DFC

5260 bookmarks
Custom sorting
Lloyds and Archax Complete UK’s First Public Blockchain Transaction Using Tokenised Deposits (Lloyds)
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·
Lloyds and Archax Complete UK’s First Public Blockchain Transaction Using Tokenised Deposits (Lloyds)
Tokenization Is a Renaissance of Ownership (Ledger Insights)
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·
Tokenization Is a Renaissance of Ownership (Ledger Insights)
Operationalizing Tokenized Funds (MAS)
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·
Operationalizing Tokenized Funds (MAS)
How Can Repurchase Agreements be Settled on a Distributed Ledger? (SNB)
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·
How Can Repurchase Agreements be Settled on a Distributed Ledger? (SNB)
Project Meridian Securities: Summary of Findings (BOE)
Project Meridian Securities: Summary of Findings (BOE)
The Bank of England (BOE) published a summary of the findings of the Project Meridian Securities experiment that explored how synchronization can bridge traditional real-time gross settlement (RTGS) systems with tokenized securities platforms using distributed ledger technology (DLT). The project successfully demonstrated that synchronization enables atomic settlement in central bank money for tokenized securities transactions, allowing programmable features like automated repos and cross-platform liquidity management without requiring full infrastructure replacement. Key findings show that smart contracts can automate settlement workflows while maintaining the trust and safety of central bank money, supporting improved liquidity management and interoperability across diverse platforms. The experiments revealed that synchronization can extend programmability to traditional infrastructures cost-effectively, though questions remain about optimal architecture, scalability, and whether independent synchronization operators are needed in multi-platform environments. [Source: BOE]
#DLT#RTGS#Settlement#Tokenization#Fintech#UnitedKingdom
·bankofengland.co.uk·
Project Meridian Securities: Summary of Findings (BOE)
CFTC Tokenized Collateral Guidance (CFTC)
CFTC Tokenized Collateral Guidance (CFTC)
[December 8, 2025] The U.S. Commodity Futures Trading Commission (CFTC) issued staff guidance that establishes the regulatory framework for using tokenized assets as collateral in futures and swaps markets. The guidance defines tokenized assets as blockchain-recorded digital representations of traditional securities (Treasuries, corporate bonds, money market fund shares, equities) and addresses five regulatory areas: (1) eligible assets must meet existing liquidity, maturity, and credit-quality standards applicable to their underlying forms; (2) legal enforceability requires compliance with existing frameworks governing netting, collateral interests, and settlement finality; (3) segregation and custody arrangements must satisfy current requirements for futures commission merchants (FCMs), derivatives clearing organizations (DCOs), and swap entities; (4) haircuts should apply the same risk-based methodology used for underlying assets, adjusted for any settlement-time or liquidity differences; and (5) operational risk management must address technology-specific concerns including cybersecurity and network threats. The document emphasizes that tokenization does not fundamentally alter an asset's characteristics for regulatory purposes, though each implementation requires individual analysis, and notes that the guidance may be updated as the GENIUS Act implementation and other regulatory developments progress. [Source: CFTC]
#Fintech#Regulation#Tokenization#UnitedStates
·cftc.gov·
CFTC Tokenized Collateral Guidance (CFTC)
South Korean Government to Test Tokenized Deposits on Disbursements (MOEF)
South Korean Government to Test Tokenized Deposits on Disbursements (MOEF)
South Korea’s Ministry of Economy and Finance (MOEF) will run a regulatory sandbox pilot in Sejong City to use distributed ledger technology (DLT) based tokenized bank deposits for day‑to‑day government operational spending, testing preset time, amount, and category controls on expenses to improve oversight and reduce misuse, with legal and regulatory changes and nationwide rollout targeted from Q4 2026 as part of a broader plan to digitize around a quarter of treasury disbursements by 2030, building on an earlier tokenized‑deposit subsidy pilot for EV charging infrastructure. https://cointelegraph.com/news/south-korea-pilot-tokenized-deposits-government-spending [MOEF]
#DepositTokens#Korea#DLT#Fintech#DFC
·mofe.go.kr·
