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Fiserv Launches New FIUSD Stablecoin for Financial Institutions
Fiserv Launches New FIUSD Stablecoin for Financial Institutions
[June 23, 2025] Fiserv plans to launch a new digital asset platform featuring the FIUSD stablecoin, that will leverage infrastructure from Paxos and Circle, operate on the Solana blockchain, and be available at no additional cost to Fiserv's approximately 10,000 financial institution clients and six million merchant locations that process 90 billion transactions annually. FIUSD is designed to provide banks with 24/7 settlement capabilities and streamlined processes while maintaining full control over customer experience through easy integration with existing Fiserv platforms like Experience Digital and Commercial Center, with built-in compliance features including fraud monitoring and risk management.
#CryptoAssets#Stablecoins#Fintech#UnitedStates#DFC
·investors.fiserv.com·
Fiserv Launches New FIUSD Stablecoin for Financial Institutions
Societe Generale-FORGE to Launch a USD Denominated Stablecoin
Societe Generale-FORGE to Launch a USD Denominated Stablecoin
(June 10, 2025] Societe Generale-FORGE announced the launch of USD CoinVertible (USDCV), a USD-denominated stablecoin that will be deployed on both Ethereum and Solana public blockchains, with The Bank of New York Mellon Corporation (BNY) serving as reserve custodian. This marks SG-FORGE's second stablecoin after the EUR CoinVertible launched in April 2023, offering institutional, corporate, and retail investors 24/7 instant conversion between fiat currencies and stablecoins for activities like crypto trading, cross-border payments, and cash management. Both stablecoins are fully compliant with European MiCA regulation as Electronic-Money Tokens, with SG-FORGE licensed as an Electronic Money Institution by French regulators, and trading of USDCV is expected to begin in early July 2025, though neither stablecoin is available to US persons.
#CryptoAssets#Stablecoins#Fintech#France#Europe#DFC
·sgforge.com·
Societe Generale-FORGE to Launch a USD Denominated Stablecoin
Ripple Follows Circle in Bid for US Banking License
Ripple Follows Circle in Bid for US Banking License
Ripple has filed an application with the Office of the Comptroller of the Currency (OCC) to obtain a national bank charter, following in the footsteps of Circle's similar application just two days earlier. The application comes as stablecoin issuers prepare for expected regulatory requirements under the GENIUS Act legislation, which recently passed the Senate. Ripple has also filed for a Federal Reserve master account through its Standard Custody subsidiary, which would allow it to hold RLUSD stablecoin reserves directly with the Fed and provide more flexibility for processing digital assets. See also: https://x.com/bgarlinghouse/status/1940454339207667941.
#Regulation#Circle#CryptoAssets#Fintech#UnitedStates#Ripple#XRP#Stablecoins#DFC
·decrypt.co·
Ripple Follows Circle in Bid for US Banking License
Crunchfish provides a high-level description of its modular, packet-switched, layer-2 approach to payments
Crunchfish provides a high-level description of its modular, packet-switched, layer-2 approach to payments
Crunchfish outlined its Digital Cash solution that uses a modular, packet-switched layer-2 (L2) architecture to enhance existing layer-1 payment systems. The company's approach augments any underlying L1 payment system by enabling multiple design objectives including resilience, privacy, scalability, and interoperability through off-chain processing while maintaining reconciliation and settlement on the underlying L1 system. The solution addresses vulnerabilities in traditional online payment systems by providing load balancing and congestion avoidance during peak usage, enables new offline payment use cases, and maintains a modular design that separates wallet, terminal, and gateway components for flexibility and healthy ecosystem competition. By integrating packet-switching architecture similar to how the internet revolutionized communication layers, Crunchfish's system ensures survivability and load balancing for high-volume payment networks while offering universal interoperability across devices, geographies, and payment systems.
