DFC

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Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale CBDC (MAS)
Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale CBDC (MAS)
The Monetary Authority of Singapore (MAS) conducted a successful live trial of settling interbank overnight lending transactions using wholesale central bank digital currency (CBDC) on the Singapore Dollar Test Network (SGD Testnet). The trial involved three commercial banks, and featured the first live issuance of Singapore dollar wholesale CBDC, with transactions recorded in the banks' official books and regulatory filings. The SGD Testnet offers functionalities including a common settlement asset, programmability for real-time conditional payments, and multi-asset atomic settlement, helping to reduce settlement risks and market fragmentation. MAS plans to build on this pilot by conducting a future trial for the issuance and settlement of tokenized MAS Bills via CBDC, with further details to be provided in 2026.​ [Source: MAS]
#CBDC#wCBDC#Singapore#Settlement#DLT#DFC#Tokenization
·mas.gov.sg·
Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale CBDC (MAS)
Project Guardian Fixed Income Workstream Update (ICMA)
Project Guardian Fixed Income Workstream Update (ICMA)
The International Capital Market Association (ICMA) published two key technical deliverables to the Monetary Authority of Singapore (MAS) Project Guardian Fixed Income Framework workstream. One was a guide for delivery versus payment (DvP) settlement of distributed ledger technology (DLT) based debt securities, comparing wholesale central bank digital currencies (CBDCs), tokenized bank deposits, and stablecoins. Each presents distinct opportunities and risks regarding counterparty exposure, liquidity, and operational considerations. Multiple settlement forms will coexist and require interoperability. Key challenges include legal clarity, custody arrangements, connectivity between on-chain and off-chain systems, and achieving settlement finality across different networks. The second deliverable was on lessons learned from custody arrangements for DLT-based debt securities, revealing common challenges. Key issues include determining whether tokenized securities require novel custody models or fit within traditional central securities depositories (CSDs), establishing legal clarity for investor eligibility, safeguarding private cryptographic keys, and integrating DLT platforms with existing systems. New contractual frameworks addressing roles, liabilities, and cross-border complexities are essential for scaling custody arrangements. [Source: ICMA]
#Fintech#CBDC#wCBDC#DepositTokens#Stablecoins#CryptoAssets#Settlement#Tokenization#DFC#Singapore
·icmagroup.org·
Project Guardian Fixed Income Workstream Update (ICMA)
HKMA Announces New Phase of Project Ensemble
HKMA Announces New Phase of Project Ensemble
The Hong Kong Monetary Authority (HKMA) has launched EnsembleTX, marking the new phase of Project Ensemble to enable real-value transactions in tokenized deposits and digital assets within a controlled pilot environment. Building on successful sandbox experiments since August 2024, this phase allows industry participants to settle digital asset transactions using tokenized deposits, initially focusing on transactions such as money market funds and real-time liquidity management. The project, running throughout 2026, will initially use the HKD RTGS system for interbank settlement and aims to facilitate 24/7 settlement in tokenized central bank money (CeBM), further developing Hong Kong’s tokenization ecosystem. HKMA and the Securities and Futures Commission will continue collaborating to advance practical applications of tokenization. [Source: HKMA]
#DepositTokens#Tokenization#DLT#Blockchain#wCBDC#Fintech#DFC
·hkma.gov.hk·
HKMA Announces New Phase of Project Ensemble
Visa Direct Stablecoin Payouts Pilot Speeds Up Access to Funds for Creators & Gig Workers
Visa Direct Stablecoin Payouts Pilot Speeds Up Access to Funds for Creators & Gig Workers
VISA has launched a new pilot for VISA Direct that enables businesses and platforms to send payouts directly to recipients’ USD-backed stablecoin wallets, notably benefiting creators and gig workers with much faster access to their funds. The service funds payouts in fiat currency but recipients can choose to receive their funds in stablecoins like USDC, allowing for near-instant global money movement even in markets with currency volatility or limited banking infrastructure. Currently launching with select partners, Visa plans a wider rollout in 2026, emphasizing broader financial flexibility and support for the evolving creator and gig economy. [Source: VISA]
