TickerTape
Weekly Global Stablecoin & CBDC Update
This Week's Stories
In her statement to the International Monetary and Financial Committee at the IMF Annual Meetings on 17 October 2026, European Central Bank President Christine Lagarde confirmed that the Eurosystem is preparing a digital euro to complement cash for day-to-day retail payments. She stated that the digital euro will stimulate innovation and competition in retail payments while supporting the co-existence of public and private solutions to underpin Europe’s strategic autonomy. Lagarde specified that a 12-month internal pilot will run in the second half of 2027, with adoption of the Regulation on the establishment of the digital euro by the end of 2026 identified as essential for the timeline. She also noted that Pontes, the Eurosystem’s distributed ledger technology solution for settling tokenised asset transactions in central bank money, went live on 21 September 2026, with further work advancing under the Appia initiative for a European tokenised ecosystem based on common standards and governance.
Key Takeaways:
- ECB plans a 12-month internal digital euro pilot in the second half of 2027
- Adoption of the digital euro Regulation by the end of 2026 is required to enable the pilot
- Pontes DLT solution for tokenised asset settlement in central bank money went live on 21 September 2026
- Digital euro is positioned to complement cash and support public-private payment coexistence
- Appia initiative will deliver a blueprint for a European tokenised finance ecosystem
Why It Matters:
- Confirms the ECB’s continued commitment to a retail CBDC timeline contingent on legislation
- Advances technical preparations in parallel with the legislative process for potential 2029 issuance
- Positions central bank money as an anchor for both retail digital payments and wholesale tokenised markets
- Strengthens Europe’s payments autonomy amid growth in private digital currencies and stablecoins
- Demonstrates ongoing integration of CBDC planning with tokenisation infrastructure
Sumitomo Mitsui Banking Corporation, Mizuho Bank, MUFG Bank, Mitsubishi UFJ Trust and Banking Corporation, and TISI Inc. announced on 16 October 2026 that they completed a proof-of-concept from 17 to 23 July 2026 on joint issuance of a yen-denominated stablecoin and its use in advanced cross-border payments. The PoC, supported by Japan’s Financial Services Agency FinTech PoC Hub since November 2025, issued the stablecoin as specified trust beneficiary rights under the Payment Services Act, with Mizuho, MUFG, and SMBC as joint settlors and Mitsubishi UFJ Trust as trustee. The test verified issuance, transfer, and redemption processes in a cross-border scenario involving Mitsubishi Corporation’s Japanese and overseas offices, confirming system safety, reliability, and the feasibility of a multi-bank joint issuance model. Participants will continue assessments toward practical implementation, building on a June 2026 agreement to target live transactions within fiscal 2026.
Key Takeaways:
- PoC ran from 17 to 23 July 2026 under FSA FinTech PoC Hub support
- Stablecoin issued as specified trust beneficiary rights backed by bank deposits
- Full issuance-transfer-redemption cycle verified for Mitsubishi Corporation cross-border payments
- Multi-bank joint issuance model confirmed as feasible with safety and reliability
- Live commercial transactions targeted within fiscal 2026 ending March 2027
Why It Matters:
- Demonstrates collaboration among competing megabanks on a shared yen stablecoin structure
- Validates trust-based issuance under Japan’s Payment Services Act for regulated digital money
- Advances practical testing of stablecoins for corporate cross-border settlement efficiency
- Links private bank-issued digital money to existing regulatory and operational frameworks
- Supports Japan’s broader push toward on-chain finance and deposit tokenization
On the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, the Central Bank of the UAE (CBUAE) and the Monetary Authority of Singapore (MAS) held a bilateral meeting to explore expanded cooperation. The discussions covered central bank digital currencies (CBDCs), cross-border trade and settlements, QR code-based cross-border payments, green finance, and climate-related financial risks. This builds on a memorandum of understanding signed in 2009. CBUAE Assistant Governor Ahmed Saeed Al Qamzi stated that the partnership, spanning more than 17 years, is being broadened particularly to cross-border payment and settlement solutions to facilitate trade and investment flows. The talks occur as the UAE advances its Digital Dirham project, which uses a two-tier model with the central bank issuing the currency and licensed institutions distributing it via wallets, following a completed real-value retail pilot and plans for phased launch. Bilateral non-oil trade between the UAE and Singapore reached $6.54 billion in 2025, up 25.3% from 2024.
Key Takeaways:
- CBUAE and MAS officials met in Bangkok to discuss CBDCs, cross-border settlements, and QR-based payments.
- The meeting expands a 2009 MoU focused on knowledge exchange amid global financial transformation.
- UAE non-oil trade with Singapore totaled $6.54 billion in 2025, a 25.3% increase from the prior year.
- CBUAE has completed a real-value retail pilot for the Digital Dirham ahead of a planned phased launch.
- Discussions also covered green finance and climate risk management.
Why It Matters:
- This signals growing interest in CBDC interoperability for cross-border trade between major financial hubs.
- It highlights how central banks are prioritizing multi-rail digital payment solutions over isolated CBDC rollouts.
- Traditional institutions are responding by linking existing payment infrastructure like QR codes with digital currency projects.
- The talks connect national digital currency efforts to regional trade facilitation and settlement efficiency.
- Long-term, it supports the evolution of interoperable wholesale and retail digital money systems across Asia and the Middle East.
Mastercard announced Stablecoin Security on October 19, 2026, at Money20/20 USA in Las Vegas, a platform-agnostic API that combines payment intelligence with blockchain analytics to help financial institutions assess fraud, scam, sanctions, and other financial-crime risks across the stablecoin payment lifecycle, including generating a risk score before funds move on-chain. Initial partners Borderless.xyz and Keyrails will support real-world flows, with Borderless.xyz connecting institutions to licensed providers in more than 113 countries and 72 currencies. The solution addresses findings from a BIS study of 593 million stablecoin transfer events across 141 million Ethereum transactions in 2025, which showed nearly 60 percent involved complex multi-step transactions. It integrates into existing fraud and compliance workflows and launches first in North America, with worldwide commercial availability targeted for 2027, including expansion via the BVNK infrastructure Mastercard acquired in August 2026.
Key Takeaways:
- Mastercard Stablecoin Security generates risk scores from transaction context, fund origins, restricted-party exposure, and scam indicators before on-chain movement.
- BIS analysis of 593 million 2025 Ethereum stablecoin events found nearly 60 percent were multi-step rather than simple transfers.