#Crunchfish#Fintech#Payments#PaymentSystems
·crunchfish.com·
Crunchfish provides a high-level description of its modular, packet-switched, layer-2 approach to payments
ECB Commits to DLT Settlement Plans with Dual-Track Strategy
ECB Commits to DLT Settlement Plans with Dual-Track Strategy
The European Central Bank (ECB) will follow a dual-track strategy to enable distributed ledger technology (DLT) transaction settlement using central bank money. The "Pontes" track is a short-term solution that will pilot connections between DLT platforms and the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) platform by the end of Q3 2026. "Appia" is a long-term approach focused on creating innovative, integrated financial ecosystems, like the "full DLT" solutions tested by the Banque d France" in which settlements were completed using on-chain "exploratory cash tokens" (i.e., wholesale central bank digital currency (CBDC)). This decision builds on the Eurosystem's 2024 exploratory work involving 64 participants conducting over 50 DLT trials and experiments, the results of which were published along with the announcement of the dual-track strategy. https://www.ecb.europa.eu/press/pubbydate/2025/html/ecb.exploratoryworknewtechnologies202506.en.html
#DLT#ECB#Eurozone#Settlement#SettlementSystems#Fintech#CBDC#wCBDC#DFC
·ecb.europa.eu·
ECB Commits to DLT Settlement Plans with Dual-Track Strategy
Paxos launches Global Dollar USDG in the EU
Paxos launches Global Dollar USDG in the EU
Paxos has launched its Global Dollar stablecoin (USDG) in the European Union in compliance with local Markets in Crypto-Assets (MiCA) regulations, with initial distributors including Kraken and Gate. The stablecoin operates under a revenue-sharing model where Paxos shares most of the revenues earned on reserves with distribution partners, departing from industry norms. Originally issued under Singapore laws, USDG entered the EU market through Paxos's acquisition of Finland's Membrane Finance, which held a MiCA license. The launch highlights the complexity of managing multi-jurisdictional stablecoins, as EU regulations require 30% of reserves to be held as cash in local bank accounts, necessitating a rebalancing process that has drawn criticism from EU parliamentarians who worry about potential regulatory circumvention during crisis situations. https://www.paxos.com/newsroom/global-dollar-(usdg)-launches-in-the-eu
#CryptoAssets#Fintech#Stablecoins#Paxos#USDG#Regulation#Europe#DFC
·ledgerinsights.com·
Paxos launches Global Dollar USDG in the EU
Circle Applies for National Trust Charter
Circle Applies for National Trust Charter
Circle submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A. If approved, the bank would be authorized to operate as a federally regulated trust institution, subject to OCC oversight, and would oversee the management of the USDC Reserve on behalf of Circle’s U.S. issuer. An approval would also further strengthen the infrastructure that supports the issuance and circulation of USDC and would offer digital asset custody services to institutional customers. A federally regulated trust charter would also help Circle meet expected requirements under the proposed GENIUS Act legislation, which would represent a meaningful step forward in integrating digital assets into the broader U.S. financial system.
#Circle#Fintech#Regulation#Stablecoins#USDC#UnitedStates#DFC#CryptoAssets
·businesswire.com·
Circle Applies for National Trust Charter
Swiss National Bank Extends and Expands Project Helvetia
Swiss National Bank Extends and Expands Project Helvetia
The Swiss National Bank (SNB) is extending and expanding Project Helvetia, which examines various approaches to settling tokenized assets in central bank money, for a further year and continue the pilot until at least mid-2027. (The project was slated to end a two-year extension on June 2026.) Additionally, the SNB is expanding Project Helvetia to include the settlement of tokenized assets with traditional central bank money through a real time gross settlement (RTGS) link, providing BX Digital with a production environment to test this approach alongside the existing wholesale central bank digital currency (CBDC) settlement on the SIX Digital Exchange platform. The extension allows for a direct comparison between the two settlement approaches in a production environment to provide further insights into their respective advantages and disadvantages.
#CBDC#Settlement#Switzerland#wCBDC#SettlementSystems#Tokenization#Fintech#DFC
·snb.ch·
Swiss National Bank Extends and Expands Project Helvetia
New Technology and Settlement in Central Bank Money Between Banks
New Technology and Settlement in Central Bank Money Between Banks
Danmarks Nationalbank published a paper that examines how distributed ledger technology (DLT) could transform financial market infrastructure while maintaining the critical role of central bank money in interbank settlements. The paper explains that while DLT platforms offer potential benefits like streamlined capital markets, automated smart contracts, and reduced intermediaries, they currently cannot integrate with central bank money systems, creating risks of market fragmentation and reduced monetary policy effectiveness. To address this challenge, central banks are exploring two main approaches: connecting existing central bank systems to DLT platforms through interoperability solutions, or developing new systems where central bank money and digital assets operate on the same DLT platform. The analysis emphasizes that regardless of technological advances, maintaining central bank money as the primary settlement asset is essential for financial stability, and Denmark will collaborate with the European Central Bank (ECB) through the TARGET Services platform to ensure future settlement infrastructure developments benefit the Danish financial system while preserving the unique safety and liquidity properties of central bank money.
