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Kazakhstan's Digital Tenge CBDC Officially Launched (NBRK)

The National Bank of the Republic of Kazakhstan (NBRK) announced that its digital tenge central bank digital currency (CBDC) has officially launched. The digital tenge is now legal tender in Kazakhstan, with the NBRK as the sole issuer, and interaction with it facilitated through financial market participants. [Source: NBRK]

#Kazakhstan #Fintech #CBDC #DFC

·nationalbank.kz·Jan 16, 2026

Kazakhstan's Digital Tenge CBDC Officially Launched (NBRK)

SG-FORGE and SWIFT Move Forward in Digital Asset Interoperability (SG-Forge)

Societe Generale-FORGE (SG-FORGE) and SWIFT completed a trial involving the exchange and settlement of tokenized bonds using both fiat and digital currencies. The EUR CoinVertible, a stablecoin issued by SG-FORGE that is compliant with European Markets in Crypto-Assets (MiCA) regulations, was integrated with SWIFT's interoperability capabilities to connect blockchain platforms with traditional payment systems. The initiative demonstrated several market operations including issuance, delivery-versus-payment settlement, coupon payments, and redemption. SG-FORGE provided its open-source Compliance Architecture for Security Tokens (CAST) framework and the EUR CoinVertible stablecoin, which became the first on-chain settlement asset natively compatible with SWIFT's infrastructure. The trial, conducted with participating banks, showed that tokenized bonds can utilize existing payment systems while incorporating ISO 20022 standards. [Source: SG-FORGE]

#SWIFT #Interoperability #DigitalAssets #Fintech #Stablecoins #CryptoAssets #DFC

·sgforge.com·Jan 16, 2026

SG-FORGE and SWIFT Move Forward in Digital Asset Interoperability (SG-Forge)

eCurrency to Facilitate the Development of CBDC in Malawi (eCurrency)

eCurrency Mint has been selected by the Reserve Bank of Malawi (RBM) to develop and experiment with central bank digital currency (CBDC) technology in the country. The project will utilize eCurrency's Digital Symmetric Core Currency Cryptography (DSC3) technology. DSC3 utilizes symmetric key cryptography along with layers of digital security to ensure that the resultant cryptographic objects, i.e. digital bearer instruments in the form of a cryptogram, are protected from counterfeiting. DSC3 supports a two-tier architecture and public-private partnership in which the central bank is the sole issuer of CBDC, while private sector payment networks enable its distribution, storage and transaction. [Source: eCurrency]

#CBDC #eCurrency #Malawi #Fintech #DFC

·prnewswire.com·Jan 15, 2026

eCurrency to Facilitate the Development of CBDC in Malawi (eCurrency)

Europe is Rediscovering the Virtues of Cash (The Economist)

The Economist published an article that discusses how Europe, particularly Scandinavia, rapidly embraced cashless payments over the past decade, with Sweden leading the way at 90% digital transactions. However, European authorities are now reversing course and mandating that businesses must continue accepting cash. The shift comes from concerns about excluding elderly and poor populations who struggle with digital payments, as well as worries about system resilience—Spain's power cuts last spring left people unable to buy necessities, and there are fears about dependence on American payment companies like Visa and potential foreign sabotage. While cash usage had fallen dramatically (from 79% of eurozone transactions in 2016 to 52% in 2024), the EU now recognizes that physical money provides crucial backup when digital systems fail. [Source: The Economist]

#Cash #Payments #Offline #Fintech #DFC

·economist.com·Jan 15, 2026

Europe is Rediscovering the Virtues of Cash (The Economist)

CBDCs versus Instant Payments (Central Banking)

Central Banking published an article that discusses the global trend of central banks prioritizing instant payment systems over central bank digital currencies (CBDCs) for improving domestic and cross-border payments, with 93.6% of surveyed central banks favoring instant payments domestically and 95.5% for cross-border transactions. While both technologies offer similar benefits like real-time transactions, instant payment systems are generally less complex and costly to implement than CBDC infrastructure, though CBDCs use central bank money rather than commercial bank money. Countries like the Bahamas, Jamaica, and Nigeria launched CBDCs primarily to address financial inclusion and outdated payment systems, but have faced adoption challenges, while successful instant payment systems like Brazil's Pix and India's UPI have proven highly effective. Experts suggest that for most jurisdictions, instant payment systems combined with digital identity frameworks provide sufficient solutions for retail payments, though CBDCs may have specific use cases in wholesale payments, cross-border transactions, or as backups to existing systems. The main challenges for both approaches include scalability issues for cross-border linkages, disintermediation risks for banks, and the need for harmonized legal and regulatory frameworks across jurisdictions. [Source: Central Banking]

