News, data and analysis on tokenized assets, market design and digital economic systems.
Dollar and non-dollar tokens as payment instruments: reserves, redemption, distribution economics and the corridors that use them.
Kenya gazetted the Virtual Asset Service Providers Regulations, 2026 on 24 July 2026, completing implementation of the VASP Act assented to in October 2025. The Central Bank of Kenya will supervise fiat conversion services and stablecoin issuers, while the…
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and…
Bank of China settled the two largest transactions recorded on mBridge, the multi-central-bank digital currency platform, in June and July 2026. A CNY 11.3bn payment through its…
The European Parliament approved its position on the digital euro regulation on 9 July 2026, following a committee vote in June. Trilogue negotiations with the Council and…
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…
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…
The IMF Executive Board concluded its 2026 Article IV consultation with Nigeria on 9 June 2026 and identified stablecoin oversight as a priority. A follow-up IMF country note…
The European Commission opened a two-part consultation on revising the Markets in Crypto-Assets Regulation in May 2026, with responses due by 30 August 2026. The review's central…
Mastercard and the African digital-asset platform Yellow Card announced a partnership on 7 May 2026 to build stablecoin-based payment and settlement rails across Eastern Europe,…
The Hong Kong Monetary Authority granted its first stablecoin issuer licences on 10 April 2026 to HSBC and to Anchorpoint Financial, a joint venture led by Standard Chartered with…
An IMF working paper published on 27 March 2026 examined cross-border stablecoin flows and their effects on emerging-market foreign exchange rates. It found that dollar stablecoin…
The Office of the Comptroller of the Currency published a proposed rule on 25 February 2026 implementing the GENIUS Act, consolidating reserve, redemption, audit and supervision…
Tether announced USAT on 27 January 2026, a dollar stablecoin issued in the United States by Anchorage Digital Bank under the GENIUS Act framework, with Cantor Fitzgerald as…
JPMorgan said on 7 January 2026 that it would issue JPMD, its dollar deposit token, natively on the Canton Network, a privacy-oriented institutional blockchain. The move extends…
Receiving $200 in Sub-Saharan Africa cost 8.46% in the third quarter of 2025; the tokens undercutting that price are almost entirely dollar-denominated, and the flows are unmeasured.
Circle's euro token held €381.8m in June 2026 against $72.6bn of its dollar token, and MiCA's ban on paying interest sent what euro demand exists onchain into money market funds instead.
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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