- Borderless.xyz and Keyrails serve as initial partners for cross-border and high-value trade payments.
- North America launch precedes expected worldwide commercial availability in 2027.
- Solution builds on Mastercard’s August 2026 BVNK acquisition and existing Crypto Secure and Crypto Credential tools.
Why It Matters:
- Validates that traditional payment networks can extend fraud and sanctions screening to public-blockchain stablecoin flows without separate operating models.
- Signals growing institutional demand for pre-settlement risk visibility as complex multi-step stablecoin transfers become more common.
- Shows major card networks embedding blockchain analytics into existing compliance infrastructure used by banks and payment providers.
- Connects digital-asset rails to legacy fraud-detection systems, lowering barriers for banks to support stablecoin cross-border and B2B payments.
- Indicates long-term convergence of card-network risk tools with tokenized money infrastructure as stablecoin volumes expand.
Thunes and Coinbase announced a strategic collaboration on October 19, 2026, at Money20/20 USA in Las Vegas that pairs Coinbase’s stablecoin infrastructure with Thunes’ Direct Global Network for real-time cross-border payouts. Coinbase will integrate Thunes’ network to give its customers direct access to local clearing systems and alternative payment methods, while Thunes will use Coinbase’s stablecoin solutions to embed digital assets deeper across its platform. The alliance targets enterprise supplier payments, gig-economy worker payouts, and consumer remittances, including markets with limited banking infrastructure. Thunes’ network reaches more than 140 countries, more than 90 currencies, over 12 billion mobile wallets and bank accounts, and 15 billion cards through more than 220 payment methods. Leadership statements from both firms emphasized compliant last-mile delivery and acceleration of real-world stablecoin adoption.
Key Takeaways:
- Coinbase gains integration with Thunes’ Direct Global Network covering more than 140 countries and 90 currencies.
- Thunes network connects to over 12 billion mobile wallets and bank accounts plus 15 billion cards.
- Partnership covers enterprise supplier payments, gig-worker payouts, and instant remittances.
- Coinbase powers Thunes’ stablecoin infrastructure while Thunes supplies last-mile fiat and mobile-wallet reach.
- Announcement made jointly at Money20/20 USA on October 19, 2026.
Why It Matters:
- Demonstrates practical bridging of stablecoin rails with established local clearing systems and mobile-money networks.
- Signals accelerating institutional and corporate use of stablecoins for cross-border payouts beyond pure crypto trading.
- Shows major crypto platforms and global payment networks jointly expanding real-world utility in hard-to-reach markets.
- Connects digital-asset infrastructure to legacy and alternative local payment methods used by billions of end users.
- Supports longer-term adoption trajectory in which stablecoins become a standard funding layer for international remittances and B2B payments.
Kinexys by J.P. Morgan announced on October 19, 2026, that its USD-denominated deposit token JPM Coin (ticker JPMD) is now available on the Ethereum mainnet for institutional clients, adding peer-to-peer transfers within the broader Ethereum Virtual Machine ecosystem that already includes Base. JPM Coin represents commercial bank deposits held at JPMorgan and enables near-instant, 24/7 transfers and settlement outside traditional banking hours. The expansion follows the token’s November 2025 launch on Base and joins earlier JPMorgan Asset Management tokenized money-market funds already live on Ethereum. Emma Landriault, Global Head of Kinexys Labs, noted the move provides multi-chain optionality for wholesale money movement. Kinexys platform cumulative transaction volume exceeds $4 trillion with average daily volume around $7 billion across its broader services.
Key Takeaways:
- JPM Coin now supports institutional peer-to-peer transfers on both Ethereum mainnet and Base.
- Token represents JPMorgan USD deposits and operates under existing regulatory deposit frameworks.
- Launch follows November 2025 Base deployment and prior tokenized money-market fund activity on Ethereum.
- Kinexys cumulative transaction volume exceeds $4 trillion with roughly $7 billion average daily volume.
- Intended use cases include on-chain payments for crypto firms and cash or collateral legs for tokenized-asset settlement.
Why It Matters:
- Validates that large commercial banks are placing deposit tokens directly on public blockchains used by institutional tokenized-asset markets.
- Signals growing comfort with multi-chain public infrastructure for wholesale digital money alongside private permissioned systems.
- Shows traditional banks responding to demand for 24/7 settlement by issuing bank-backed tokens rather than solely relying on private stablecoins.
- Connects regulated commercial-bank deposits to Ethereum’s existing liquidity and tokenized-asset ecosystem.
- Points to longer-term evolution in which deposit tokens serve as on-chain cash and collateral alongside CBDCs and stablecoins.
On October 20, 2026, the French National Assembly is scheduled to vote on a controversial budget amendment targeting the taxation of stablecoin conversions. The proposed legislation seeks to implement a “swap tax” on transactions converting digital assets into single-currency e-money tokens, effectively treating stablecoin swaps as taxable fiat off-ramps. Having passed the preliminary committee stage by a razor-thin one-vote margin, the measure has sparked intense debate among European institutional crypto participants. If passed, the tax would fundamentally alter the operational economics of decentralized finance and treasury management within France, heavily taxing liquidity routing that relies on stablecoins to bypass traditional banking delays. The vote is seen as a critical bellwether for how aggressive European member states will become in monetizing digital asset flows following the formal implementation of the MiCA regulatory framework.
Key Takeaways:
- French lawmakers are voting on a budget amendment to tax stablecoin conversions on October 20, 2026.
- The legislation treats the conversion of digital assets into single-currency e-money tokens as taxable events.
- The amendment narrowly advanced past the committee stage by a margin of just one vote.
- The tax would heavily impact decentralized finance operations and corporate treasury liquidity routing in France.
- The regulatory move tests the boundaries of member-state taxation following the EU-wide rollout of MiCA.
Why It Matters:
- National tax authorities are aggressively targeting stablecoin liquidity pools as new sources of sovereign revenue.
- Treating stablecoin swaps as fiat conversions structurally challenges the utility of digital dollars in everyday trading and hedging.
- Institutional capital may bypass French jurisdictions in favor of more tax-lenient European markets for treasury management.
- Infrastructure evolution faces severe headwinds if routine portfolio rebalancing via stablecoins incurs direct capital gains taxation.
- Long-term strategic implications indicate localized tax policies could fragment the unified European digital asset market established by MiCA.