#CBDC #FastPayments #Payments #Fintech #DFC

·centralbanking.com·Jan 15, 2026

CBDCs versus Instant Payments (Central Banking)

Interoperability Standards for Digital Assets (MIT/SODA)

The Massachusetts Institute of Technology (MIT) and the Standards Organization for Digital Assets (SODA) published a white paper that addresses the need for global standards to enable tokenized real-world assets to move seamlessly across different blockchain networks and traditional financial systems. The White Paper describes the need to create neutral, open standards through three workstreams: a data model defining asset information, common digital functions for smart contracts, and legal/governance frameworks ensuring regulatory compliance. The paper draws parallels to historical standardization successes like the internet's TCP/IP protocol and shipping containers, arguing that without interoperability standards, tokenization will only deliver isolated efficiencies rather than transforming global finance. Contributors from major institutions including Chainlink, Fireblocks, Wormhole, and others emphasize that true scalability requires standardized approaches to cross-chain transfers, identity verification, compliance, and connectivity with existing financial infrastructure, ultimately enabling the tokenized asset market by 2030 to reach its full potential. [Source: SODA]

#SODA #Fintech #DFC #Tokenization #Interoperability

·soda-services.com·Jan 11, 2026

Interoperability Standards for Digital Assets (MIT/SODA)

Ethiopia Unveils 5-Year National Digital Payment Strategy (NBE)

[December 9, 2025] The National Bank of Ethiopia (NBE) Ethiopia published a draft National Digital Payment Strategy 2026–30. The five-year framework outlines a roadmap to build a trusted, innovative, and integrated digital payments ecosystem. Part of the study involves studying stablecoins, cryptocurrencies, and central bank digital currency (CBDC), map their current use in Ethiopia, and identify concrete, locally viable use-cases for future policy and product development. Furthermore, white papers will be published and, if deemed necessary, required regulatory frameworks and pilot programs will be implemented. [Source: NBE]

#Ethiopia #Fintech #CBDC #DFC

·nbe.gov.et·Jan 11, 2026

Ethiopia Unveils 5-Year National Digital Payment Strategy (NBE)

Wyoming Debuts First State-Issued Stable Token (Markets Media)

Wyoming has launched the Frontier Stable Token ($FRNT), marking the first state-issued stablecoin in the United States. Reserves will be held in trust by Wyoming and invested exclusively in U.S. dollars and short-duration U.S. Treasuries, managed by Franklin Templeton. The token is available for purchase on Kraken (Solana blockchain) and Rain (Avalanche blockchain), utilizing LayerZero for cross-chain interoperability and Fireblocks for security. [Source: Markets Media]

#Stablecoins #CryptoAssets #Wyoming #Fintech #DFC

·marketsmedia.com·Jan 8, 2026

Wyoming Debuts First State-Issued Stable Token (Markets Media)

A Framework for Understanding the Vulnerabilities of New Money-Like Products (FRB)

The Federal Reserve (FRB) published a paper that introduces a framework for analyzing vulnerabilities in new money-like products by comparing them to money market funds (MMFs), which have well-documented risks. The authors examine five key features that contribute to vulnerabilities: liquidity transformation, threshold effects, moneyness (perceived safety and liquidity), contagion risks, and reactive investors. They apply this framework to three emerging products: money market ETFs (MMETFs), tokenized MMFs, and stablecoins. The analysis finds that MMETFs have similar liquidity transformation to MMFs but reduced threshold effects due to market pricing; tokenized MMFs largely mirror their underlying MMF vulnerabilities but could become more money-like if token transfers can effect ownership changes; and stablecoins present mixed risks, with the 2025 GENIUS Act likely to standardize payment stablecoins and align them more closely with MMF characteristics. The framework emphasizes that vulnerabilities arise from combinations of these features rather than individual attributes, and that as these novel products evolve and become more familiar to investors, their non-structural features—particularly their perceived moneyness and investor base composition—will likely shift significantly. [Source: FRB]