#VISA#Stablecoins#CryptoAssets#Payments#Fintech
·investor.visa.com·
Visa Direct Stablecoin Payouts Pilot Speeds Up Access to Funds for Creators & Gig Workers
UAE Government Conducts First Digital Dirham Transaction (UAE Government)
UAE Government Conducts First Digital Dirham Transaction (UAE Government)
The Ministry of Finance and Dubai Finance, in collaboration with the Central Bank of the UAE, completed the country’s first government financial transaction using the Digital Dirham. This transaction was part of the proof-of-concept (POC) phase of the Digital Dirham project launched under the Financial Infrastructure Transformation Programme. The POC used the mBridge platform to test integration and operational readiness between federal and local government payment systems. The transaction was processed in less than two minutes via the mBridge platform for multi-CBDC payments, designed to provide secure, reliable digital government settlements without intermediaries, while aiming to enhance operational efficiency, transparency, and speed in government transactions. ​[Source: UAE Government]
#CBDC#DFC#UAE#Fintech#Dubai
·mediaoffice.ae·
UAE Government Conducts First Digital Dirham Transaction (UAE Government)
Brazil's Central Bank Shuts Down Drex CBDC Platform (Valor)
Brazil's Central Bank Shuts Down Drex CBDC Platform (Valor)
Banco Central do Brasil (BCB) has reportedly shut down its Drex central bank digital currency (CBDC) project, due to high maintenance costs and unresolved privacy concerns in transaction processing. The next phase of the Drex project will take a technology-neutral approach, with ongoing studies into tokenization and settlement environments for central bank-issued currency, but privacy solutions remain a challenge. It has been a long while since the last official update from the BCB, but back in August 2025, it had reportedly signaled that it was dropping the blockchain-based design due to immature privacy solutions that failed to meet bank-grade confidentiality and verifiability standards, although at that time the project was still reportedly alive. What is not clear from these latest reports is whether the BCB is walking completely away from the CBDC project or they are just confirmations that the blockchain-based design is being dropped. Until the BCB speaks up for itself, we'll just have to wait. [Source:Valor]
#CBDC#Brazil#DLT#Blockchain#Fintech#DFC
·valorinternational.globo.com·
Brazil's Central Bank Shuts Down Drex CBDC Platform (Valor)
JPMorgan and DBS Bank Team Up on Cross-Border Tokenised Deposit Framework (CoinDesk)
JPMorgan and DBS Bank Team Up on Cross-Border Tokenised Deposit Framework (CoinDesk)
JPMorgan and Singapore’s DBS Bank are collaborating to develop a cross-border tokenized deposit framework that will connect their respective blockchain payment systems, allowing institutional clients to transfer tokenized deposits in real time between both public and private blockchains. This initiative links DBS Token Services with JPMorgan’s Kinexys Digital Payments project, enabling interoperability and 24/7 settlement between banks without relying on traditional payment rails. The move aims to set new standards for interoperability in institutional digital payments, reflecting the global trend of major banks seeking seamless, cross-system digital deposit solutions. According to BIS, about a third of banks worldwide are now exploring or launching tokenized deposit innovations, signaling accelerating adoption in this area. [Source: CoinDesk]
#JPMorgan#Blockchain#Fintech#Kinexys#CrossBorder#DepositTokens#Payments#DFC
·coindesk.com·
JPMorgan and DBS Bank Team Up on Cross-Border Tokenised Deposit Framework (CoinDesk)
Proposed Regulatory Regime for Sterling-Denominated Systemic Stablecoins (BOE)
Proposed Regulatory Regime for Sterling-Denominated Systemic Stablecoins (BOE)