According to the “State of Stablecoins and Payments” report released by Allium on October 15, 2026, global stablecoin payment volume surged to $482 billion in the first nine months of the year, representing a 45% year-over-year increase. Notably, this massive spike in velocity occurred despite the total global stablecoin supply remaining virtually flat, rising just 0.4% to $305 billion. September 2026 set an all-time monthly record with $72 billion in processed payments. The data reveals a shifting market dynamic: while dominant issuers like Tether and Circle experienced slight supply contractions, smaller regional issuers added $6.9 billion in net supply to fill the gap. The explosive growth in transaction count, driven heavily by integrations with legacy card networks like Visa, Mastercard, and Stripe, confirms that stablecoins are successfully transitioning from dormant reserves of value into highly active, everyday commercial payment rails.
Key Takeaways:
- Global stablecoin payment volume hit $482 billion from January through September 2026, a 45% YoY increase.
- Total stablecoin supply remained largely stagnant, growing only 0.4% to $305 billion globally.
- September 2026 marked a record high for the sector, processing $72 billion in monthly payments.
- Top issuers like Tether and Circle saw minor supply contractions, while smaller issuers filled the gap with $6.9 billion in new supply.
- Integrations with major card networks are acting as the primary drivers of transaction volume growth.
Why It Matters:
- Stablecoin utility has officially decoupled from mere crypto trading, functioning predominantly as high-velocity payment instruments.
- Market confidence relies on the fact that existing digital asset supply is turning over much faster, indicating real-world commercial usage.
- Traditional card networks are acting as the primary catalysts for pushing stablecoin settlement rails to mainstream merchants.
- Infrastructure evolution shows that decentralized dollar velocity is expanding rapidly even without massive new capital inflows into the sector.
- Strategic implications suggest regional, specialized stablecoins are successfully capturing market share from legacy global giants.
In a strategic disclosure released on October 18, 2026, Circle’s Chief Commercial Officer Kash Razzaghi revealed that the USDC issuer retained just 7 cents of net profit for every dollar in revenue during the first half of the year. Despite generating approximately $1.4 billion in revenue and reserve income while processing over $36 trillion in on-chain transaction volume, the firm is presenting its low profit margins as a testament to its institutional-grade security and compliance infrastructure. The disclosure serves as a direct counter-punch to a wave of aggressive new stablecoin competitors attempting to capture market share by promising higher yield payouts to exchange partners. By highlighting the immense operational expenses required to run a globally compliant, fully reserved digital dollar network, Circle is signaling to tier-one financial institutions that heavily subsidized, high-yield stablecoin alternatives carry hidden counterparty and regulatory risks.
Key Takeaways:
- Circle disclosed retaining just 7 cents of net profit per dollar of revenue during the first half of 2026.
- The USDC issuer generated roughly $1.4 billion in revenue and reserve income over the six-month period.
- USDC processed more than $36 trillion in total on-chain transaction volume during H1 2026.
- The disclosure is a strategic response to emerging stablecoin competitors offering aggressive yield-sharing incentives.
- Company executives position the massive operational overhead as proof of robust regulatory and compliance infrastructure.
Why It Matters:
- Operating a fully compliant, globally regulated stablecoin network requires massive ongoing capital expenditures for security and legal infrastructure.
- Institutional market participants must weigh the counterparty risks of newer stablecoins offering higher yields against established, compliant issuers.
- Traditional financial institutions prioritize regulatory resilience over profit-sharing when selecting digital asset settlement partners.
- Infrastructure evolution indicates that the stablecoin sector may consolidate around a few highly capitalized issuers capable of absorbing massive compliance costs.
- Strategic implications suggest that the era of ultra-high profitability for unregulated stablecoin minting is ending as formal banking oversight takes hold.
BlackRock is exploring ways to extend tokenized investment funds beyond cryptocurrency markets into traditional financial infrastructure, including collateral management, according to a Bloomberg report published October 19. Dan Maley, who oversees BlackRock’s cash business in Asia Pacific, said tokenized funds could allow institutions to transfer ownership around the clock without redeeming their investments first. BlackRock’s tokenized money-market fund, BUIDL, has grown to approximately $2.3 billion since launching in 2024 and is already being used as collateral in digital-asset markets. The company has also introduced tokenized cash products in the United States and Europe and received approval in September for a Hong Kong-dollar digital liquidity fund accepting traditional and digital forms of cash. Wider adoption in conventional finance still faces regulatory, custody and infrastructure challenges.
Key Takeaways:
- BlackRock’s BUIDL tokenized money-market fund has grown to approximately $2.3 billion since its 2024 launch.
- Collateral applications: BlackRock’s tokenized funds are already being used as collateral in digital-asset markets.
- Transfer functionality: Tokenized fund shares can potentially move between approved investors around the clock without first being redeemed for cash.
- Geographic expansion: BlackRock has introduced tokenized cash products in the United States and Europe and received approval in September for a Hong Kong-dollar digital liquidity fund.
- Institutional adoption: BlackRock executives identified custody, legal certainty, regulatory treatment and integration with existing financial systems as important conditions for wider traditional-market adoption.
Why It Matters:
- Industry significance: Tokenization is evolving from representing conventional financial assets digitally toward changing how ownership and collateral move through financial markets.
- Adoption trajectory: Tokenized money-market funds could attract broader institutional use if investors can transfer holdings without interrupting their investments to redeem them.
- Institutional confidence: BlackRock’s continued investment in tokenization demonstrates that a major traditional asset manager sees potential beyond cryptocurrency-native trading.
- Infrastructure evolution: Tokenized funds could eventually connect with conventional custodians, collateral-management systems and settlement infrastructure, reducing the need for separate digital-asset workflows.
- Long-term implications: If legal, regulatory and operational barriers are resolved, tokenized funds could become part of mainstream financial-market infrastructure, enabling more continuous asset transfers and more efficient collateral use.
On October 21, 2026, the U.S. Office of the Comptroller of the Currency (OCC) released its comprehensive final rule implementing the GENIUS Act, officially bringing payment stablecoins into the national banking perimeter. Taking effect on January 18, 2027, the framework establishes strict federal standards for reserve backing, redemption protocols, and capital backstops. To prevent immediate market disruption, the OCC introduced a 12-month waiver process allowing existing issuers to avoid criminal penalties while their federal charter applications are processed. Furthermore, permitted issuers must submit rigorous weekly activity and quarterly financial reports. Framed by Treasury Secretary Scott Bessent as a modern equivalent to the 1863 National Currency Act, this sweeping regulatory rollout aligns with a broader political mandate to cement the U.S. as a global digital asset hub, forcing unregulated or offshore issuers to comply with stringent federal oversight or exit the American market.
