Central Bank (ECB) published a blog by Executive Board Member Piero Cipollone that argues that cash remains essential in the euro area as both a means of payment and a store of value, and should continue to be widely available and accepted alongside a future digital euro. Despite a declining share of cash in point-of-sale transactions, overall demand for banknotes is strong, with 30.4 billion notes worth €1.6 trillion in circulation as of June 2025 and growth resuming after a pause. Ensuring access is a priority: the proposed Legal Tender of Cash Regulation would set common indicators to monitor ATM and branch availability, recognizing banks’ primary role while noting cashback cannot replace deposits/withdrawals. Legal tender status means merchants—and especially public entities—should generally accept cash, with only narrow, proportionate exceptions. Cash also underpins resilience in crises, so the ECB, Commission, and national central banks are strengthening preparedness. Looking ahead, the ECB is redesigning banknotes with updated themes and enhanced security, targeting final designs by end‑2026, and emphasizes that a digital euro would complement, not replace, physical cash.
·ecb.europa.eu·
Making euro cash fit for the future
Cash and catastrophe: are notes and coins really the best backup?
Cash and catastrophe: are notes and coins really the best backup?
David Birch argues that, contrary to popular belief, cash is not always the most resilient payment method during disasters such as fires, floods, or wars. Drawing on real-world examples-from Japanese tsunamis and Nigerian market fires to the ongoing war in Ukraine-the author shows that people relying on physical cash often suffer greater losses, while digital payment systems, especially those with offline capabilities, tend to be more robust as long as power and communications can be maintained. In Ukraine, for instance, the resilience of the payment system has been bolstered by widespread adoption of softPOS (mobile-based point-of-sale) and contactless technologies, even amid blackouts and cyberattacks. The article concludes that future-proofing payments should focus on enabling device-to-device digital transactions that work without network connectivity, such as offline central bank digital currencies (CBDCs), rather than simply stockpiling cash.
·dgwbirch.substack.com·
Cash and catastrophe: are notes and coins really the best backup?
CBDC Cash. The Evolution of Cash Protection
CBDC Cash. The Evolution of Cash Protection
The evolution of cash should provide each User with the ability to instantly authenticate a banknote at any time. To do this, it is necessary not only to develop the ability to conveniently, quickly and practically unnoticeably check banknotes for the User, but also to interest the entir e population of the country in regularly conducting such checks. Modernization of central bank cash with Blockchain technology is the optimal solution to this problem, which will allow the population of the country not only to check the legitimacy of each banknote, but also to carry out digital transactions using hybrid banknotes, during which the legitimacy of cash will always be checked in the background.
·researchgate.net·
CBDC Cash. The Evolution of Cash Protection
BearingPoint survey on European payment behavior
BearingPoint survey on European payment behavior
BearingPoint published the latest edition of its European Payment Study, based on an online survey of 10,222 people aged 18 and over in nine countries. It shows that in Germany, Austria, and Switzerland, cash remains the most frequently used payment method, accounting for 69%, 73% and 57% of transactions, respectively. In contrast, the Nordic countries, particularly Sweden with 28% and Denmark with 35%, show significantly lower cash usage. Overall, the survey reveals that the frequency of cash usage has declined in almost all surveyed countries compared to the previous year. The digital euro has achieved relatively high awareness, with only one-third of respondents having never heard of it. Online shopping is the preferred use case for the digital euro, with an average of 37% across countries. Being free of charge (43%) and accepted everywhere (37%) are the leading objective requirements.https://www.linkedin.com/posts/grossjonas_study-d-activity-7303323611447123968-z7HQ/
·bearingpoint.com·
BearingPoint survey on European payment behavior
Study on the payment attitudes of consumers in the euro area (SPACE)
Study on the payment attitudes of consumers in the euro area (SPACE)
The European Central Bank (ECB) published its latest study on the payment attitudes of consumers in the euro area (SPACE), which looks at the payment habits of consumers in euro area countries. It finds that cash remains the payment method used most frequently in shops, although its use is declining. The share of digital payments continues to increase, but at a slower pace, with cards still being the most popular method. The share of mobile apps is on the rise. Over half of euro area consumers prefer to use cards and other digital payment methods. However, a majority of consumers consider it important to have the option to pay with cash.