#CBDC#Fintech#Settlement#DLT#SettlementSystems#Denmark#wCBDC#DFC
·nationalbanken.dk·
New Technology and Settlement in Central Bank Money Between Banks
Genius Act Would Amend Bankruptcy Code to Accommodate Certain Crypto Assets
Genius Act Would Amend Bankruptcy Code to Accommodate Certain Crypto Assets
The GENIUS Act's Section 11 establishes comprehensive insolvency protections for payment stablecoin holders by fundamentally restructuring bankruptcy priorities and procedures. The Act grants stablecoin holders first priority claims over all other creditors, including administrative expenses, ensuring they have primary access to required reserves and any remaining unencumbered assets of the debtor. It addresses potential gaps by deeming all stablecoin holders to have valid claims regardless of contractual terms, while excluding required reserves from the bankruptcy estate to prevent other creditors from accessing these funds. However, the Act creates some operational tensions by subjecting these excluded reserves to the automatic stay, requiring a court-approved process for redemption that could delay access by more than two weeks. The legislation also mandates that insolvency proceedings for regulated depositories be handled by appropriate federal or state regulators, and requires a comprehensive study of potential legal gaps in stablecoin insolvency law within three years of enactment.
#CryptoAssets#Stablecoins#Fintech#Bankruptcy#Regulation#UnitedStates#DFC
·jdsupra.com·
Genius Act Would Amend Bankruptcy Code to Accommodate Certain Crypto Assets
Proper Procedures Not Followed on Palau Stablecoin Project
Proper Procedures Not Followed on Palau Stablecoin Project
Republic of Palau's Office of the Public Auditor published a performance audit report of the Ministry of Finance's stablecoin project conducted from October 2021 through November 2023. The audit found that while the Ministry of Finance acted within its authority in partnering with Ripple to explore a US Dollar-backed digital currency (Palau Stablecoin or PSC), the agreements were not certified by the Attorney General for form and legality, and the availability of funds was not properly certified by the National Director of Program, Budget, and Management before entering into contracts. The project involved 154 government employee volunteers testing the stablecoin at three local retailers using $25,000 provided by Ripple. The audit concluded that while the proof-of-concept (POC) was executed properly within the Ministry's mandate and funds were appropriately managed, any expansion beyond the POC phase to establish a circulating currency would require legislative approval from the Palau National Congress. https://www.palauopa.org/pdf/opa-audits/Year%202025/Stablecoin-Pilot-Project-AR-2025-005.pdf
#Palau#Ripple#Stablecoins#CryptoAssets#Fintech#DFC
·cryptopolitan.com·
Proper Procedures Not Followed on Palau Stablecoin Project
Bank of Korea halts digital currency project, pausing talks with banks
Bank of Korea halts digital currency project, pausing talks with banks
The Bank of Korea (BOK) has reportedly temporarily suspended preparations for the second phase of its wholesale central bank digital currency (CBDC) pilot that had been scheduled for the fourth quarter of 2025. The first phase of "Project Hanging River", which was aimed at building a programmable and interoperable CBDC network to support a tokenized financial ecosystem, ended on June 30, 2025. The decision comes as the government pushes a won-based stablecoin-focused agenda.
#CBDC#Stablecoins#Fintech#CryptoAssets#Korea#DepositTokens#DFC
·businesstimes.com.sg·
Bank of Korea halts digital currency project, pausing talks with banks
Banco Central de Bolivia Reports Record Use of Crypto-Assets Amidst Dollar Scarcity
Banco Central de Bolivia Reports Record Use of Crypto-Assets Amidst Dollar Scarcity
Banco Central de Bolivia (BCB) reported that crypto-asset (most likely all USDT stablecoin) transactions soared from $46.5 million in the first half of 2024 to $294 million in the same period of 2025. Crypto-assets were outlawed in Bolivia until June 2024. but since the ban was lifted, transaction volumes have reached $430 million across more than 10,000 individual operations. This is occurring amid Bolivia's severe economic crisis, which includes near-zero dollar reserves, 40-year high inflation, fuel shortages, and a currency that has lost half its value on the black market despite an artificially maintained official exchange rate. The central bank noted that these digital payment tools have facilitated access to foreign currency transactions, including remittances and small business payments, benefiting micro and small business owners and families nationwide during the ongoing dollar scarcity crisis.