#Stablecoins #FRB #UnitedStates #Regulation #Fintech #DFC

·federalreserve.gov·Jan 7, 2026

A Framework for Understanding the Vulnerabilities of New Money-Like Products (FRB)

RAKBANK Receives In-Principle Approval to Launch a Dirham-Backed Stablecoin (RAKBANK)

RAKBANK became the latest United Arab Emirates (UAE) bank to received in‑principle approval from the central bank to issue a fully reserved, 1:1 Dirham-backed stablecoin. Al Maryah Community Bank secured in-principle approval in October 2024, and full licensing in December 2024 for its AE Coin, and Zand (an "AI-powered bank) received full approval in November 2025 for its Zand AED stablecoin. The Central Bank of the UAE’s Payment Token Services Regulation restricts payment tokens to Dirham-backed or specifically approved fiat-referenced stablecoins for onshore payments, effectively steering merchant crypto acceptance toward Dirham stablecoins. In parallel, Dubai’s Virtual Assets Regulatory Authority has finalized Version 2.0 of its activity-based rulebooks, including requirements for fiat‑referenced stablecoins issued by Dubai‑incorporated virtual asset service providers, creating a distinct but complementary regime for Dubai and its free zones. [Source: RAKBANK]

#Stablecoins #UAE #Regulation #Fintech #CryptoAssets #DFC

·zawya.com·Jan 7, 2026

RAKBANK Receives In-Principle Approval to Launch a Dirham-Backed Stablecoin (RAKBANK)

Lloyds and Archax Complete UK’s First Public Blockchain Transaction Using Tokenised Deposits (Lloyds)

Lloyds Banking Group has completed the United Kingdom's first public blockchain transaction using tokenized deposits. The transaction involved Lloyds issuing tokenised deposits on the Canton Network (a public blockchain for regulated financial markets) to purchase a tokenised Gilt from Archax, demonstrating how traditional banking can integrate with blockchain technology. Lloyds believes that this innovation offers businesses key benefits including instant settlement, the ability to earn interest while maintaining regulatory protections, access to wider securities trading, automated smart contracts, and enhanced transparency—all while preserving the security of traditional deposits under the Financial Services Compensation Scheme. [Source: Lloyds]

#Tokenization #Blockchain #DepositTokens #UnitedKingdom #Fintech #DFC

·lloydsbankinggroup.com·Jan 7, 2026

Lloyds and Archax Complete UK’s First Public Blockchain Transaction Using Tokenised Deposits (Lloyds)

Tokenization Is a Renaissance of Ownership (Ledger Insights)

Ledger Insights published an opinion piece that argues that tokenization represents a return to direct asset ownership similar to 17th-century bearer instruments, rather than a futuristic innovation. The author, CEO of tokenization startup Libeara, contends that traditional financial institutions misunderstand the market—over 80% of their $1 billion in tokenized assets went to crypto-native buyers seeking sovereignty and direct ownership, not traditional investors looking for efficiency gains. The key insight is that the real opportunity lies in bringing regulated financial products (like Treasury bills) to existing on-chain capital seeking yield, rather than trying to convince traditional investors to adopt blockchain technology—essentially building the bridge in the opposite direction from current institutional strategies. [Source: Ledger Insisghts]

#Tokenization #Fintech

·ledgerinsights.com·Jan 6, 2026

Tokenization Is a Renaissance of Ownership (Ledger Insights)

Stablecoin Remittance Inflows versus Government Macroeconomic Policy (LinkedIn)

In a LinkedIn post Tarique Khan argues that stablecoin policy debates overlook a fundamental macroeconomic tension: while stablecoins may offer operational efficiencies in cross-border payments, they risk undermining foreign exchange reserve accumulation in countries dependent on remittance inflows. Khan uses Bangladesh's 2.5% incentive for formal remittance channels as evidence that central banks already compete against informal transfer networks (hundi, hawala, padala) that keep hard currency offshore. Stablecoins potentially accelerate this problem—a migrant worker can purchase USDC abroad and transfer it for peer-to-peer conversion locally, satisfying the household recipient while bypassing the regulated banking system entirely. However, a key refinement to this analysis suggests the reserve leakage mechanism depends primarily on where conversion occurs rather than on stablecoins themselves: if regulated banks or payment institutions control the on/off-ramps, the same technology could channel foreign exchange into official reserves more efficiently rather than divert it offshore. This reframes the policy question from technology adoption to institutional control over conversion, custody, and settlement infrastructure. The divergent regulatory approaches across jurisdictions reflect these varying concerns: remittance-dependent economies (Bangladesh, Philippines, Mexico) prioritize maintaining visible inflows; strict capital control regimes (China) focus on preventing unregulated movement; high-inflation economies (Turkey, Argentina) may tolerate stablecoins as inflation hedges. The central challenge remains reconciling stablecoins' operational advantages with governments' need to maintain reserve buffers and monetary policy levers—though whether regulatory capture of conversion points is economically sustainable against decentralized alternatives, and whether centralized intermediation negates the purported efficiency gains, requires further examination. [Source: LinkedIn]