The Bank of England (BOE) published a consultation paper that outlines its proposed regulatory regime for sterling-denominated systemic stablecoins, digital assets that could pose risks to UK financial stability if widely used for payments. The regime would require systemic stablecoin issuers to hold at least 40% of their backing assets as non-interest-bearing BOE deposits and up to 60% in short-term UK government debt. Issuers must meet robust capital and reserve requirements, with reserves held in trust for holders to protect against market and insolvency risks. Individuals would be subject to £20,000 per-coin holding limits, and businesses to £10 million limits, although retail businesses and intermediaries servicing retail customers (such as crypto-asset trading platforms) could be exempted. Systemic stablecoins would be supervised jointly by the BOE and the Financial Conduct Authority (FCA), but only after HM Treasury (HMT) formally recognizes a stablecoin or its issuer as systemically important. Non-systemic stablecoins (not widely used) will face solo FCA regulation. This consultation closes on February 10, 2026. After considering stakeholder feedback, the BOE will develop and consult on the detailed Codes of Practice in 2026, with finalized rules expected thereafter. [Source: BOE]
#Stablecoins#UnitedKingdom#Regulation#Fintech#DFC
·bankofengland.co.uk·
Proposed Regulatory Regime for Sterling-Denominated Systemic Stablecoins (BOE)
Regulatory Responses to the Financial Stability Implications of Stablecoins (Ulrich Bindseil)
Regulatory Responses to the Financial Stability Implications of Stablecoins (Ulrich Bindseil)
Ulrich Bindseil posted an updated version of his paper that examines the financial stability implications of stablecoin regulation. He argues that large, non‑bank, narrow‑balance‑sheet “stablecoins” on programmable platforms materially reshape funding flows and liquidity risks in both domestic and cross‑border settings. He shows that stablecoin growth tends to displace granular household deposits with concentrated, more volatile, better‑remunerated deposits from stablecoin issuers, likely worsening banks’ liquidity profiles even when aggregate flows can look neutral in simple flow‑of‑funds models. He further contends that global dollar stablecoins can amplify asymmetric capital flows and de facto dollarization, with implications for emerging‑market banking systems’ funding stability and monetary autonomy. For policy, he evaluates alternative issuer types, compares Genius Act and MiCAR regimes, and argues that blanket bans on remuneration are neither necessary nor sufficient for financial stability, proposing capital, reserve, and design constraints instead. The central open question is how far regulation should go in limiting stablecoin‑driven disintermediation of banks.
#CryptoAssets#Regulation#Stablecoins#FinancialStability#DFC#Fintech
·papers.ssrn.com·
Regulatory Responses to the Financial Stability Implications of Stablecoins (Ulrich Bindseil)
Canada Moves to Regulate Stablecoins in New Budget (Decrypt)
Canada Moves to Regulate Stablecoins in New Budget (Decrypt)
The Canadian government will introduce legislation to regulate the issuance of fiat-backed stablecoins in Canada. Under this framework, issuers will be required to maintain and manage adequate asset reserves, establish clear redemption policies, and implement robust risk management systems to protect consumers. The legislation ensures privacy safeguards for Canadians' sensitive information and includes national security provisions to strengthen trust in the system, making stablecoins safe and secure for individuals and businesses. The Bank of Canada will administer these regulations, retaining $10 million over two years and subsequently $5 million annually, with costs offset by regulated stablecoin issuers. Additionally, the Retail Payment Activities Act will be amended to allow for the regulation of payment service providers conducting payment functions with stablecoins, reinforcing oversight and consumer protection in digital payments.​ [Source: Government of Canada] https://budget.canada.ca/2025/report-rapport/pdf/budget-2025.pdf
#Canada#Stablecoins#Regulation#Supervision#Fintech#DFC#CryptoAssets
·decrypt.co·
Canada Moves to Regulate Stablecoins in New Budget (Decrypt)
The HKMA Unveils “Fintech 2030” at the Hong Kong FinTech Week 2025 (HKMA)
The HKMA Unveils “Fintech 2030” at the Hong Kong FinTech Week 2025 (HKMA)
The Hong Kong Monetary Authority (HKMA) unveiled its “Fintech 2030” strategy during the Hong Kong FinTech Week 2025, marking a major milestone for the city’s fintech sector. The new strategy is organized under four pillars, called “DART”: developing next-generation data and payment infrastructure; advancing responsible adoption of artificial intelligence in financial institutions with a shared, scalable AI approach; enhancing technology and quantum resilience, including proactive steps for post-quantum cryptography; and accelerating tokenization of finance, with initiatives such as tokenized government bonds and new forms of digital money like e-HKD and regulated stablecoins. With over 40 initiatives planned, the HKMA aims to position Hong Kong as a resilient, future-ready global fintech hub, leveraging collaboration across the sector to foster innovation, inclusion, and sustainability.​ [Source: HKMA]