South Korean Government to Test Tokenized Deposits on Disbursements (MOEF)
South Korea to Test Distributing Government Subsidies in New CBDC Test Phase (Decenter)
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·
South Korea to Test Distributing Government Subsidies in New CBDC Test Phase (Decenter)
When Money Wakes Up (Substack)
When Money Wakes Up (Substack)
Timo Totti proposes, as an alternative to stablecoins and tokenized deposits, banks equip existing bank deposits with a "sub-contract agent" software layer that acts as an intelligent intermediary between the bank's core ledger and digital transactions. Instead of moving money as a token, the agent issues cryptographically signed "verifiable claims" that prove funds are available and locked for a specific transaction (like a digitized, instant letter of credit). When a deal occurs, the buyer's bank agent, seller's agent, and other participants (like asset registries) meet in a temporary "context agent" to verify each other's claims and execute an atomic swap—simultaneously exchanging ownership and payment in an all-or-nothing operation. The money never leaves the regulated banking system or becomes a bearer instrument; instead, the bank guarantees execution through binding cryptographic proofs, enabling instant, private settlement while maintaining full compliance and audit trails. [Source: Substack]
#Fintech#DFC#DepositTokens#Stablecoins
·timohotti.substack.com·
When Money Wakes Up (Substack)
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
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)
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
Vantage Bank and Custodia Launch Tokenized Deposit Platform for U.S. Banks (Custodia)
Vantage Bank and Custodia Launch Tokenized Deposit Platform for U.S. Banks (Custodia)
Vantage Bank and Custodia have launched a platform enabling U.S. community and regional banks to offer tokenized deposits and stablecoins, integrating these digital assets directly into online banking environments. This interoperable solution allows member banks to control their own wallets for tokenized deposits and stablecoins, shifting tokens seamlessly between regulatory categories while maintaining oversight and deposit stability. Early use cases include instant cross-border payments and flexible payroll options. The initiative distinguishes itself by addressing interoperability—creating a single token usable as both a tokenized deposit and a stablecoin—and offers open access to institutions of all sizes. Custodia’s compliance credentials ensure regulatory alignment, and the system is designed to preserve deposit stability within banks, unify tokenized deposits and the Avit stablecoin under a shared smart contract framework. Only traditional and tokenized deposits are FDIC insured; stablecoins remain uninsured and subject to regulatory risks.​ [Source: Custodia Bank]
#Fintech#CryptoAssets#Stablecoins#DFC#DepositTokens#Custodia
·custodiabank.com·
Vantage Bank and Custodia Launch Tokenized Deposit Platform for U.S. Banks (Custodia)
Indian Central Bank to Launch Pilot for Deposit Tokenization (Reuters)
Indian Central Bank to Launch Pilot for Deposit Tokenization (Reuters)
The Reserve Bank of India (RBI) will reportedly launch a pilot program for deposit tokenization using wholesale central bank digital currency (CBDC) as the underlying infrastructure for this pilot. Additionally, the RBI is exploring tokenization applications in money market instruments, including commercial paper. [Source: Reuters]
#Fintech#India#CBDC#wCBDC#DepositTokens#Tokenization#DFC
·reuters.com·
Indian Central Bank to Launch Pilot for Deposit Tokenization (Reuters)
UK Finance Announces Live Tokenized Sterling Deposit Pilot (UK Finance)
UK Finance Announces Live Tokenized Sterling Deposit Pilot (UK Finance)

UK Finance is launching a collaborative industry pilot to deliver live transactions using tokenized sterling deposits (GBTD). Building on lessons from the U.K. Regulated Liability Network (RLN) project, the pilot will test three use cases—person-to-person (P2P) online marketplace payments, remortgaging, and digital asset settlement—running until mid-2026. Major banks including Barclays, HSBC, Lloyds, NatWest, Nationwide, and Santander are participating with support from Quant, EY, and Linklaters. The initiative aims to improve payment efficiency, fraud reduction, and settlement transparency, positioning the United Kingdom as a leader in programmable digital money and supporting broader government innovation goals such as the National Payments Vision. The platform will be interoperable across digital payment systems, and UK Finance will keep stakeholders updated through events and webinars. [Source: UK Finance] https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/rln-reports-2024 https://www.bankofengland.co.uk/payment-and-settlement/the-national-payments-vision

