Kiffmeister’s #Fintech Daily Digest (20260917)

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U.S. SEC Issues Innovation Exemption to Facilitate the Trading of Tokenized NMS Stock (SEC)

The U.S. Securities and Exchange Commission (SEC) granted temporary exemptive relief to tokenized securities venues (TSVs) from the definition of “exchange” in the Securities Exchange Act of 1934 to trade tokenized National Market System (NMS) stock using innovative permissioned automated market makers and liquidity pools. The relief creates a five-year, bounded pathway for on-chain secondary trading and proprietary-capital liquidity provision without immediate exchange or dealer registration. It is conditioned on limits on symbols and volume, equivalent shareholder rights, issuer notice for third-party tokenization, auditable public smart contracts, synchronized trading halts, and transparency. The SEC will solicit comment before deciding whether durable rulemaking is warranted. Unresolved issues include appropriate scale, market-structure safeguards, issuer control, and the regulatory treatment of liquidity providers. [SEC]

Money and Power: Lessons from History for Stablecoins and US Dollar Dominance (BOE)

External member of the Bank of England (BOE) Financial Policy Committee Carolyn Wilkins concludes that while private digital currencies could theoretically scale, their stability remains highly conditional on credible convertibility, uniform regulation, and robust crisis-management frameworks. Probing the implications of expanding U.S. dollar stablecoins, she notes potential benefits for dollar settlement but questions their resilience during panics, warning that ostensibly liquid reserve assets may suffer severe liquidity deficits under systemic stress. Furthermore, Wilkins identifies regulatory heterogeneity across jurisdictions as a critical vulnerability complicating cross-border enforcement. She ultimately cautions against assuming technology guarantees dominance, asserting that enduring international monetary power depends strictly on fundamental fiscal capacity, institutional credibility, and the rule of law rather than mere network effects. [BOE]

And some catching up to something I missed in 2025:

NBKR Sets Out Digital Som Project Sequencing (NBKR)

[March 10, 2025] The National Bank of the Kyrgyz Republic (NBKR) laid out its plans to issue a blockchain-based Digital Som central bank digital currency (CBDC) to enhance financial inclusion, payment security, and digital economy infrastructure. Following the the IMF’s “5P” methodology, the project will progress sequentially from initial proof-of-concept functional testing to limited-user prototyping, followed by a live pilot before fully launch (“production”). Over the 2027–2030 horizon, the central bank aims to incorporate smart contracts for programmable payments, establish cross-border interoperability with foreign platforms, and optimize throughput and cyber resilience, supported in parallel by a dedicated regulatory framework governing platform operators and participant connectivity. [NBKR]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260916)

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Measuring Stablecoin, Crypto and Decentralised Finance Ecosystems (BIS)

A BIS paper by Aerts, Heijmans, Paulick, and Vuletic concludes that widely used indicators of crypto-asset and decentralized finance (DeFi) activity are highly dependent on methodological choices, rendering them noisy approximations rather than direct economic measures. Although blockchain data is transparent, underlying protocol complexities obscure true economic signals. Bitcoin’s transaction model conflates actual transfers with technical change outputs, drastically altering volume estimates based on applied heuristics. Similarly, programmable smart contracts on Ethereum generate spurious activity that complicates reliable classification. The text highlights severe data heterogeneity across blockchains, demonstrating that identical stablecoins fulfill distinct economic functions on different infrastructures. Consequently, accurately assessing DeFi dynamics demands bounded estimates and rigorous technical disaggregation rather than naive data aggregation. [BIS]

CertiK and the NBKR Partner in Digital Som Security (CertiK)

CertiK, a US-based firm specializing in blockchain security and smart contract auditing, announced that it had entered into a memorandum of understanding with the National Bank of the Kyrgyz Republic (NBKR) focused on technical security assessments, continuous monitoring, and financial integrity regulatory advisory for the Digital Som central bank digital currency (CBDC) project and broader virtual-asset oversight. However, the arrangement is purely an exploratory framework for dialogue, and it commits to no software deployment or procurement award. [CertiK]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260915)

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Call for Online and Mobile Merchants to Participate in Digital Euro Pilot (ECB)