#Fintech#HongKong#CBDC#Stablecoins#Tokenization#DFC#DepositTokens#AI#QuantumComputing#Payments#PaymentSystems#CrossBorder
·hkma.gov.hk·
The HKMA Unveils “Fintech 2030” at the Hong Kong FinTech Week 2025 (HKMA)
Understanding Disputes Over Digitalization: A Perspective of Cross-Border CBDCs (Heng Wang)
Understanding Disputes Over Digitalization: A Perspective of Cross-Border CBDCs (Heng Wang)
In a forthcoming paper in the Emory International Law Review, Heng Wang analyzes the complexity of disputes arising from digitalization, with a particular focus on cross-border central bank digital currencies (CBDCs). The paper highlights that CBDCs—as novel digital forms of national currency issued by central banks—bring transformative changes, especially through cross-border initiatives like Project mBridge and other multilateral efforts. The paper argues that the rapid digitalization of currency systems increases the likelihood of disputes due to diverging stakeholder interests, regulatory inconsistencies, technological challenges, and evolving governance structures. Wang proposes a framework examining social (stakeholder interests and interactions), material (subject matter and party perceptions), and temporal (evolution and timing of disputes) dimensions to better understand these disputes. By dissecting disputes along these lines, the paper aims to bridge the gaps between digital transformation and dispute settlement, helping public and private actors navigate the complex regulatory, technological, and operational landscape emerging from global CBDC adoption.​ [Source: ResearchGate]
#CBDC#CrossBorder#Legal#DFC#Fintech
·researchgate.net·
Understanding Disputes Over Digitalization: A Perspective of Cross-Border CBDCs (Heng Wang)
Everyone Is Wrong About Tokenized Bank Deposits
Everyone Is Wrong About Tokenized Bank Deposits
Crypto consultant Omid Malekan argues that widespread optimism about tokenized bank deposits is misplaced and reflects a misunderstanding of blockchain’s disruptive potential. He contends that tokenized deposits are inferior to stablecoins in terms of economics, safety, and compliance—requiring banks to pay competitive interest, being riskier due to fractional reserves, and suffering from restrictive permissioning that reduces utility. On the supply side, challenges like deposit insurance and price discovery on-chain could exacerbate instability and bank runs, and regulatory compliance will force banks into permissioned systems that undermine the very benefits of tokenization. Malekan concludes that unless banks radically rethink their structure, tokenizing legacy bank deposits simply reproduces outdated models, missing the transformative promise of blockchain technology. [Source: Substack]
#Fintech#Tokenization#DepositTokens#Stablecoins#CryptoAssets#DFC
·malekanoms.substack.com·
Everyone Is Wrong About Tokenized Bank Deposits
Conceptual Model for POS Payment with Retail CBDC
Conceptual Model for POS Payment with Retail CBDC
[November 2024] Lars Hupel posted a paper that presents a comprehensive conceptual model for point-of-sale (POS) payments using retail central bank digital currency (CBDC), with a focus on user and merchant interaction scenarios. The paper examines how retail CBDC could be accepted at POS alongside existing methods, emphasizing the increased relevance of push payments, the necessity for wallet and platform diversity, and the complexity introduced for both consumers and merchants in selecting payment sources. Offline functionality, peer-to-peer mode, and seamless integration with existing payment infrastructure are key focus areas. The model advocates for leveraging familiar standards (like EMV) for online authentication, standardizing QR codes, and addressing the unique user experience challenges posed by offline payments, with the ultimate goal of enhancing adoption while minimizing disruption and inefficiency in the payment landscape.​ [Source: Lars Hupel]
#CBDC#Payments#Interoperability#Offline#Fintech#DFC
·lars.hupel.info·
Conceptual Model for POS Payment with Retail CBDC
The Past and Future of Money: New Technologies and Economic Risks (G30)
The Past and Future of Money: New Technologies and Economic Risks (G30)