#DepositTokens#Fintech#Tokenization#Settlement#UnitedKingdom
·ukfinance.org.uk·
UK Finance Announces Live Tokenized Sterling Deposit Pilot (UK Finance)
Deposit Token Makes Blockchain-Based Payments Fit for the Future (SBA)
Deposit Token Makes Blockchain-Based Payments Fit for the Future (SBA)
The Swiss Bankers Association (SBA), collaborating with PostFinance, Sygnum Bank, and UBS, piloted a blockchain-based deposit token enabling programmable and compliant payments across Swiss banks. The proof of concept demonstrated secure peer-to-peer and escrow-style asset transfers, with settlement executed through traditional bank infrastructure and full compliance checks. Legally, the deposit token acts as a standardized instruction, not a new form of money, ensuring regulatory alignment as no claims are transferred on-chain. Built on a shared Ethereum smart contract, the system proved technically feasible and compliant but remains dependent on off-chain banking systems and is not fully blockchain-native. The report advocates for future development toward on-chain “native” tokens, direct links with central bank or real-time gross settlement (RTGS) systems, and enhanced identity and privacy features to support a scalable and interoperable digital cash ecosystem in Switzerland. [Source: SBA]
#DepositTokens#Fintech#Switzerland#PaymentSystems#Payments#Blockchain#DFC
·swissbanking.ch·
Deposit Token Makes Blockchain-Based Payments Fit for the Future (SBA)
Japan Post Bank to Consider Handling Tokenized Deposits (JPB)
Japan Post Bank to Consider Handling Tokenized Deposits (JPB)
Japan Post Bank (JPB) is considering offering blockchain-based tokenized deposits to customers by March 31, 2026 (the end of its fiscal year), aiming to enable instant and transparent settlement of non-fungible tokens (NFTs) and securities tokens. They will be eligible for deposit insurance. They will use a platform provided by DeCurret DCP. [Source: JPB]
#Blockchain#DFC#Fintech#DepositTokens#Japan
·jp-bank.japanpost.jp·
Japan Post Bank to Consider Handling Tokenized Deposits (JPB)
Bank of Korea Plans to Use CBDC to Distribute Government Subsidies (Hankook)
Bank of Korea Plans to Use CBDC to Distribute Government Subsidies (Hankook)
The Bank of Korea reportedly plans to use wholesale central bank digital currency (CBDC) to back the distribution of over $79 billion in government subsidies in the second phase of the "Han River Project". This move, proposed by the Ministry of Strategy and Finance, is aimed at making subsidy payments more efficient and transparent by issuing CBDC-based tokenized bank deposits to contractors instead of traditional vouchers or bank transfers. By leveraging blockchain technology, the initiative seeks to reduce fraud and improve the tracking of public funds, and it marks a significant shift from a previous pause in CBDC testing.[Source: Hankook]
#CBDC#Fintech#Korea#Blockchain#DepositTokens#DFC#wCBDC
·hankookilbo.com·
Bank of Korea Plans to Use CBDC to Distribute Government Subsidies (Hankook)
Tokenisation of government bonds: assessment and roadmap
Tokenisation of government bonds: assessment and roadmap
The BIS published a paper that examines the emerging market for tokenized government bonds, analyzing a dataset of 39 tokenized bonds (24 corporate, 15 government/supranational) worth $8 billion total against the backdrop of the $80 trillion global government debt market. The authors find that despite being in early experimental stages, tokenized bonds demonstrate modestly superior performance compared to conventional bonds from the same issuers - specifically exhibiting lower bid-ask spreads (19 vs 30 basis points), comparable issuance costs, and significantly lower minimum investment thresholds ($110,000 vs $185,000). The paper argues that tokenized government bonds could serve as a foundational element of a future tokenized financial system alongside tokenized central bank reserves and commercial bank deposits, potentially enhancing market efficiency through programmable features, faster settlement, and broader investor access. However, the authors maintain a cautious perspective, noting that widespread adoption faces substantial regulatory uncertainty, technological scalability challenges, and infrastructure development requirements, with the ultimate success dependent on addressing these implementation barriers rather than the modest technical advantages observed thus far.