The European Central Bank (ECB) has launched a call for expression of interest inviting e-commerce and mobile commerce merchants operating in the euro area to take part in the 12-month digital euro pilot expected to start in the second half of 2027. The call follows the selection of payment service providers (PSPs) to participate in the pilot. Selected merchants will test a beta instrument—without legal-tender status—in remote-commerce payment journeys, operational processes, and integration with acquiring payment service providers (PSPs), and their feedback will inform technical specifications and merchant-facing design. Participation is voluntary and unpaid, requires an agreement with the ECB and an acquiring PSP, and applicants will be assessed on market reach, readiness, and suitability. Applications close October 27, 2026. (ECB)

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260914)

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Progress Report on Bank of Japan Retail CBDC Experiments (BoJ)

The Bank of Japan (BoJ) published an English version of the progress report on its retail central bank digital currency (CBDC) experiments published in Japanese in June 2026. It finds that no fatal technical barriers preclude a full-scale launch, yet severe scalability and resource challenges remain unresolved in the current prototyping phase. The architecture is based on a two-layered model that decouples a centralized core ledger for basic accounting from a peripheral layer of privately managed overlay services. By linking application programming interfaces on the central bank’s core to diverse external systems, private intermediaries tested various innovations, including distributed ledger technology platforms for purpose-bound money and tokenized securities settlement. Although simulations processed 50,000 transactions per second, they were significantly simplified compared to real-world demands. The proposed record-splitting solution for single-account transaction concentration exhibited diminishing returns, as excessive splitting degraded performance. Furthermore, the application sandbox operated separately from the centralized high-load pilot system, leaving unresolved how cross-layer latency, asynchronous transaction failures, and ledger synchronization between the core and external systems will perform under live retail market stress. Also, despite the simplified architecture, resource consumption proved substantial, raising critical questions about the feasibility of the massive system resources required for national deployment. [BoJ]

Sixth General Meeting of the Bank CBDC Forum (BoJ)

The BoJ also published a summary of the sixth general meeting of its CBDC Forum that provided a condensed executive presentation of the technical findings detailed in progress report above. It also announced that the Forum’s seven working groups were being reorganized into three discussion groups focused on retail CBDC architecture, new technologies, and retail CBDC ecosystems. The new technologies group will evaluate stablecoins, tokenized deposits, distributed ledger technology, asset tokenization, and programmability. Furthermore, the restructured Forum will operate with a focus on initiatives that also contribute to the BoJ’s efforts related to wholesale payment systems. [BoJ]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260913)

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Safe Settlement Assets for Wholesale Tokenized Financial Markets (LinkedIn)

Drawing on remarks delivered at the recent Currency Research Central Bank Payments Conference, Ashley Lannquist (Glenbrook Partners) set out a decision framework for policymakers weighing which form of settlement asset should support safe large-scale tokenized financial markets — settled on distributed ledger technology (DLT). (“Large-scale” denotes markets that would ordinarily settle on a systemically important financial market infrastructure such as a central securities depository or securities settlement system.) Once such activity migrates onto DLT, safety concerns compel a choice governed by whether the asset (1) should be central bank money and (2) should be “on-chain.” The resulting matrix maps to wholesale central bank digital currency (CBDC) (yes/yes), real-time gross settlement (RTGS) synchronization (yes/no), regulated asset-backed stablecoins, tokenized e-money, or tokenized bank deposits (no/yes), and bank deposits (no/no). The framework is not prescriptive, being conditional on country context and acknowledging unresolved empirical questions about benefits and risks. [LinkedIn]

Fast Payment Systems and the Cost of Remittances (Banca d’Italia)

A Banca d’Italia paper by Brandi, Di Iorio, and Nobili concludes that adopting domestic fast payment systems (FPS) reduces inbound remittance costs by roughly 0.25 percentage points. It finds this is primarily achieved by compressing foreign exchange margins via increased non-bank competition. However, the authors temper these findings by highlighting significant regional heterogeneity, noting zero statistically significant cost reductions in Latin America and Europe. Furthermore, they question causality, acknowledging that FPS adoption often coincides with broader regulatory modernization. To defend their thesis, the authors employ an instrumental variable approach using market provider density to isolate whether the FPS itself is the true catalyst for the observed competition and subsequent cost compression. [Banca d’Italia]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260911)