·ecb.europa.eu·
Study on the payment attitudes of consumers in the euro area (SPACE)
Global payments in 2024: Simpler interfaces, complex reality
Global payments in 2024: Simpler interfaces, complex reality
McKinsey published its 2024 Global Payments Report which documents the continuing displacement of cash and checks by instant payments, especially in developing markets with low credit and debit card penetration. Despite the underwhelming uptake of retail central bank digital currencies (CBDCs) where they have been launched or piloted, McKinsey foresees them setting the minimum base level of functionality, cost, and services that users can expect from a digital currency, providing an alternative to help keep the price of commercial offerings in check, and serving as an alternative to large private-sector stablecoins.
·mckinsey.com·
Global payments in 2024: Simpler interfaces, complex reality
Sweden’s central bank calls for new bank regulations to protect access to cash
Sweden’s central bank calls for new bank regulations to protect access to cash
Sveriges Riksbank has called for regulations to ensure that Swedish companies and public authorities, who are legally obliged to accept cash, have access to functioning services for daily takings and petty cash. With banks having largely stopped providing cash services to businesses, only cash-in-transit company Loomis AB is offering these services and almost exclusively by the and entirely on a commercial basis. Banks have chosen to fulfil their obligations by providing deposit machines with limits that are too low for many businesses, and have limited access to petty cash by closing down manual services. The Riksbank also underscored that access to cash is necessary to strengthen civil preparedness regarding payments.
·riksbank.se·
Sweden’s central bank calls for new bank regulations to protect access to cash
This Legislation Could Force Stores to Take Your Cash - The New York Times
This Legislation Could Force Stores to Take Your Cash - The New York Times
"Stores and restaurants in several states would be required to do something pretty basic if certain lawmakers have their way: accept their customers’ cash. The legislation comes amid a worldwide move toward “cashless payments” using cards or mobile devices, which supporters say are safer, quicker and more convenient. But critics say an outright ban on cash discriminates against those without credit or bank accounts, and raises concerns about privacy and data security."
·nytimes.com·
This Legislation Could Force Stores to Take Your Cash - The New York Times
Cash Is More Popular Than Ever in a Zero-Interest-Rate World
Cash Is More Popular Than Ever in a Zero-Interest-Rate World
Cash accumulation can go only so far as a sign of trust in government. After all, governments in the developed world would typically like to see more electronic payments. Getting rid of cash can have a lot of benefits: It can help deter crime, reduce tax evasion and give central banks more power to stimulate the economy. But people have to believe that electronic money will be safe from mismanagement, man-made disasters, hackers and even confiscation. So far, neither the denizens nor the overseers of the financial system have done a great job of earning that trust.
·bloomberg.com·
Cash Is More Popular Than Ever in a Zero-Interest-Rate World
Nigeria’s Tax Cash Is a Bad Idea
Nigeria’s Tax Cash Is a Bad Idea
Last month, the Nigerian monetary authorities announced that they will be rolling out a national tax on cash. When Nigerian individuals or businesses deposit large amounts of cash at a bank, they will have to pay up to 3% in fees. And when they withdraw cash they will have to pay as much as 5% in fees. Nigeria joins a number of other emerging nations that have adopted policies that try to restrict domestic cash usage.
·aier.org·
Nigeria’s Tax Cash Is a Bad Idea
So much for a cashless society: Currency is popular again, especially the $100 bill
So much for a cashless society: Currency is popular again, especially the $100 bill
Businesses are experimenting with going cashless, hoping to speed up transactions, combat theft and create a safer environment for their employees. Actually, though, physical currency is experiencing a resurgence. People in many of the world’s most advanced nations — including the United States, the euro area and Japan — are holding more of it than ever.
·latimes.com·
So much for a cashless society: Currency is popular again, especially the $100 bill