#Fintech#Bolivia#CBDC#DFC
·bcb.gob.bo·
Banco Central de Bolivia Reports Record Use of Crypto-Assets Amidst Dollar Scarcity
If Stablecoins are Money, They Should be Backed by Reserves
If Stablecoins are Money, They Should be Backed by Reserves
RISK has made freely available a 2021 article by Charles Kahn and Manmohan Singh that argues that stablecoins pose fundamental challenges to traditional monetary policy because, unlike conventional bank money that must be backed by central bank reserves, stablecoins are backed by short-term government securities, commercial bank deposits, and other high-quality liquid assets. This creates a parallel currency system outside central bank control, potentially reducing its ability to influence money supply through monetary policy operations. The authors suggest that to maintain monetary policy effectiveness, central banks should consider allowing stablecoin issuers direct access to central bank reserves and payment systems, essentially treating them like banks.
#Stablecoins#Regulation#Fintech#DFC
·risk.net·
If Stablecoins are Money, They Should be Backed by Reserves
Digital Payment Innovations in Sub-Saharan Africa
Digital Payment Innovations in Sub-Saharan Africa
The IMF published a paper that takes stock of developments and policy issues related to digital payments innovations across sub-Saharan African (SSA) drawing on insights from a recent IMF survey of SSA central banks. The paper highlights the critical role of robust digital infrastructure and promotes a competitive, interoperable ecosystem with active private‑sector participation. Mobile money and fast payment systems (FPS) are encouraged as the cornerstone of financial inclusion. Central bank digital currency (CBDC) is seen as a complementary tool but only justified when clear market failures exist.
#Africa#CBDC#CryptoAssets#FastPayments#Fintech#IMF#MobileMoney#DFC
·imf.org·
Digital Payment Innovations in Sub-Saharan Africa
Working paper on commercial bank money token
Working paper on commercial bank money token
[April 13, 2023] The German Banking Industry Committee (GBIC) has published a comprehensive working paper on the evolution of commercial bank money. It describes the design principles for a Commercial Bank Money Token (Tokenized Commercial Bank Money, CBMT) as well as the mechanisms for its issuance and multi-currency capability.
#DepositTokens#Germany#Fintech#DFC
·bankenverband.de·
Working paper on commercial bank money token
Driving Financial Inclusion Through Central Bank Digital Currencies
Driving Financial Inclusion Through Central Bank Digital Currencies
The United Nations Development Programme (UNDP) published a paper that outlines a methodology for the design, testing, and implementation of central bank digital currencies (CBDCs) to advance financial inclusion. It suggests design features that reduce identity management requirements in low-risk contexts to remove the need for bank accounts or minimum balances and offer offline functionality to mitigate the impact of physical remoteness. In addition, CBDCs have the potential to address price impediments and make financial services more affordable for the unserved and underserved populations. However, it gives short shrift to alternatives that could achieve the same end goals. For example, a 2023 IMF Fintech Note points out that CBDC is not uniquely equipped to overcome such financial inclusion barriers as low financial literacy, cultural factors, poor digital connectivity infrastructure and low trust in formal financial institutions. Also, other solutions may tackle the barriers to financial inclusion that are not addressed by CBDC, such as regulations to limit fees of existing financial services, policies requiring banks to offer basic deposit accounts without fees or minimum balance requirements, fast payment systems, open banking initiatives and open API standards to support competition and interoperability of existing financial services. https://www.imf.org/en/Publications/fintech-notes/Issues/2023/09/22/Central-Bank-Digital-Currency-s-Role-in-Promoting-Financial-Inclusion-538728
#CBDC#FinancialInclusion#UnitedNations#Fintech#DFC
·undp.org·
Driving Financial Inclusion Through Central Bank Digital Currencies
Stablecoins and Digital Euro: Friends or Foes of European Monetary Policy?
Stablecoins and Digital Euro: Friends or Foes of European Monetary Policy?