#Stablecoins #CryptoAssets #DFC #Fintech #MonetaryPolicy #FXReserves

·linkedin.com·Jan 3, 2026

Stablecoin Remittance Inflows versus Government Macroeconomic Policy (LinkedIn)

Lessons from the SVB Failure and Its Impact on Stablecoins (FRB)

The Federal Reserve (FRB) published a paper that examines how the March 2023 Silicon Valley Bank (SVB) failure triggered a crisis in the stablecoin market, particularly affecting USDC, the second-largest stablecoin. When Circle (USDC's issuer) announced it couldn't access $3.3 billion in reserves held at the failed SVB, USDC lost its dollar peg and dropped to 86 cents as redemption requests surged and primary market operations shut down over the weekend. The crisis spread through DeFi via automated smart contracts called Peg Stability Modules (PSMs), which allowed one-to-one exchanges between USDC and other stablecoins like Dai, USDP, and GUSD—causing these otherwise unaffected stablecoins to also lose their pegs. The situation stabilized only after federal authorities announced full protection for all SVB depositors. The paper highlights three key lessons: the potential for two-way contagion between traditional finance and crypto markets, the fragility of stablecoins even with high-quality backing assets during stress periods, and how automated smart contracts can create dangerous interlinkages that amplify systemic risk across the DeFi ecosystem. [Source: FRB]

#SiliconValleyBank #Stablecoins #CryptoAssets #Financial Stability #Fintech #DFC

·federalreserve.gov·Jan 3, 2026

Lessons from the SVB Failure and Its Impact on Stablecoins (FRB)

Lessons from Global CBDC Pioneers for Rwanda's Next Leap (RBA)

The Rwanda Bankers' Association (RBA) published an analysis of pioneering central bank digital currency (CBDC) implementations in the Bahamas (Sand Dollar), Jamaica (JAM-DEX), and Nigeria (eNaira). Using quantitative pre- and post-launch data analysis, the study finds that theoretical fears of bank disintermediation did not materialize—commercial bank deposits actually grew significantly in all three countries after CBDC introduction. The research reveals that CBDC rollouts coincided with broader macroeconomic shifts including tighter monetary policy and economic rebounds, while direct effects on inflation remained statistically insignificant. However, the primary challenge across all cases was achieving widespread public adoption rather than financial instability, with uptake remaining extremely low despite technical readiness. The paper concludes that for Rwanda, currently in its CBDC Proof-of-Concept phase, success will depend less on mitigating theoretical risks and more on delivering a compelling value proposition that addresses the country's specific challenges including limited smartphone ownership (34.3%), low internet access (29.8%), and the need for enhanced payment system resilience, financial inclusion, and reduced cross-border remittance costs. [Source: RBA]

#CBDC #Rwanda #Fintech #FinancialStability #DFC

·rba.rw·Jan 3, 2026

Lessons from Global CBDC Pioneers for Rwanda's Next Leap (RBA)

PBOC to Permit Banks to Pay Interest on Digital Yuan Deposits (Weixin)

On January 1, 2026, the People's Bank of China (PBOC) implemented its "Action Plan on Further Strengthening the Digital Yuan Management Service System and Related Financial Infrastructure Construction," transitioning the e-CNY from an M0 instrument — digital cash — to a deposit-based instrument classified within M1 or M2 depending on liquidity. Under the new framework, commercial bank e-CNY wallet balances are reclassified as commercial bank liabilities, subject to the standard fractional reserve requirement rather than the previous 100% reserve obligation that applied to all operating institutions. Banks are required to pay interest on verified (real-name) wallet balances at demand deposit rates, with quarterly settlement beginning March 2026, and those balances are covered by deposit insurance on the same terms as ordinary deposits. Anonymous (fourth-category) wallets remain excluded from interest accrual. Non-bank payment institutions retain the 100% reserve requirement, reflecting their lack of deposit-taking authorization. [Weixin] (See also: https://claude.ai/chat/c24e40c8-772f-411d-82bc-52b4048cbaaa)