Key Takeaways:
- The OCC finalized comprehensive payment stablecoin regulations under the GENIUS Act, effective January 18, 2027.
- The framework mandates strict federal standards for stablecoin reserve assets, risk management, and capital backstops.
- Existing digital dollar issuers can secure a 12-month waiver to continue operations and avoid criminal penalties while OCC applications are pending.
- Permitted issuers face mandatory weekly supervisory reporting and quarterly financial condition filings beginning in early 2027.
- Treasury leadership explicitly framed the rollout as a strategic, historic move to secure American dominance in the global digital asset sector.
Why It Matters:
- Domestic stablecoin issuance is now officially absorbed into the highly supervised U.S. national banking apparatus.
- Existing digital asset operators face an immediate countdown to submit substantially complete applications or risk criminal enforcement and operational freezes.
- Corporate treasury departments gain ultimate transparency, as their digital dollar providers become subject to the same reporting cadence as traditional commercial banks.
- The explicit waiver process successfully prevents a sudden liquidity crisis, ensuring major stablecoins do not have to halt U.S. operations during application reviews.
- Unregulated and offshore stablecoin issuers face a definitive ultimatum: comply with stringent OCC standards or face total exclusion from U.S. commercial markets.
On October 19, 2026, Mastercard unveiled “Stablecoin Security,” a dedicated risk intelligence solution engineered to evaluate stablecoin payment exposure prior to settlement. The platform pairs traditional fiat payment intelligence with advanced blockchain analytics to detect indicators of fraud, sanctions evasion, and financial crime. Initially launching in North America with infrastructure partners Borderless.xyz and Keyrails, the system delivers real-time risk scores across both the fiat and stablecoin legs of a transaction via a single API. This allows financial institutions to incorporate digital asset assessments directly into their existing compliance and case-management workflows without needing to build bespoke crypto risk frameworks. By addressing the multi-step complexity of on-chain transfers, Mastercard’s deployment aims to bring institutional-grade security to cross-border B2B stablecoin settlements, paving the way for worldwide commercial availability in 2027.
Key Takeaways:
- Mastercard launched Stablecoin Security to assess transaction risk prior to final on-chain settlement.
- The system merges traditional fiat payment data with blockchain analytics to identify fraud and sanctions risks.
- Integration occurs via a single API, allowing banks to utilize existing compliance workflows for digital assets.
- Initial North American rollout features partnerships with blockchain infrastructure startups Borderless.xyz and Keyrails.
- Platform development specifically targets the complexities of B2B and cross-border stablecoin payments.
Why It Matters:
- Tier-one payment networks are actively building the compliance infrastructure necessary to legitimize stablecoins for enterprise use.
- Financial institutions gain the ability to process decentralized digital dollars without entirely overhauling their legacy risk management systems.
- Market confidence in stablecoin settlements accelerates when major legacy processors can guarantee pre-transaction security scoring.
- Infrastructure evolution proves that the gap between transparent public blockchains and strict banking compliance is rapidly closing.
- Strategic implications suggest that independent stablecoin routing will increasingly be funneled through established corporate security gateways.
On October 21, 2026, SBI XDC Network APAC and SBI VC Trade signed a Memorandum of Understanding with South Korean credit card giant Shinhan Card to explore cross-border and in-store payment integrations utilizing a Japanese yen-denominated stablecoin. The collaboration focuses heavily on bridging the Japanese and South Korean retail markets by deploying the enterprise-grade XDC Network to facilitate seamless international transfers and physical point-of-sale purchases. By utilizing a yen-pegged stablecoin as the core settlement asset, the partnership aims to eliminate traditional foreign exchange friction and correspondent banking delays for retail tourists and cross-border merchants. This initiative highlights a growing trend among major Asian financial conglomerates to bypass legacy global clearing systems, opting instead to build localized, blockchain-native payment corridors anchored by highly regulated domestic stablecoins.
Key Takeaways:
- SBI XDC Network APAC and SBI VC Trade partnered with South Korean payment processor Shinhan Card.
- The Memorandum of Understanding explores cross-border and in-store payments between Japan and South Korea.
- A Japanese yen-denominated stablecoin will serve as the primary settlement asset for the payment corridor.
- The enterprise-grade XDC Network will act as the underlying blockchain infrastructure for the transactions.
- Initiative directly targets the friction and high foreign exchange costs of legacy retail tourist spending.
Why It Matters:
- Major Asian financial institutions are actively deploying localized stablecoins to bypass traditional global correspondent banking networks.
- Market adoption of digital assets accelerates when stablecoins are seamlessly integrated into physical point-of-sale systems.
- Consumers benefit from frictionless cross-border retail spending without needing to manually interact with cryptocurrency exchanges.
- Infrastructure evolution connects enterprise blockchain networks directly to legacy credit card processors.
- Strategic implications suggest regional fiat-pegged stablecoins will increasingly challenge U.S. dollar dominance in localized Asian trade.
Anchorage Digital announced a partnership with Securitize on October 20, 2026, enabling institutions to mint and redeem stablecoins issued by Anchorage Digital Bank, N.A. directly on the tokenization platform. Securitize, which holds more than $4 billion in assets under management for tokenized funds from managers including Apollo, BlackRock, BNY, Hamilton Lane, KKR, and VanEck, will source dollars without intermediaries, with Anchorage handling custody and settlement under one federally chartered bank. The arrangement covers the full lifecycle from mint to redemption for the cash leg of tokenized trades. As of August 31, 2026, approximately 99% of USDtb’s $530 million in reserves were held in BlackRock’s BUIDL fund tokenized by Securitize. The tokenized real-world asset market expanded from roughly $23 billion at the end of 2025 to $31 billion as of March 2026. Leadership from both firms described the move as extending institutional standards from securities to the dollar side of transactions.