#Tokenization#Fintech#BIS#CBDC#wCBDC#DepositTokens#DFC
·bis.org·
Tokenisation of government bonds: assessment and roadmap
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
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
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
BoE Governor Expresses Doubts About Case for Digital Pound
BoE Governor Expresses Doubts About Case for Digital Pound
Bank of England (BoE) Governor Andrew Bailey expressed doubts that there is a need for the central bank to introduce retail central bank digital currency (CBDC). Instead, he thinks that "commercial banks need to step up to the challenge of digital money provision... [because] if there are real benefits to digital technology in payments, we should want to see them in commercial bank money". He also mentioned tokenized deposits as a way to apply digital technology to the form of money that we have today, with the challenge being to apply them to both domestic and cross-border payments.
#Fintech#CBDC#UnitedKingdom#DepositTokens
·bankofengland.co.uk·
BoE Governor Expresses Doubts About Case for Digital Pound
JPMorgan to launch a stablecoin-like token JPMD
JPMorgan to launch a stablecoin-like token JPMD
JPMorgan Chase is reportedly planning to launch a tokenized deposit on Coinbase’s Base Ethereum Layer 2 network. It will operate on a public permissioned basis and will be for use only by the bank's institutional clients. Unlike stablecoins issued by nonbanks, JPMD operates within the regulated commercial banking system and is subject to standard supervisory requirements. https://www.base.org/
#Fintech#DepositTokens#JPMorgan#DFC
·cnbc.com·
JPMorgan to launch a stablecoin-like token JPMD
DEA's Foundational principles for Europe’s digital money ecosystem
DEA's Foundational principles for Europe’s digital money ecosystem
The Digital Euro Association (DEA) published a position statement that advocates for a balanced and innovative approach to digital money in Europe, focusing on stablecoins, retail and wholesale digital euros, and deposit tokens. The DEA emphasizes regulatory clarity, interoperability, user protection, and privacy, supporting the Markets in Crypto-Assets Regulation (MiCAR) for stablecoins while calling for proportional implementation to foster innovation. For the wholesale digital euro, the DEA highlights efficiency gains through distributed ledger technology (DLT), global interoperability, and collaborative governance. The retail digital euro should prioritize public good, privacy, and user-centric design, ensuring accessibility and legal clarity. Deposit tokens are seen as complementary to public money, requiring regulatory clarity and consumer protection. Overall, the DEA promotes a cohesive digital financial ecosystem that strengthens Europe’s monetary sovereignty, fosters innovation, and ensures trust and inclusivity.
#Fintech#CBDC#Stablecoins#wCBDC#DEA#DepositTokens#DFC#Eurozone
·home.digital-euro-association.de·
DEA's Foundational principles for Europe’s digital money ecosystem
The role of tokenized money & funds in cross-border transactions
The role of tokenized money & funds in cross-border transactions
VISA published an interim report on Phase 2 of the e-HKD Pilot Programme, an initiative by the Hong Kong Monetary Authority (HKMA) to explore cross-border transactions using new forms of digital money including central bank digital currency (CBDC) and tokenized deposits. The pilot, involving VISA, ANZ, Fidelity International, and ChinaAMC Hong Kong, testis how Australia-based investors can purchase tokenized fund units from Hong Kong asset managers using e-HKD or tokenized deposits. The program aims to explore the potential of blockchain technology for near real-time settlements, enhanced interoperability between public and permissioned blockchains, and the establishment of token standards, ultimately seeking to accelerate digital asset adoption and improve the efficiency of fund management and cross-border payments.