[October 8, 2025] The Group of Thirty (G30) published a report that explores how rapid technological innovation is transforming money and payment systems while exposing new risks to monetary stability. It emphasizes the enduring importance of trust, singleness, and stability in the monetary system, particularly through the two-tier structure where central bank and commercial bank money remain interchangeable at par—an achievement of modern regulation and oversight. Drawing on historical lessons from commodity money and banking eras, the report argues that while new technologies like cryptocurrencies and stablecoins promise efficiency and programmability, they also risk undermining monetary singleness, facilitating illicit finance, and evading regulation if not carefully managed. The working group recommends policymakers accelerate work on central bank digital currencies (CBDCs), encourage bank sector innovations such as tokenized deposits within a robust regulatory perimeter, and urgently develop strong regulatory frameworks for stablecoins to promote payment competition without destabilizing the system. [Source: G30]​
#G30#Fintech#CBDC#DFC#Stablecoins#CryptoAssets#DepositTokens
·group30.org·
The Past and Future of Money: New Technologies and Economic Risks (G30)
Money, Payment and Technology: The Legal Challenge (EBLR)
Money, Payment and Technology: The Legal Challenge (EBLR)
[September 2025] The European Business Law Review (EBLR) published an article by Benjamin Geva that explores the evolving relationship between money, payment, and technology, tracing how advances in payment instruments and innovations like cheques, payment cards, e-money, and digital currency have blurred the lines between "money" and "payment." Historically, money referred to tangible assets like coins, while payment described the transfer mechanism. Over centuries, legal frameworks—especially the law of negotiable instruments—struggled to keep pace as banking systems, technological progress, and new instruments made payment itself a form of money. The rise of electronic banking, stored-value devices, and digital coins further transformed payment mechanisms, creating new legal challenges. With the advent of Fintech and the emergence of central bank digital currencies (CBDC), Geva argues that payment law now faces immense regulatory, consumer protection, and privacy hurdles, and calls for a flexible, coherent legal system to govern the complex landscape of modern payments and money. [Source: EBLR]
#Legal#Regulation#Payments#Fintech#LegalTender#CBDC#DFC
·kluwerlawonline.com·
Money, Payment and Technology: The Legal Challenge (EBLR)
The E-Banknote as a 'Banknote': A Monetary Law Interpreted
The E-Banknote as a 'Banknote': A Monetary Law Interpreted
[June 28, 2021] The Oxford Journal of Legal Studies published a paper co-written by Benjamin Geva that examines whether electronic banknotes (“e-banknotes”) can be legally and functionally defined as “banknotes” under present monetary laws. It argues that the evolution of banknotes—from paper to digital—should be interpreted through general monetary law principles that prioritize functionality and societal needs over strict adherence to physical form. The authors propose precise terminology for digital currencies and show that a banknote may be “written” electronically, focusing particularly on token-based (non-blockchain) models for central bank digital currency (CBDC) issuance. They advocate for central banks to regard electronic banknotes as legal tender, emphasizing that statutes and constitutions should adapt fluidly with technological progress. The article concludes that e-banknotes, when designed as unique digital tokens with secure ownership and transfer, fulfill both the legal and functional requirements of traditional banknotes, thus paving the way for their issuance without necessitating changes to central bank powers. [Source: SSRN]
#CBDC#LegalTender#Regulation#Fintech#DFC
·papers.ssrn.com·
The E-Banknote as a 'Banknote': A Monetary Law Interpreted
CBDC and Monetary Architecture (Dirk Niepelt)
CBDC and Monetary Architecture (Dirk Niepelt)
Dirk Niepelt reviewed the macroeconomic literature on retail central bank digital currency (CBDC), focusing on the question of when the introduction of CBDC is macroeconomically neutral and when it produces significant effects. The study uses a general-equilibrium “neutrality” framework to show that, under certain policy choices, introducing CBDC—even if it displaces bank deposits and alters funding sources—need not have major macroeconomic consequences. However, many of the effects identified in the literature stem not from the intrinsic properties of CBDC but from associated policies or departures from neutrality. CBDC’s impact on financial stability, bank intermediation, and macroeconomic outcomes mainly depends on how it is implemented; political and policy choices (rather than fundamental economic constraints). [Source: Niepelt.ch]