The European Parliament ECON Committee published a paper that analyses whether dollar-denominated stablecoins pose risks to European monetary policy and assesses the potential of the digital euro as a countermeasure. It concludes that large-scale adoption of foreign stablecoins in Europe is unlikely due to strong trust in the euro, advanced local payment systems, and regulatory barriers like MiCA. Although stablecoins could theoretically disrupt interest rate transmission, bank lending channels, and exchange rate dynamics, these impacts are minimal under current conditions. The paper argues that the digital euro could offer a credible public alternative to stablecoins, but warns its effectiveness depends on design choices such as holding limits, privacy guarantees, and costs to merchants. Ultimately, while stablecoins currently pose little threat, continuous monitoring is recommended, and the digital euro’s success will hinge on addressing user needs and competitive functionality.
#Fintech#CBDC#DFC#CryptoAssets#Stablecoins#Eurozone
·europarl.europa.eu·
Stablecoins and Digital Euro: Friends or Foes of European Monetary Policy?
On the Programmability and Uniformity of Digital Currencies
On the Programmability and Uniformity of Digital Currencies
The Bank of Canada published a paper that explores how programmability affects the uniformity and social utility of money using a stylized theoretical framework. It shows that programmable digital currencies emerge naturally when users value the ability to commit to future payments, which they find useful privately. However, this programmability can lead to fragmenting money into different forms with varying liquidity, posing public costs when informational frictions impede their use. The authors find that banning programmability could reduce welfare if informational frictions are minor—but may help if commitment frictions are low. Their results imply that programmable currencies could offer greater social benefits in decentralized, permissionless blockchain environments than in centralized systems.
#CBDC#Programmability#Fintech#DFC
·bankofcanada.ca·
On the Programmability and Uniformity of Digital Currencies
Growing Retail Digital Payments: The Value of Interoperability
Growing Retail Digital Payments: The Value of Interoperability
The IMF published a paper that examines the benefits of interoperability in retail digital payment systems, focusing on India’s Unified Payments Interface (UPI). It highlights how interoperability allows users to transact seamlessly across different apps, enhancing user choice by enabling them to select preferred apps based on trust, features, or reliability. This freedom fosters competition among providers, incentivizing innovation and quality improvements. The paper presents evidence consistent with this framework using granular UPI payments data. It shows that interoperability has indeed led to higher adoption of digital payments, reduced reliance on cash, and prevented market dominance by a single provider. The study also underscores the importance of regulatory vigilance to maintain a competitive and open system.
#Fintech#Interoperability#FastPayments#India#Payments#UPI#IMF#DFC
·imf.org·
Growing Retail Digital Payments: The Value of Interoperability
Bank of Russia Sets Digital Ruble Deadline for Mass Adoption
Bank of Russia Sets Digital Ruble Deadline for Mass Adoption
The Bank of Russia submitted a phased rollout plan to the State Duma requiring banks and merchants to comply with digital ruble regulations starting September 1, 2026. More specifically, merchants that are clients of the largest banks and whose revenue for the previous year exceeds 120 million rubles will have to enable payments for goods and services in digital rubles. Universal license banks and their merchant clients with annual turnover above 30 million rubles must integrate digital ruble systems by September 1, 2027. All remaining banks and sellers—excluding those with revenue below 5 million rubles—must follow suit by September 1, 2028. The digital ruble will operate via a universal QR code system powered by the National Payment Card System. (Passed July 15, 2025: https://tass.ru/ekonomika/24520097)
#CBDC#Fintech#Russia#DFC
·tass.com·
Bank of Russia Sets Digital Ruble Deadline for Mass Adoption
Are Payment Stablecoins Like Onions?
Are Payment Stablecoins Like Onions?
JD Supra published an article that analyzes the proposed GENIUS Act of 2025 and its exclusion of payment stablecoins (PSCs) from the definition of "commodity" under the Commodity Exchange Act. The author argues this exclusion would prevent futures trading on PSCs, eliminate regulatory oversight by the CFTC and SEC over PSC derivatives markets, and create enforcement gaps since banking regulators lack market regulation expertise. The article warns that removing PSCs from commodity status could paradoxically create an unregulated retail derivatives market while preventing legitimate hedging opportunities. The author suggests a simple fix: removing the commodity exclusion provision to allow proper regulatory oversight while maintaining the Act's other protections for stablecoin issuers and users.