#CBDC#Payments#DepositTokens#DFC#CrossBorder#Tokenization#Settlement#Chainlink
·visa.com.sg·
The role of tokenized money & funds in cross-border transactions
Bank of Korea's CBDC project: a step toward new financial market infrastructure
Bank of Korea's CBDC project: a step toward new financial market infrastructure
[October 4, 2023] The Bank for International Settlements (BIS) published a report that outlines the Bank of Korea’s forthcoming wholesale central bank digital currency (CBDC) pilot, aimed at building a programmable and interoperable CBDC network to support a tokenized financial ecosystem. The pilot introduces a three-tiered structure of digital currencies—CBDC, tokenized deposits (DC-I), and CBDC-backed e-money (DC-II), with a fourth type (DC-III) used in connected systems for specific use cases. It seeks to improve payment efficiency through programmability (e.g., tokenized vouchers), promote delivery-versus-payment (DvP) for tokenized assets, and test interoperability mechanisms between platforms.
#CBDC#Korea#BIS#Fintech#DFC#DepositTokens#eMoney
·bis.org·
Bank of Korea's CBDC project: a step toward new financial market infrastructure
Competing digital monies
Competing digital monies
In a University of Toulouse School of Economics (TSE) working paper, Jon Frost (BIS), Jean-Charles Rochet, Huyn Song Shin (BIS), and Marianne Verdier analyzed the competition between three digital payment instruments: bank deposits, private stablecoins, and central bank digital currencies (CBDCs). Using a theoretical model grounded in two-sided market economics, the authors explore how market structure and social welfare are affected by “walled gardens” (non-interoperable payment ecosystems) versus interoperable systems such as central bank-operated fast payment systems (FPS) or CBDCs. They find that both CBDCs and FPS can increase financial inclusion, raise trade volumes, and enhance welfare—though they may reduce the market share of traditional financial intermediaries and paradoxically lead to higher merchant fees due to decreased price elasticity. The paper concludes that, in many cases, a well-designed FPS may offer similar benefits to a retail CBDC, suggesting that countries with robust FPS infrastructure may not urgently need a CBDC.
#Fintech#CryptoAssets#Stablecoins#CBDC#DepositTokens#BIS#FastPayments#DFC
·tse-fr.eu·
Competing digital monies
Treasury Borrowing Advisory Committee (TBAC) on digital money
Treasury Borrowing Advisory Committee (TBAC) on digital money
The U.S. Treasury Borrowing Advisory Committee (TBAC) published an overview of the potential terminal effects risks of interest-bearing stablecoins and tokenized money funds, from a perspective of Treasury demand, USD hegemony, the expansion of dollar-backed payment stablecoins, and potential effects for insured depository institutions. Also, it's worth taking a look at Coindesk's monthly report of central bank digital currency (CBDC) and stablecoins for useful presentations of the raw data. https://data.coindesk.com/reports/stablecoins-cbdcs-report-2-april
#Fintech#CryptoAssets#Stablecoins#DepositTokens#DFC
·home.treasury.gov·
Treasury Borrowing Advisory Committee (TBAC) on digital money
Bank of Korea "Project Hangang River" is a deposit token pilot
Bank of Korea "Project Hangang River" is a deposit token pilot
At a briefing held at the Bank of Korea on April 21, 2025, Deputy Governor Lee Jong-ryul reportedly pointed out that the "Project Hangang River" three-month pilot that started on April 1, 2025, is more about experimenting with "deposit tokens," a stablecoin issued by domestic commercial banks, than the central bank digital currency (CBDC) issued by the Bank of Korea. As of April 20, 51,766 electronic wallets capable of using deposit tokens had been opened, and a cumulative total of 29,251 transactions had occurred from April 1 to April 20.
#CBDC#Fintech#Korea#DFC#DepositTokens
·businesskorea.co.kr·
Bank of Korea "Project Hangang River" is a deposit token pilot