#CBDC #China #DFC #Fintech #FinancialStability

·mp.weixin.qq.com·Jan 3, 2026

PBOC to Permit Banks to Pay Interest on Digital Yuan Deposits (Weixin)

Stablecoin Devaluation Risk (European Journal of Finance)

A paper co-authored by Barry Eichengreen published in the European Journal of Finance (EJF) contends that reliance of stablecoin issuers on centralized custodians introduces devaluation risk similar to that observed in traditional currencies under pegged exchange rate regimes. The authors construct market-based measures of stablecoin devaluation risk using spot and futures prices for Tether. Conditional on full default, their estimates suggest an average devaluation probability of 60 basis points annually, rising to over 200 basis points during the 2022 Terra-Luna crash. In contrast, the probability of a partial default, defined as a 5% devaluation (trading at 95 cents), is approximately 12 percentage points on an annualized basis. Key risk factors include market volatility and transaction velocity. While elevated interest rates suggest heightened devaluation risk, deviations from covered interest parity indicate segmentation between traditional and stablecoin markets, reflecting the effects of leverage trading and arbitrage costs. To mitigate these risks, their findings suggest the importance of greater transparency and regulatory oversight. For example, the authors suggest implementing proof-of-reserve systems powered by smart contracts which would allow new tokens to be minted only when verified reserve balances increase, providing real-time detection of custodial issues rather than relying on quarterly attestations. [Source: EJF]

#Stablecoins #FinancialStability #Fintech #DFC

·tandfonline.com·Jan 3, 2026

Stablecoin Devaluation Risk (European Journal of Finance)

#Stablecoins #CryptoAssets #Fintech #Financial Stability

·tandfonline.com·Jan 1, 2026

Stablecoin Devaluation Risk (European Journal of Finance)

H.R.3074 - 119th Congress: Common Cents Act (Congress.gov)

The Common Cents Act is proposed legislation introduced in 2025 that seeks to eliminate the production of the penny and mandates that cash transactions be rounded to the nearest five cents. The act aims to address the financial inefficiencies associated with minting pennies, as their production costs exceed their actual value. [Source: Congress.gov]

#Cash #UnitedStates #DFC

·congress.gov·Dec 28, 2025

H.R.3074 - 119th Congress: Common Cents Act (Congress.gov)

Operationalizing Tokenized Funds (MAS)

The Monetary Authority of Singapore (MAS) published areport by the Guardian Asset and Wealth Management Industry Group that provides a comprehensive playbook for operationalizing tokenized funds, particularly tokenized money market funds (tMMFs). It covers critical legal structures and regulatory considerations across different tokenization models (Digital Mirror, Digital Twin, and Digital Native), examines settlement assets including stablecoins and tokenized deposits, and presents real-world use cases from major institutions like Franklin Templeton, Phillip Securities, Fidelity, Citi, Swift, and Deutsche Bank. The report addresses key challenges including cross-chain interoperability, settlement finality, compliance requirements, and operational risks, while identifying essential enablers for scalable adoption such as streamlined onboarding, robust risk controls, technical standards, and improved user experience. It concludes that the foundational elements for successful tokenization—robust legal frameworks, proven technology solutions, and clear operational models—are now practical realities rather than theoretical constructs, with the main question being how quickly market participants can adapt to capture the benefits of this transformative technology. [Source: MAS]

#Fintech #Tokenization #MMFs

·mas.gov.sg·Dec 27, 2025

Operationalizing Tokenized Funds (MAS)

The Digital Euro: Awareness, Adoption and Household Portfolios (ECB)

The European Central Bank (ECB) published a summary of a research paper uses survey data from the ECB’s Consumer Expectations Survey covering the 11 largest euro-area countries to assess public awareness of and willingness to adopt a digital euro and to evaluate how its introduction might affect household financial portfolios. Awareness of the digital euro has risen significantly in recent years, and a substantial share of consumers indicate they would be willing to use it for everyday transactions, particularly retail payments. Under plausible holding limits (e.g., €1,000–€10,000), the digital euro is estimated to cause only minor and statistically insignificant shifts in households’ allocation of liquid assets away from traditional bank deposits, suggesting limited risk of widespread financial disintermediation under normal conditions. The study also highlights the importance of effective communication about the digital euro’s key features to increase consumer adoption. [Source: ECB]