#Stablecoins#Regulation#UnitedStates#Fintech#DFC#CryptoAssets
·jdsupra.com·
Are Payment Stablecoins Like Onions?
What Makes Good Money? Rethinking Stablecoins in Light of BIS Criticism
What Makes Good Money? Rethinking Stablecoins in Light of BIS Criticism
Michel Rauchs posted on LinkedIn a critique of the June 24, 2025 Bank for International Settlements (BIS) "Next Generation Monetary and Financial System" article for its broad condemnation of stablecoins, arguing that the BIS conflates different issues such as functionality, elasticity, and integrity. Rauchs defends stablecoins as effective forms of money in certain contexts, especially in the Global South and crypto-native markets, citing their growing role in cross-border remittances and decentralized finance. He challenges the BIS's framing of elasticity by contrasting bank credit creation with stablecoin-backed liquidity, and he questions whether "integrity" should be used as a criterion for monetary quality. The discussion in the comments, involving experts like Aleksi Grym, Rhys Bidder, Patrick McConnell, and Colin Shields, expands on these themes—debating BIS methodology, the systemic risks of stablecoins, and the evolving definition of money. While most agree on the risks and limitations of stablecoins, several commenters argue that BIS analysis is too narrow or outdated and that the current monetary system’s own shortcomings must be acknowledged. https://www.bis.org/publ/arpdf/ar2025e3.htm
#BIS#CryptoAssets#Stablecoins#Fintech#DFC#Money
·linkedin.com·
What Makes Good Money? Rethinking Stablecoins in Light of BIS Criticism
Is the GENIUS Act Creating a Shadow CBDC System?
Is the GENIUS Act Creating a Shadow CBDC System?
The Daily Economy published an article by Peter C. Earle that argues that while the GENIUS Act is styled as a stablecoin regulation measure, it effectively enables a “shadow retail CBDC” system, allowing federally chartered commercial banks—with full federal oversight—to issue digital dollar tokens that mimic the functional characteristics of a central bank digital currency, such as instant settlement, programmability, and 1:1 dollar backing . By restricting issuance to regulated banks and excluding nonbank entities, the Act embeds digital dollar issuance within the traditional banking system, preserving bank intermediation, deposit insurance, and regulatory control—while potentially limiting fintech innovation and reinforcing incumbent banks’ dominance. Earle warns this model could blur lines between public and private monetary instruments, granting many of the benefits of a retail CBDC without requiring the Federal Reserve’s direct involvement—raising questions about competition, inclusion, and potential global spillover effects—just as the bill heads to the House.
#Regulation#Stablecoins#CBDC#UnitedStates#Fintech#DFC#CryptoAssets
·thedailyeconomy.org·
Is the GENIUS Act Creating a Shadow CBDC System?
The GENIUS Act: What Is It and What’s Next?
The GENIUS Act: What Is It and What’s Next?
JD Supra published a succinct summary of the GENIUS Act (S.1582), a comprehensive federal framework for U.S. dollar‑pegged “payment stablecoins”, passed by the U.S. Senate on June 17, 2025. The Act would close regulatory loopholes and define who can issue stablecoins—namely, insured banks, federal non‑bank entities under OCC jurisdiction, and state‑regulated issuers—while criminalizing non‑authorized issuance. It would mandate full 1:1 reserve backing in low-risk highly-liquid assets, prohibit rehypothecation, and require stringent transparency (monthly reserve disclosures, annual audits for large issuers), redemption rights, and no interest payments to holders. The GENIUS Act also bolsters consumer protection, AML compliance, and technical capabilities for freezing assets if ordered by regulators. Additionally, it amends the Bankruptcy Code to prioritize holders' claims on reserves in issuer insolvency.
#CryptoAssets#Regulation#Stablecoins#UnitedStates#Fintech#DFC
·jdsupra.com·
The GENIUS Act: What Is It and What’s Next?