Key Takeaways:
- Anchorage Digital Bank partnership allows Securitize to mint and redeem stablecoins directly without intermediaries
- Securitize platform holds more than $4 billion in assets under management across institutional tokenized funds
- USDtb reserves totaled $530 million as of August 31, 2026, with approximately 99% in BlackRock’s tokenized BUIDL fund
- Tokenized real-world asset market grew from roughly $23 billion at end-2025 to $31 billion as of March 2026
- One federally chartered bank manages the full mint-to-redemption and custody process for participating institutions
Why It Matters:
- This validates regulated bank issuance as a bridge between traditional institutional custody standards and on-chain settlement
- The growth in tokenized assets signals rising institutional demand for equivalent cash-leg infrastructure
- Traditional asset managers and banks are embedding federally supervised digital dollars into existing tokenization platforms
- This connects digital assets directly to legacy bank infrastructure through a national trust bank charter
- The long-term strategic implication is scaled institutional adoption of tokenized markets with central-bank-adjacent settlement certainty
Mural announced on October 20, 2026, the completion of a $15 million Series A round led by Tether, with participation from North Island Ventures and existing investors, bringing total funding to $28 million. The New York-based company, founded by former Palantir engineers, provides a compliant system of record for fintechs and platforms including Deel and Opera to manage accounts, payments, identity, and compliance for both human users and authorized software agents. Since launching its API in 2025, Mural has processed $2.1 billion in payment volume for end users in 128 countries, with 2026 volume to date nearly six times the full-year 2025 total. Proceeds will fund global expansion and regulatory and payments infrastructure for agentic finance. Tether CEO Paolo Ardoino noted the company’s ability to connect existing banking and compliance systems to stablecoin rails as agents begin moving money. Real-world stablecoin payments more than doubled in 2025 to roughly $390 billion, with businesses accounting for about 60%.
Key Takeaways:
- Mural closed a $15 million Series A led by Tether, raising total funding to $28 million
- Platform processed $2.1 billion in payment volume across 128 countries since 2025 API launch
- 2026 volume to date is nearly six times the full-year 2025 total
- Customers include Deel, Opera, and Axexo using unified accounts for dollars, stablecoins, and local currency
- Real-world stablecoin payments more than doubled in 2025 to roughly $390 billion, with businesses at about 60%
Why It Matters:
- This validates stablecoin rails as production infrastructure for both human and agent-driven money movement
- The volume growth signals accelerating business adoption of stablecoin payments beyond retail use cases
- Traditional fintechs and platforms are integrating regulated stablecoin connectivity into core compliance systems
- This connects digital assets to legacy financial infrastructure through unified accounts and bank partnerships
- The long-term strategic implication is infrastructure readiness for large-scale agentic finance on stablecoin rails
Stanbic Bank Ghana and RD Technologies announced on October 20, 2026, that they are exploring a bank-led cross-border trade settlement solution supported by stablecoin technology. The initial focus is legitimate business-to-business payments from Ghanaian businesses to suppliers in Asia, with regulatory engagement, technical validation, and pilot planning as the next phase. Under the proposed model, Stanbic Bank Ghana remains the customer-facing bank responsible for onboarding, KYC, transaction approval, local-currency settlement, and compliance, while RD Technologies provides payment technology, digital-asset infrastructure, and access to its Asian settlement network. Stablecoin technology would support the underlying cross-border settlement process within the regulated banking system. The parties intend to form a project team for technical testing and controlled pilot design subject to regulatory no-objection. The collaboration aims to reduce the time, cost, and complexity of multi-intermediary payments for Ghana-Asia trade corridors.
Key Takeaways:
- Stanbic Bank Ghana and RD Technologies announced exploration of a bank-led stablecoin-supported trade settlement solution
- Initial focus targets B2B payments from Ghanaian businesses to Asian suppliers
- Stanbic retains customer-facing responsibilities including KYC, approvals, and local-currency settlement
- RD Technologies supplies digital-asset infrastructure and Asian settlement network access
- Next steps include regulatory engagement, technical validation, and controlled pilot design
Why It Matters:
- This validates bank-led models for integrating stablecoins into regulated cross-border trade payments
- The exploration signals growing demand for efficient alternatives to multi-intermediary correspondent banking in emerging markets
- Traditional banks are responding by partnering with digital-asset infrastructure providers while retaining compliance control
- This connects digital assets to legacy financial infrastructure through existing bank customer relationships and local settlement
- The long-term strategic implication is expanded use of stablecoins for trade finance corridors between Africa and Asia
Western Union selected Noah to provide the underlying infrastructure for Receiver Redirect, a service designed to deliver international money transfers directly to recipients as stablecoins. Announced October 21, the service will use USDPT, a U.S.-dollar stablecoin issued by Anchorage Digital Bank on the Solana blockchain. The planned service will support transfers across more than 60 currencies and over 200 countries and territories, potentially reaching Western Union’s customer base of more than 150 million people through its network of over 500,000 agent locations. Recipients will be able to receive USDPT into a Western Union wallet and hold the stablecoin through Stablecard, announced in August. Noah will provide treasury, conversion, disbursement and regulatory-compliance infrastructure for the service.
Key Takeaways:
- Western Union selected Noah to power the infrastructure behind its Receiver Redirect stablecoin remittance service.
- Geographic coverage: The planned service will support more than 60 currencies across over 200 countries and territories.
- Customer reach: Western Union serves more than 150 million customers and operates over 500,000 agent locations worldwide.
- Stablecoin infrastructure: USDPT is issued by Anchorage Digital Bank on Solana, with Noah handling treasury, conversion and disbursement functions.
- Product roadmap: Recipients will be able to hold USDPT through Western Union’s Stablecard, announced in August 2026; the announcement did not specify a full commercial rollout date.
Why It Matters:
- Industry significance: The partnership demonstrates how established remittance providers are incorporating stablecoins into international money-transfer services.
- Adoption trajectory: Delivering stablecoins directly to recipients could expand their use beyond cryptocurrency trading into cross-border transfers and digital-dollar holdings.
- Institutional confidence: Western Union’s involvement demonstrates that established financial-services companies are exploring stablecoin infrastructure alongside conventional remittance channels.
- Infrastructure evolution: The arrangement connects a global physical-agent network with blockchain settlement, digital wallets and stablecoin conversion services.
- Long-term strategic implications: If implemented across Western Union’s extensive network, stablecoin transfers could provide an additional way to move money internationally, although actual cost savings and adoption will depend on availability, regulatory requirements and customer uptake.