#CBDC#FinancialStability#Macrofinancial#Fintech#DFC
·niepelt.ch·
CBDC and Monetary Architecture (Dirk Niepelt)
CBDC, Flight-to-Quality, and Bank-Runs in an Agent-Based Model (arXiv)
CBDC, Flight-to-Quality, and Bank-Runs in an Agent-Based Model (arXiv)
This paper analyzes the impact of introducing a Central Bank Digital Currency (CBDC) on financial stability and welfare using a macroeconomic agent-based model incorporating firms, banks, and households. Households can switch their funds from bank deposits to CBDC based on perceived bank risk, which amplifies the risk of bank runs and financial instability, especially when there is no cap on CBDC holdings. The model shows that while CBDC introduction has limited effects on overall macroeconomic variables like GDP and unemployment, it leads to slightly higher loan interest rates and reduced credit to firms, with wealth increasingly redistributed from banks and firms to households. Unconstrained conversion of deposits to CBDC significantly raises bank default rates and economic volatility, whereas imposing limits (e.g., a cap at 30–40% of deposits and deposit insurance) mitigates these negative effects and can improve welfare. The research concludes that fears over financial disintermediation are mostly exaggerated—well-designed holding limits keep the risks low and offer resilience, but allowing large-scale conversion to CBDC could harm both stability and welfare.​ [Source: arXiv]
#CBDC#FinancialStability#Macrofinancial#Fintech#DFC
·arxiv.org·
CBDC, Flight-to-Quality, and Bank-Runs in an Agent-Based Model (arXiv)
Digital Euro Legislative Process Advances (European Parliament)
Digital Euro Legislative Process Advances (European Parliament)

Fernando Navarrete, the rapporteur responsible for shepherding the digital euro legislation through the European Parliament, published his draft report for the Single Currency Package, which includes the Establishment of the Digital Euro Regulation, On October 28, 2025. The package included proposals for the establishment of the digital euro regulation, legal tender status regulation, and the provisions for payment service providers (PSPs) in non-euro member states regulation. [Source: European Parliament] https://www.europarl.europa.eu/doceo/document/ECON-PR-778137_EN.pdf (legal tender status) https://www.europarl.europa.eu/doceo/document/ECON-PR-778135_EN.pdf (PSPs in non-member countries)

Notably, the DRAFT legislation prioritizes the rollout of the offline versioN and mandates that the European Central Bank (ECB) complete all technical and organizational preparations for the offline digital euro before the online version is considered. Introduction of the online digital euro will depend on a market assessment by the European Commission, which will proceed only if there is no suitable pan-European private retail payment solution that covers person-to-person, point-of-sale, and e-commerce. Both forms, upon ECB authorization, enter a minimum 24-month adaptation phase to allow payment service providers and stakeholders to adjust securely and gradually. This framework aims to avoid crowding out private sector solutions, synchronize technical standards, and ensure interoperability, with clear fee guidelines and user choice, making public sector intervention conditional and proportional to actual market needs.

#Fintech#CBDC#ECB#DFC#Eurozone
·europarl.europa.eu·
Digital Euro Legislative Process Advances (European Parliament)
European Council Call for Acceleration of Digital Euro Progress (European Council)
European Council Call for Acceleration of Digital Euro Progress (European Council)
At its October 23, 2025 Summit, the European Council called for the swift completion of digital euro legislative work and the acceleration of other preparatory steps. The statement noted that "the digital euro offers a strategic opportunity for supporting a competitive and resilient European payment system, contributing to Europe’s strategic autonomy and economic security, and strengthening the international role of the euro". The European Council is the top political body of the European Union (EU), composed of the heads of state or government of all EU member countries, the European Council President, and the European Commission President. [Source: European Council]
#CBDC#Fintech#Eurozone#ECB#DFC
·consilium.europa.eu·
European Council Call for Acceleration of Digital Euro Progress (European Council)