Bank of Korea deputy governor says desirable to introduce stablecoins gradually
Bank of Korea deputy governor says desirable to introduce stablecoins gradually
The senior deputy governor of South Korea's central bank said it was desirable to introduce won-denominated stablecoins at a gradual pace, first with commercial banks and then gradually to the nonbanks with the experience. Ryoo said introducing stablecoins could have a significant impact on monetary policy and the transaction settlement system, as he echoed earlier concerns about capital flows raised by Governor Rhee Chang-yong and noted the need for a safety net to prevent financial market disorder and ensure user protection. https://www.reuters.com/world/asia-pacific/bok-chief-says-he-is-not-against-won-based-stablecoins-has-forex-concerns-2025-06-18/
#Fintech#Korea#Regulation#Stablecoins#DFC#CryptoAssets
·reuters.com·
Bank of Korea deputy governor says desirable to introduce stablecoins gradually
The next-generation monetary and financial system
The next-generation monetary and financial system
The Bank for International Settlements (BIS) issued a “special chapter” ahead of its 2025 Annual Economic Report, cautioning that privately-issued stablecoins lack essential qualities of “sound money”—namely integrity (against financial crime and other illicit activity), singleness (accepted universally without hesitation), and elasticity. Stablecoins' failure on elasticity stems from their construction: any additional issuance requires full upfront payment by holders (i.e., a strict cash-in-advance setup with no room to create leverage when it is required for the functioning of the system). This differs fundamentally from banks, which can elastically expand their balance sheets by extending credit within regulatory limits (https://www.bis.org/publ/bisbull101.htm). Stablecoins also pose risks to monetary sovereignty, financial stability, and emerging‑market capital flows. Instead, it advocates for a monetary system built on a unified ledger platform integrating tokenized central bank reserves, commercial bank deposits, and government bonds.
#Tokenization#CBDC#BIS#FinTech#CryptoAssets#Stablecoins#DepositTokens#DFC
·bis.org·
The next-generation monetary and financial system
Bank of England / BIS Innovation Hub DLT Innovation Challenge (BoE)
Bank of England / BIS Innovation Hub DLT Innovation Challenge (BoE)
In collaboration with the Bank for International Settlements Innovation Hub (BISIH), the Bank of England (BoE) has launched the DLT Innovation Challenge to engage with the private sector to better understand the implications of incorporating distributed ledger technology (DLT) into wholesale central bank settlement, and demonstrate how to securely transact and settle central bank money on an external ledger that is not controlled by the Bank. In particular, it will explore environments where trust is not inherent—where participants must rely on mechanisms other than central bank control of the ledger to ensure security, finality, and integrity. This framing allows us to test how trust can be established in decentralized or externally governed infrastructures, and to draw insights that may inform the wider wholesale experimentation program.
#BIS#DLT#Fintech#Settlement#United Kingdom#DFC#CBDC#wCBDC#UnitedKingdom
·bankofengland.co.uk·
Bank of England / BIS Innovation Hub DLT Innovation Challenge (BoE)
European Commission Consumer Survey: Offline transactions
European Commission Consumer Survey: Offline transactions
The European Commission (EC) has launched a study to assess existing technology and technology preferences for offline electronic proximity transactions. The study has three objectives: (1) conduct a market analysis and forecast future trends for offline payments; (2) perform a technology assessment of currently available solutions and explore future innovation scenarios and; (3) identify barriers to innovation. The study is kicking off with a survey conducted by Bearing Point to seek opinions from a consumer perspective to help understand current end user preferences on electronic payments in terms of devices, value transfer technologies but also possible hurdles that may serve as barriers to adoption of potentially innovative payment solutions.
#Offline#Payments#CBDC#Eurozone#Fintech#DFC
·ec.europa.eu·
European Commission Consumer Survey: Offline transactions
Incorporating Trip-Chaining to Measuring Canadians’ Access to Cash
Incorporating Trip-Chaining to Measuring Canadians’ Access to Cash
Household mobility data can improve our measurement of access to cash. The existing literature typically assumes that households visit their nearest ABMs or financial institution branches from their homes, without combining cash withdrawals with other activities (i.e., on their way to shopping). However, the typical approach neglects two realistic features: The first is that, due to spatial agglomeration, cash access points could be co-located with popular points of interest, such as retail service centers; and, second, households could combine multiple trips, via trip-chaining, to reduce travel costs. Our paper employs smartphone data to construct an improved cash access metric by accounting for both spatial agglomeration and households’ travel patterns. We find that incorporating trip-chaining into the travel metric could show that travel costs are from 15% to 25% less than not incorporating trip-chaining and that the biggest decrease is driven by rural residents.
#Cash#Fintech#Canada#DFC
·bankofcanada.ca·
Incorporating Trip-Chaining to Measuring Canadians’ Access to Cash