Major U.S. financial institutions are moving blockchain technology into practical banking and investment services, according to an Axios report published October 20 during the Money20/20 financial technology conference in Las Vegas. Banks are using private blockchains to track money and investments and enable faster transfers beyond conventional banking hours. Citigroup already operates a tokenized-deposit service across seven markets, allowing clients to move funds between Citi accounts on a private blockchain. Meanwhile, the Depository Trust & Clearing Corporation (DTCC), which supports U.S. securities settlement, is preparing a service for tokenized representations of securities held in its system. The developments reflect growing interest in continuously available financial markets. However, competing tokenization networks could fragment liquidity and create inconsistencies in asset pricing, making interoperability between banks, brokers and asset managers a key implementation challenge.
Key Takeaways:
- Citigroup operates tokenized-deposit services in seven markets, enabling clients to transfer funds between bank accounts using a private blockchain.
- DTCC is preparing a tokenization service for securities held in its depository system; its earlier production testing involved more than 30 financial institutions and digital-market participants.
- Industry sentiment: Digital Currency Group investor Aaron Fu told Axios that institutional adoption of blockchain infrastructure has become more mainstream.
- Market infrastructure: DTCC’s tokenization initiative has demonstrated applications involving collateral pledges, securities lending, U.S. Treasury repo transactions and equity settlement.
- Interoperability: Financial institutions must connect separate blockchain systems to support the movement of assets between banks, brokers and investment platforms.
Why It Matters:
- Industry significance: Tokenized deposits and securities show that blockchain technology can support conventional financial transactions without requiring the use of cryptocurrencies.
- Adoption trajectory: Existing banking deployments indicate that institutional blockchain use is progressing beyond experimentation into operational financial services.
- Institutional confidence: Participation by established financial-market infrastructure providers suggests that tokenization is being developed within existing custody and settlement frameworks.
- Infrastructure evolution: Tokenized deposits and securities could enable faster transfers and more continuous collateral management while preserving connections to traditional financial assets.
- Long-term implications: Interoperability will be essential if tokenization is to improve market efficiency without creating fragmented liquidity or competing representations of the same assets.
The UK’s Competition and Markets Authority (CMA) published proposals on October 20 to make Apple’s iPhone contactless-payment technology more accessible to competing payment providers. The proposed requirements would give third-party developers access to both host card emulation (HCE) and Apple’s existing secure-element technology, while establishing principles intended to substantially reduce access fees. The CMA said contactless payments accounted for 39% of UK payments, compared with just 3% a decade earlier, and more than 60% of British adults used digital wallets. Apple Wallet remained the country’s most popular option, while no competing wallet-type product had launched in the UK under the existing arrangements. The consultation closes on November 17, 2026, after which the regulator will assess responses before making a final decision.
Key Takeaways:
- CMA proposals would require Apple to provide access to both HCE and secure-element technologies for contactless services on iPhones.
- UK payment adoption: Contactless transactions represented 39% of all payments, compared with 3% a decade ago.
- Digital wallets: More than 60% of UK adults use a digital wallet, with Apple Wallet remaining the most popular.
- Fintech response: Revolut welcomed the proposals, describing access to NFC technology through HCE as critical to competition.
- Regulatory timeline: The consultation closes November 17, 2026, with a final decision expected after responses are assessed.
Why It Matters:
- Industry significance: The proposals address how control over mobile hardware interfaces can affect competition among digital-payment providers.
- Adoption trajectory: Greater access to iPhone contactless technology could encourage new wallet services as mobile payments continue to expand.
- Institutional response: The CMA’s intervention demonstrates increasing regulatory scrutiny of technology companies that control critical payment infrastructure.
- Infrastructure evolution: Broader NFC access could enable competing wallets and services to connect directly with existing card and account-to-account payment systems.
- Long-term implications: More interoperable mobile-payment infrastructure could increase consumer choice and create additional distribution opportunities for fintechs, although the outcome depends on the final regulatory decision.
The Office of the Comptroller of the Currency announced on October 21, 2026, a final rule implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act for entities under its jurisdiction. The rule, effective January 18, 2027, sets standards for reserve assets, redemptions, risk management, audits, and custody for permitted payment stablecoin issuers and certain foreign issuers, while addressing related activities by OCC-supervised banks. It prohibits issuers from paying interest or yield solely for holding, using, or retaining a payment stablecoin but removes a proposed rebuttable presumption treating certain third-party rewards arrangements as prohibited, opting instead for case-by-case evaluation of facts and circumstances. No safe harbor applies to pre-existing rewards programs. The OCC received hundreds of comments during rulemaking and will coordinate with other agencies on remaining GENIUS Act elements, including Bank Secrecy Act and sanctions rules. Applications for issuer status will open after Office of Management and Budget approval of related forms.
Key Takeaways:
- The final rule takes effect January 18, 2027, alongside the GENIUS Act itself.
- Issuers face a statutory ban on direct yield payments solely linked to holding, use, or retention of payment stablecoins, with third-party arrangements subject to individual review.
- The OCC dropped a proposed rebuttable presumption against certain affiliate or intermediary rewards programs from its March proposal.
- Redemption timelines generally require processing within two business days, with full reserve backing and risk-management standards required.
- Treasury Secretary Scott Bessent described the rule as carrying forward the GENIUS Act’s framework for private-sector innovation and American leadership in digital assets.
Why It Matters:
- The rule supplies the first finalized federal banking framework under the GENIUS Act, clarifying operational standards for OCC-supervised stablecoin issuance.
- Case-by-case treatment of third-party rewards preserves competitive space for exchanges and platforms while retaining anti-evasion authority over issuer-funded yield.
- Traditional banks and nonbank issuers gain clearer pathways to federal oversight, reducing uncertainty ahead of the January 2027 effective date.
- The framework links stablecoin reserves and redemption practices more tightly to regulated banking infrastructure and supervisory processes.
- Long-term, the approach supports integration of payment stablecoins into U.S. payments and custody systems under consistent capital, liquidity, and compliance expectations.
According to a Q3 2026 report jointly published by CoinDesk and Nansen on October 23, the TRON blockchain processed a massive $2.2 trillion in stablecoin settlements over the quarter, capturing a commanding 73% of all global stablecoin transaction volume. The staggering throughput coincides with the successful launch of the first TRX Exchange-Traded Fund (ETF), marking a significant milestone in institutional adoption for the network. Total Value Locked (TVL) on TRON also surged by 26.6% quarter-over-quarter to reach $5.7 billion, driven largely by decentralized lending protocols such as JustLend, which saw active loans increase from $127 million to $199 million. The data confirms TRON’s entrenched dominance as the primary routing layer for global digital dollar transfers, heavily utilized for high-frequency, low-cost cross-border remittance and emerging market B2B payments.
