News, data and analysis on tokenized assets, market design and digital economic systems.
Prudential treatment and systemic risk: the standard setters, the stress episodes, and what supervisors concluded from them.
The Financial Stability Board says a dollar token held worldwide but backed and regulated in a few countries could leave holders unsure whom to claim from if it failed. It puts the market no bigger than a year ago.
The Federal Reserve Board asked for comment on 24 September on two GENIUS Act proposals: reserves at par in short-dated safe assets or their tokenized forms, an operational risk charge of 1 to 2 per cent of coins outstanding, and a presumption that…
In a 57-page response to the European Commission's review of MiCA, the European System of Central Banks asks that the prohibition on remunerating holders apply to unregulated crypto borrowing, lending and staking too, naming liquidity mining as an…
MAS puts its 2023 framework into legislation with a licence class in which an issuer may not do banking or any other regulated business, may pay no interest, and may be designated systemic and ordered off Singapore's venues.
Finance ministers and central bank governors meeting in Asheville said they would establish clear pathways for sound digital assets innovation and named three things they are waiting on the Financial Stability Board for.
Its general manager argues stablecoins fail on singleness, interoperability and financial integrity, and that bank money on a programmable ledger passes the tests they fail.
The Financial Accounting Standards Board proposed on 18 August that some stablecoins may sit on a balance sheet as cash equivalents, and set three conditions.
KPMG US issued an unqualified opinion on the 2025 financial statements of Tether International, the entity Tether says is the only issuer of USDT, and found reserves exceeding liabilities by $6.814bn at 31 December 2025.
BDO's attestation shows $183.6bn of USDT backed by $187.8bn of assets at 30 June—an excess of $4.11bn, down from $8.23bn a quarter earlier.
The Bank for International Settlements published the money and payments chapter of its 2026 Annual Economic Report on 23 June 2026, arguing that stablecoins fall short on singleness, elasticity and integrity of money.
On 22 June 2026 the Bank of England published a policy statement and draft Code of Practice for sterling systemic stablecoin issuers, dropping proposed individual holding limits in favour of a temporary £40bn cap per issuance.
The IMF Executive Board concluded its 2026 Article IV consultation with Nigeria on 9 June 2026 and identified stablecoin oversight as a priority.
The European Central Bank published a study of the tokenised bond market in Issue 33 of its Macroprudential Bulletin on 13 April 2026, comparing matched samples of tokenised and conventional European corporate bonds.
An IMF working paper published on 27 March 2026 examined cross-border stablecoin flows and their effects on emerging-market foreign exchange rates.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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