Bank Indonesia Governor Reveals Government Bond Tokenization Plans (CNBC)
Bank Indonesia Governor Reveals Government Bond Tokenization Plans (CNBC)
Bank Indonesia (BI) Governor Perry Warjiyo reportedly announced plans to issue a national stablecoin backed by government bonds (Surat Berharga Negara or SBN). The digital central bank securities will be tokenized versions of government bonds built on a prospective wholesale digital rupiah central bank digital currency (CBDC) platform. He goes on to say that the tokenized bonds would represent "Indonesia's national version of a stablecoin" but he might mean that in the broader sense of "stablecoin" rather than as a generally-accepted medium of exchange. My interpretation would be consistent with where the BI's Project Garuda wholesale CBDC proof of concept (POC) left off, concluding that the BI will proceed with broader explorations of a securities ledger. [Source: CNBC]
#CBDC#Indonesia#wCBDC#Tokenization#Settlement#Fintech#DFC
·cnbcindonesia.com·
Bank Indonesia Governor Reveals Government Bond Tokenization Plans (CNBC)
The Rise of Stablecoins and Implications for U.S. Treasury Markets (Brookings)
The Rise of Stablecoins and Implications for U.S. Treasury Markets (Brookings)
The Brookings Institution published a working paper that examines how the rapid adoption of U.S. dollar-pegged stablecoins has begun to transform international finance and demand for U.S. Treasury securities. Stablecoins are favored in cross-border payments and remittance corridors, particularly in economies facing high inflation or weak local currencies, due to their lower costs, quicker settlements, and easy access. The authors show that stablecoin issuers now hold Treasury exposure approaching major foreign holders, and their continued growth could drive stablecoin-backed demand for Treasuries to trillions of dollars by 2030. While this diversification may benefit U.S. fiscal stability, it also introduces risks, such as regulatory arbitrage, concentration among few issuers, systemic vulnerabilities, and potential currency substitution in emerging markets. The authors emphasize the need for clear global oversight, regulatory coordination, and stress-testing frameworks for issuers, as well as monitoring the broader impacts on monetary sovereignty and financial stability. [Source: Brookings]
#Stablecoins#Fintech#FinancialStability#DFC#CryptoAssets
·brookings.edu·
The Rise of Stablecoins and Implications for U.S. Treasury Markets (Brookings)
HKMA Completes Second Phase of e-HKD Pilot Programme (HKMA)
HKMA Completes Second Phase of e-HKD Pilot Programme (HKMA)

The Hong Kong Monetary Authority (HKMA) has completed the second and last phase of its e-HKD central bank digital currency (CBDC) pilot program. It evaluated the commercial viability and scalability of an e-HKD in various retail scenarios and compared it with tokenized deposits, structured around three themes: (i) settlement of tokenised assets, (ii) programmability, and (iii) offline payments. The results showed that an e-HKD can deliver benefits such as cost-efficient, programmable, and resilient transactions. One of the key takeaways was that, for retail end users, including merchants, consumers and individual investors, the difference between an e-HKD and tokenized deposits is not immediately clear, particularly in the context of routine payment transactions. Hence, the HKMA concluded that the immediate priority for the e-HKD lies in wholesale payments, and going forward it will prioritize the development of the tokenization ecosystem and cross-border payments. [Source: HKMA]

#Fintech#CBDC#DFC#HongKong#wCBDC#Tokenization#Settlement#DLT
·hkma.gov.hk·
HKMA Completes Second Phase of e-HKD Pilot Programme (HKMA)
eCurrency to Pilot Central Bank Digital Currency Solution in Madagascar (eCurrency)
eCurrency to Pilot Central Bank Digital Currency Solution in Madagascar (eCurrency)
eCurrency Mint is set to begin an eAriary central bank digital currency (CBDC) pilot in Madagascar. The project aims to introduce a digital version of the Ariary currency, leveraging eCurrency's DSC3 technology to enable secure and efficient transactions. The solution is designed to integrate seamlessly into Madagascar's existing financial ecosystem, and will be piloted in partnership with PayLogic SA to align with the “specific requirements of the Banky Foiben'i Madagasikara”. However, it is unclear to what extent the central bank itself is involved. [Source: PR Newswire]
#Madagascar#CBDC#Fintech#eCurrency#DFC
·prnewswire.com·