Key Takeaways:
- TRON processed $2.2 trillion in stablecoin settlements during the third quarter of 2026.
- The network accounted for 73% of all global stablecoin transaction volume during the period.
- The first-ever TRX Exchange-Traded Fund (ETF) successfully launched, signaling increased institutional interest.
- Total Value Locked (TVL) on the TRON network increased 26.6% to $5.7 billion.
- Network lending metrics expanded significantly, with JustLend active loans jumping to $199 million.
Why It Matters:
- TRON has effectively monopolized the foundational settlement layer for global stablecoin liquidity, outpacing competitors like Ethereum and Solana in pure payment velocity.
- Institutional capital allocators are beginning to recognize the immense cash-flow metrics of the TRON network through traditional ETF wrappers.
- The data dispels the notion that stablecoins are primarily used for decentralized finance (DeFi) speculation, proving they act as everyday commercial rails in emerging markets.
- Traditional cross-border remittance providers face intense margin compression as decentralized networks process trillions of dollars nearly free of charge.
On October 23, 2026, Solayer announced that its crypto-native Visa card and payment app, Solayer Pay, officially launched multi-chain stablecoin deposits across Solana, Ethereum, Arbitrum, BNB Chain, and Base. Built on a hardware-accelerated SVM blockchain designed for real-time finance, the payment application allows users to directly fund their Visa balances utilizing digital dollars native to their preferred network. This completely eliminates the costly and complex requirement to bridge, swap, or route funds through a centralized exchange before topping up a card. By abstracting the fragmented nature of Layer-1 and Layer-2 stablecoin liquidity, Solayer Pay addresses a critical pain point in decentralized finance: converting idle, multi-chain digital dollars into everyday global spending power without incurring prohibitive network fees or transaction delays.
Key Takeaways:
- Solayer Pay expanded its Visa card deposit capabilities to support five major blockchain networks simultaneously.
- Supported chains include Solana, Ethereum, Arbitrum, BNB Chain, and Base.
- Platform architecture abstracts the need for manual cross-chain bridging or centralized exchange routing.
- The system is built on a hardware-accelerated SVM blockchain optimized for real-time fiat settlement.
- Feature explicitly targets the fragmented liquidity of stablecoins across disparate Layer-2 ecosystems.
Why It Matters:
- Seamless multi-chain integration is becoming a baseline requirement for consumer-facing digital asset payment applications.
- Abstracting blockchain complexity allows stablecoin holders to spend digital dollars as effortlessly as utilizing a legacy bank card.
- Cross-chain interoperability significantly accelerates merchant adoption by unifying fragmented liquidity pools into a single payment gateway.
- Infrastructure evolution proves that stablecoin payment processors must support dominant Layer-2 networks to capture market share.
Regulatory-compliant settlement provider CryptEscrow announced a strategic partnership with Ripple on October 23, 2026, aimed at overhauling the high-value real estate transaction process using digital assets. The collaboration merges CryptEscrow’s specialized crypto-to-fiat legal architecture with Ripple’s enterprise-grade blockchain payment infrastructure. The initiative specifically targets the immense friction, high fees, and multi-day delays associated with legacy wire transfers and traditional escrow accounts during property acquisitions. By leveraging Ripple’s decentralized liquidity network and stablecoin rails, the partnership provides a secure, instantaneous settlement mechanism for institutional and high-net-worth real estate buyers. This development represents a critical maturation in the digital asset sector, applying blockchain-based payment technology to one of the most historically illiquid, compliance-heavy, and capital-intensive traditional asset classes.
Key Takeaways:
- CryptEscrow and Ripple formed a strategic partnership to execute crypto-powered real estate settlements.
- Integration utilizes Ripple’s enterprise blockchain infrastructure and stablecoin rails for payment execution.
- CryptEscrow provides the necessary regulatory compliance and crypto-to-fiat conversion architecture.
- Partnership explicitly targets the elimination of legacy wire transfer delays and traditional escrow friction.
- Platform deployment focuses heavily on institutional buyers and high-value real estate acquisitions.
Why It Matters:
- High-value traditional asset markets are actively adopting stablecoins to execute instantaneous, trustless escrow settlements.
- Enterprise blockchain infrastructure is successfully proving its utility outside of pure financial trading environments.
- Traditional real estate title and escrow companies face direct competition from modernized, crypto-native settlement providers.
- Infrastructure evolution connects decentralized liquidity directly to illiquid, high-friction physical property markets.
HSBC began a phased rollout of its Hong Kong dollar-backed stablecoin, HSBC RedCoin, on October 23, 2026, for more than 3.3 million users of its PayMe app. The stablecoin, available only through PayMe and the bank’s Hong Kong mobile banking app, initially supports peer-to-peer transfers and peer-to-merchant payments, with full user coverage expected before the weekend. Head of PayMe Lawrence Li stated the priority is stable service and user trust following an internal pilot of nearly 100 staff. By year-end, integration into the mobile banking app will enable instant subscription to tokenised products including money-market funds at a minimum of HK$100. HSBC CEO of Hong Kong Maggie Ng noted prior support for US$8.3 billion in digitally native bonds and US$2.5 billion in cumulative traded tokenised gold. The launch follows HSBC’s April licence under Hong Kong’s stablecoin ordinance that took effect August 1, 2025.
Key Takeaways:
- HSBC RedCoin rollout begins October 23, 2026, for 3.3 million PayMe users with staged activation to full coverage by weekend.
- Initial features limited to peer-to-peer and peer-to-merchant payments with no minimum balance or extra wallet limits.
- Year-end plans include tokenised investment subscriptions such as money-market funds at HK$100 minimum via mobile banking app.
- HSBC has facilitated cumulative US$8.3 billion in digitally native bonds and US$2.5 billion in tokenised gold traded value.
- An internal pilot with nearly 100 staff confirmed smooth integration and quick adoption before public launch.
Why It Matters:
- Major bank stablecoin entry into mainstream retail payments validates regulated digital currency utility for everyday transfers and merchant acceptance in a mature market.
- Integration with existing apps serving millions signals accelerated adoption trajectory for licensed stablecoins beyond trading into real-economy payments.
- Traditional institutions respond by embedding stablecoins into established platforms rather than standalone crypto products, reducing friction for users.