#CBDC #Eurozone #ECB #FinancialStability #Fintech #DFC

·ecb.europa.eu·Dec 26, 2025

The Digital Euro: Awareness, Adoption and Household Portfolios (ECB)

How Can Repurchase Agreements be Settled on a Distributed Ledger? (SNB)

The Swiss National Bank (SNB) conducted test transactions using repurchase agreements (repos) settled on distributed ledger technology (DLT) as part of the Helvetia pilot project. These "digital repos" involved tokenised assets and wholesale central bank digital currency settled on the SIX Digital Exchange (SDX) platform, while maintaining traditional trading and administration processes through the existing Swiss Money Market Value Chain. The tests demonstrated that DLT-based repo settlement is technically feasible and offers advantages like atomic settlement (simultaneous transfer of cash and assets), but revealed significant challenges including potential market fragmentation from participants' varying preferences for settlement methods, the need for enhanced cross-platform collateral management capabilities, and requirements for harmonized communication standards across different systems. While the pilot provided valuable insights into integrating DLT infrastructure with existing monetary policy operations, the SNB emphasized these tests don't indicate plans to actually implement such systems, as DLT-based markets remain niche for now.

#Fintech #Tokenization #Repo #DLT

·snb.ch·Dec 26, 2025

How Can Repurchase Agreements be Settled on a Distributed Ledger? (SNB)

Russian Ministry of Finance Approves Some Digital Ruble Payments for Government Budget Expenditures (MoF)

[December 18, 2025] The Russian government has approved a list of budget expenditures using the digital ruble starting January 1, 2026, reported on the website of the Ministry of Finance (MoF). The list includes social security payments, and salaries and other payments to staff, as well as expenses for capital construction, repair and maintenance of state-owned facilities. Also, the use of the digital ruble will become available for transfers to budgets and transfers of funds to federal institutions. Furthermore, from July 1, 2027, corresponding transactions with regional and local budgets, as well as transactions with extra-budgetary funds and recipients of funds, will become available. Payments from the budget will be made in digital rubles only if the recipients wish. [Source: MoF]

#CBDC #Russia #Payments #DFC #Fintech

·minfin.gov.ru·Dec 24, 2025

Russian Ministry of Finance Approves Some Digital Ruble Payments for Government Budget Expenditures (MoF)

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]

#CBDC #Cash #Eurozone #ECB #Regulation #DFC #Fintech

·consilium.europa.eu·Dec 24, 2025

European Council Agrees Position on the Digital Euro and on Strengthening the Role of Cash (European Council)

South Korea to Test Distributing Government Subsidies in New CBDC Test Phase (Decenter)

The South Korean press is reporting that the Bank of Korea (BoK) is preparing to launch a new phase of its "Project Hangang River" wholesale central bank digital currency (CBDC) project, focusing on distributing government subsidies. A first three-month proof-of-concept phase with commercial banks, during which central bank authorities made it clear that it was actually testing tokenized deposits, reportedly ended in June 2025. Unfortunately the central bank itself has been silent on the project so we have to rely on press reports that are often short on details, like whether the purported second test will really be about wholesale CBDC or perhaps tokenized deposits again, or a hybrid in which tokenized deposits are settled in wholesale CBDC. [Source: Decenter]

#CBDC #DepositTokens #Fintech #DFC #Korea #wCBDC

·decenter.kr·Dec 24, 2025

South Korea to Test Distributing Government Subsidies in New CBDC Test Phase (Decenter)

How New Regulations May Impact the Future of Stablecoins (CBPN)

Central Bank Payments News (CBPN) published an article by Zeke Copic that examines how new stablecoin regulations in the U.S. (GENIUS Act) and EU (MiCA) may impact the business models of stablecoin issuers. Both regulatory frameworks require 1:1 backing with high-quality liquid assets and prohibit interest payments to holders, but differ in prescribed asset allocations—the EU mandates 30-60% in bank deposits while the U.S. sets no specific limits. The analysis shows that while stablecoin issuers like Circle currently generate 95-99% of revenue from interest on reserve assets (primarily Treasury bills and reverse repos), they face significant interest rate risk as rates are expected to decline. However, projected growth in stablecoin supply to $1.4 trillion by 2030 could offset revenue losses from lower rates, resulting in modest revenue increases. The article concludes that Europe's more prescriptive MiCA regulations may hinder stablecoin growth compared to the U.S. approach, and issuers may need to develop alternative revenue sources beyond reserve asset yields to maintain viable business models. [Source: CBPN]