eCurrency to Pilot Central Bank Digital Currency Solution in Madagascar (eCurrency)
China’s Digital Yuan CBDC Processes $2 Trillion (Ledger Insights)
China’s Digital Yuan CBDC Processes $2 Trillion (Ledger Insights)
China's digital yuan payment volumes reportedly reached RMB 14.2 trillion ($2 trillion) by September 2025, nearly doubling from RMB 7.3 trillion in July 2024. The number of digital RMB wallets has increased to 2.25 billion, with users opening multiple wallets. However, the average transaction value has remained stable at RMB 428 ($60), a decline from the 2023 peak of RMB 1,895 ($135). [Source: Ledger Insights] https://english.news.cn/20251028/ef76c5940b984294a966119ad660dd8f/c.html
#CBDC#China#Fintech#mCBDC#DFC
·ledgerinsights.com·
China’s Digital Yuan CBDC Processes $2 Trillion (Ledger Insights)
Revolut Secures MiCA License in Cyprus to Launch Europe-Wide Crypto Services (CoinTelegraph)
Revolut Secures MiCA License in Cyprus to Launch Europe-Wide Crypto Services (CoinTelegraph)
Revolut has reportedly obtained a Markets in Crypto-Assets Regulation (MiCA) license from Cyprus’ securities regulator, enabling the fintech giant to provide regulated crypto services across all 30 countries in the European Economic Area. This strategic move supports the launch of Revolut’s new “Crypto 2.0” platform, which will feature access to over 280 tokens, zero-fee staking with up to 22% APY, and seamless 1:1 stablecoin-to-US dollar conversions. [Source: CoinTelegraph]
#CryptoAssets#Regulation#Europe#Stablecoins#Fintech#Cyprus#DFC
·cointelegraph.com·
Revolut Secures MiCA License in Cyprus to Launch Europe-Wide Crypto Services (CoinTelegraph)
Kyrgyzstan Launches National Stablecoin in Partnership with Binance (Reuters)
Kyrgyzstan Launches National Stablecoin in Partnership with Binance (Reuters)
Kyrgyzstan has reportedly launched its first national stablecoin, KGST, pegged 1:1 to its national currency, the som, and built on Binance's BNB Chain. The launch was attended by Binance co-founder Changpeng "CZ" Zhao, who also serves as a strategic advisor to Kyrgyzstan's crypto committee. Alongside the stablecoin, Kyrgyzstan is piloting a central bank digital currency (CBDC) called the digital som. ​[Source: X] https://x.com/cz_binance/status/1982028486790328802
#CBDC#Stablecoins#Binance#Kyrgyzstan#DFC#Fintech
·reuters.com·
Kyrgyzstan Launches National Stablecoin in Partnership with Binance (Reuters)
Western Union to Pilot Stablecoin-Powered Transfers (Coin Telegraph)
Western Union to Pilot Stablecoin-Powered Transfers (Coin Telegraph)
Western Union is piloting a stablecoin-based settlement system to modernize its remittance operations, aiming to reduce reliance on traditional banking systems and improve efficiency for its 150 million customers. CEO Devin McGranahan highlighted the potential of blockchain technology to shorten settlement times and enhance capital efficiency, especially for users in high-inflation countries. [Source: Coin Telegraph]
#Stablecoins#Remittances#CrossBorder#Payments#DFC#UnitedStates#CryptoAssets
·cointelegraph.com·
Western Union to Pilot Stablecoin-Powered Transfers (Coin Telegraph)
Can CBDCs Improve the Delivery of Social Safety Nets? (IMF)
Can CBDCs Improve the Delivery of Social Safety Nets? (IMF)
The IMF published a paper that evaluates whether retail central bank digital currencies (CBDCs) can improve the effectiveness and efficiency of delivering social safety nets (SSNs) to vulnerable populations. The authors find that while CBDCs used merely as payment delivery mechanisms offer limited advantages over existing fast payment systems, their real potential lies in serving as payment administration platforms. Features such as programmability, peer-to-peer transfers, decentralized ledger access, and direct transaction monitoring could enable SSN agencies to automate transfers, operate independently from private financial institutions, and better track payments, leading to more streamlined and transparent benefit delivery. However, these benefits come with significant challenges: privacy protection, compliance and customer due diligence requirements, technological and infrastructure risks, and the need for thoughtful integration with established systems. The paper concludes that unlocking CBDCs’ full potential for social safety nets requires close collaboration between digital currency developers and SSN administrators, with careful consideration of comparative advantages and risks. [Source: IMF]
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·imf.org·
Can CBDCs Improve the Delivery of Social Safety Nets? (IMF)