- Direct link between bank-issued stablecoin and tokenised fund subscriptions connects digital assets to legacy wealth management infrastructure.
- Long-term implication is broader commercial bank participation in digital money rails under local licensing regimes such as Hong Kong’s.
SoFi Technologies announced on October 22, 2026, the launch of SoFi Earn (SOFIE), described as the first tokenized deposit for consumers issued by a U.S. national bank. Each SOFIE represents one dollar held at SoFi Bank and earns 4.40 percent APY with FDIC insurance up to applicable limits of 250,000 dollars per depositor. Users can convert SOFIE one-to-one into the bank’s SoFiUSD stablecoin to buy cryptocurrencies in the SoFi app or transfer funds over blockchain rails 24/7. CEO Anthony Noto stated that too much money in the digital asset ecosystem sits idle, citing Federal Reserve research estimating approximately 64 billion dollars or 21.2 percent of the stablecoin market in rarely used wallets. The product rolls out to SoFi Crypto members through November and follows the December 2025 launch of SoFiUSD and earlier crypto trading access for more than 40 cryptocurrencies. SoFi positions the offering as bridging bank deposit protections with digital asset utility.
Key Takeaways:
- SoFi Earn (SOFIE) launched October 22, 2026, as the first national bank-issued tokenized deposit for consumers.
- The product offers 4.40 percent variable APY with FDIC insurance up to 250,000 dollars per depositor and converts 1:1 to SoFiUSD.
- Federal Reserve research cited shows roughly 64 billion dollars or 21.2 percent of the stablecoin market sits idle in inactive wallets.
- Rollout to SoFi Crypto members continues through November following prior launches of SoFiUSD and crypto trading.
- SoFi reports 15.8 million members and support for over 134 million global accounts via its technology solutions.
Why It Matters:
- Bank-issued tokenized deposit with yield and insurance demonstrates regulated alternatives can compete with non-bank stablecoins for idle digital dollars.
- Conversion path to stablecoin for 24/7 transfers and crypto purchases signals growing institutional response to digital asset user demand for productive holdings.
- Traditional banking infrastructure extends FDIC protection into tokenized form, linking legacy deposit safety to blockchain rails.
- The product builds on SoFi’s existing stablecoin settlement for its Mastercard card program, illustrating hybrid fiat-digital money systems at scale.
- Long-term implication is accelerated bank entry into digital money markets under existing national bank charters without new stablecoin issuer frameworks.
The E-CNY Operation Management Center of the People’s Bank of China announced on October 22, 2026, at the Annual Conference of Financial Street Forum in Beijing an upgraded central bank system for the digital yuan and a framework for smart contract services. The upgrade integrates issuance management, retail and wholesale payments, blockchain, and smart contracts to lower operating and liquidity management costs while supporting everyday payments, trade financing, and financial settlements. It follows the digital yuan’s transition on January 1, 2026, from a cash-like instrument toward digital deposit money. Cumulative transactions reached 4.3 billion by the end of September 2026 with a total value of about 31 trillion yuan (approximately 4.61 trillion dollars). September alone recorded 99.67 million transactions worth about 1.87 trillion yuan, increases of 12 percent and 123 percent year-on-year respectively. The smart contract framework aims to enable financial institutions to share and reuse services for flexible customer applications. Pilots have covered retail payments, public services, and cross-border settlements since late 2019.
Key Takeaways:
- PBOC E-CNY Operation Management Center unveiled the upgraded system and smart contract framework on October 22, 2026, at Financial Street Forum.
- Cumulative digital yuan transactions reached 4.3 billion by end-September 2026 with a total value of about 31 trillion yuan.
- September 2026 volume hit 99.67 million transactions worth 1.87 trillion yuan, up 12 percent and 123 percent year-on-year.
- The upgraded system integrates issuance, retail and wholesale payments, blockchain, and smart contracts to reduce costs.
- Framework supports applications from everyday payments to trade financing following January 1, 2026, shift to digital deposit money model.
Why It Matters:
- Scale of transaction volume and value validates sustained usage of a major-economy retail CBDC beyond initial pilots into broader payment and financing functions.
- Smart contract integration signals evolution of CBDC infrastructure toward programmable money that financial institutions can customize.
- Traditional central bank response expands digital currency capabilities while maintaining control over issuance and settlement.
- Connection of wholesale and retail functions with blockchain elements links public digital currency to tokenized financial market infrastructure.
- Long-term implication is progressive embedding of CBDC as a settlement and service layer supporting both domestic digital economy activity and potential cross-border use.
Sveriges Riksbank Deputy Governor Per Jansson stated on October 22, 2026, that Sweden should examine the case for a digital krona again, citing the approaching digital euro, foreign-currency stablecoins, cyber threats, and the country’s extreme cashlessness. A Riksbank survey earlier in 2026 showed only 5 percent of Swedes used cash for their most recent purchase. Jansson noted that if Swedish kronor lack a usable digital form, the currency may struggle to compete with cross-border digital instruments, potentially affecting monetary policy transmission and financial stability. He indicated that introduction would require at least five years for legislation and preparations, and that the Riksbank has not taken a position on issuance, leaving the decision to parliament. The comments follow an official communication submitted to the Riksdag Committee on Finance earlier in October highlighting payment market changes since a 2023 inquiry that found no urgent need. The European Central Bank could launch a digital euro in 2029.
Key Takeaways:
- Riksbank Deputy Governor Per Jansson on October 22, 2026, called for parliament to revisit digital krona assessment.
- Riksbank survey showed only 5 percent of Swedes used cash for their most recent purchase.
- Introduction estimated to require at least five years for legislation and preparations.
- Drivers cited include digital euro timeline, foreign stablecoins, geopolitical risks, and payment resilience needs.
- Riksbank has not taken an issuance position; decision rests with parliament following 2023 inquiry conclusion of no urgent need.
Why It Matters:
- Comments from a highly cashless economy illustrate how digital euro progress and stablecoin growth can pressure smaller currencies to reconsider CBDC options for competitiveness.
- Emphasis on offline and resilience features signals CBDC design priorities shifting toward contingency use cases amid cyber and geopolitical concerns.
- Traditional central banks respond by linking domestic digital currency readiness to regional initiatives such as the digital euro.
- Connection between potential digital krona and cross-border instruments highlights infrastructure competition between public CBDCs and private stablecoins.
- Long-term implication is renewed legislative preparation cycles even in jurisdictions that previously paused retail CBDC work.
Powered by