#Stablecoins #Regulation #Fintech #UnitedStates #Europe

·cbpn.currencyresearch.com·Dec 24, 2025

How New Regulations May Impact the Future of Stablecoins (CBPN)

An Empirical Analysis of Stablecoin Payment Usage on Ethereum (Artemis Analytics)

Artemis Analytics published an examination of stablecoin usage for payments on Ethereum by analyzing USDT and USDC transactions from August 2024 to August 2025. The authors employ a filtering methodology that distinguishes between externally-owned account (EOA) to EOA transfers, classified as payments, and smart contract interactions, primarily DeFi activity. Using wallet metadata to categorize transactions as person-to-person, business-to-business, or person-to-business transfers, they find that payments constitute approximately 47% of total stablecoin volume (or 35% excluding internal business transfers). While P2P transactions represent 67% of payment transaction counts, they account for only 24% of payment volume, suggesting retail transfers are substantially smaller than institutional flows. The analysis reveals considerable concentration, with the top 1,000 wallets contributing roughly 84% of transaction volume. The authors acknowledge methodological limitations, including potential misclassification of transactions and the inability to capture payments routed through intermediaries. Their estimates should be considered upper bounds given the relatively permissive criteria for classifying transactions as payments. [Source: Artemis Analytics]

An Empirical Analysis of Stablecoin Payment Usage on Ethereum

#Stablecoins #Ethereum #Payments #DeFi #CryptoAssets #Fintech #USDC #USDT #DFC

·artemisanalytics.com·Dec 21, 2025

An Empirical Analysis of Stablecoin Payment Usage on Ethereum (Artemis Analytics)

Central Bank of Peru Prepares to Launch CBDC Pilot (BCRP)

[October 14, 2024] The Central Reserve Bank of Peru (BCRP) and Bitel signed a framework agreement on October 14, 2024, to launch the country's first Central Bank Digital Currency (CBDC) pilot program. This initiative, formalized through regulations published in April 2024 and Bitel's selection in July 2024, aims to improve financial inclusion by providing digital payment services to unbanked populations in rural and underserved areas. During the pilot, Bitel will distribute the CBDC through its Bipay digital wallet, allowing users to make payments and transfers with this sovereign digital money issued by the central bank. The program will assess whether CBDCs can effectively replace cash and foster a digital payments ecosystem in regions with limited financial services. [Source: BCRP] https://www.bcrp.gob.pe/docs/Transparencia/Notas-Informativas/2024/nota-informativa-2024-10-14.pdf

#Peru #CBDC #Fintech #DFC

·bcrp.gob.pe·Dec 19, 2025

Central Bank of Peru Prepares to Launch CBDC Pilot (BCRP)

Central Bank of Peru Launches CBDC Pilot (BCRP)

[March 10, 2025] The Central Reserve Bank of Peru (BCRP) launched an evaluation phase on March 10, 2025, for its first digital currency innovation pilot in partnership with Bitel, following a successful trial period that began in 2024. By February 2025, Bitel's BiPay wallet had enrolled 67,000 active users processing an average of 91,000 daily transactions, with S/ 4.2 million in BCRP digital currency in circulation. The three-month pilot aims to assess whether a central bank digital currency (CBDC) can effectively complement cash in regions with low financial inclusion and limited digital payment infrastructure, with the wallet accessible even to users without smartphones through USSD text messaging technology. [Source: BCRP]

#Fintech #CBDC #Peru #DFC

·bcrp.gob.pe·Dec 19, 2025

Central Bank of Peru Launches CBDC Pilot (BCRP)

Digital Euro Technical Preparations Completed (ECB)

According to Christine Lagarde, President of the European Central Bank (ECB) technical preparations for a digital euro, including system architecture and safeguards, are now complete, with further progress now awaiting legislative action from the European Council and European Parliament. [Source: ECB]

#Fintech #CBDC #Eurozone #ECB #DFC

·ecb.europa.eu·Dec 19, 2025

Digital Euro Technical Preparations Completed (ECB)