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Launch of Demat 2.0 Tokenized Corporate Bond Project (SEBI)

The Securities and Exchange Board of India (SEBI) launched the “Demat 2.0” pilot project, introducing tokenized corporate bonds natively recorded on a distributed ledger. It utilizes the Reserve Bank of India’s wholesale central bank digital currency (CBDC) and Unified Market Interface to enable instantaneous atomic settlement, using smart contracts to automate interest and redemption payments. Unlike global precedents—which largely involve individual issuers on isolated platforms—Demat 2.0 natively embeds tokenized bonds and CBDC settlement directly within India’s existing regulated market infrastructure. Following an initial ₹1,025 crore issuance by three companies, the pilot aims to reduce costs and settlement risks. While the technology changes, investor safeguards, legal rights, and regulatory frameworks remain identical to conventional bonds, with future phases planned for retail access. [SEBI]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260910)

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The Stablecoin Transfer Volume Number in Most Board Packs is Misleading (AI-Mabrook)

In its third quarter 2026 Digital Assets Executive Industry Update Al-Mabrook Financial questions the reliability of headline stablecoin transfer volume metrics, challenging the oft-cited $62 trillion transfer volume for 2025 as a true measure of adoption. The data suggests it is not, filtering gross volume down to just $350–$550 billion in genuine real-economy payments. Business-to-business transactions ($150 to $230 billion) dominate this legitimate flow because traditional rails remain inefficient, followed by consumer-to-consumer remittances and consumer-to-business payments ($90 to $130 billion each). Business-to-consumer flow, largely payroll and marketplace payouts, accounts for the remainder. [AI-Mabrook]

Stablecoin Multi-Country Issuance and Dollar-Run Risks in Europe (CEPR)

A Centre for Economic Policy Research (CEPR) paper by Martino, Monnet, and Perotti critically examines the systemic risks posed by multi-country issuance of USD-denominated stablecoins. The authors argue that because the European Union (EU) Markets in Crypto-Assets (MiCA) regulations guarantees unconditional, par-value redemptions—unlike proposed U.S. regulations that permit fees and gates—technologically fungible tokens create dangerous avenues for cross-border redemption arbitrage. In times of stress, this regulatory asymmetry incentivizes rational holders to offload dollar-run risks entirely onto EU-based issuers. Conceding that structural bans on multi-country issuance are politically unlikely, the authors propose a pragmatic mitigation strategy to achieve “functional redemption equivalence.” They advocate mandating automatic, smart-contract-embedded contingent measures, specifically sequencing redemption fees ahead of hard gates, to deter self-fulfilling runs. Furthermore, the paper recommends granting the European Central Bank powers to suspend non-euro stablecoin redemptions during severe crises, aiming to safeguard EU monetary sovereignty against unhedgeable USD stablecoin market contagion. [CEPR]

Privacy in Wholesale Cross-Border Payments: Assessing Project Agorá (SUERF)

A Société Universitaire Européenne de Recherches Financières (SUERF) paper by Jan Camenisch and the Swiss National Bank’s Thomas Moser evaluates the privacy architecture of the Bank for International Settlements Project Agorá, a distributed ledger initiative for wholesale cross-border payments, against five design objectives. The authors note that Agorá utilizes the Paladin framework to achieve selective disclosure, regulatory access, and multijurisdictional configurability with low computational overhead. However, the assessment highlights significant architectural trade-offs. By relying on issuer-delegated verification rather than trustless systems, the design concentrates information and trust within issuing entities. Additionally, keeping private state off-ledger introduces resilience challenges, and the network remains vulnerable to metadata leakage. Ultimately, the paper concludes that while Agorá is operationally pragmatic, future phases must address off-chain state management and metadata vulnerabilities. [SUERF]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260909)

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The Multi-Issuance Issue (SSRN)

A paper posted by Ulrich Bindseil and others critically examines the viability under European Union (EU) Markets in Crypto-Assets (MiCA) regulations, of stablecoin arrangements in which entities inside and outside the EU issue and redeem a single fungible stablecoin, each backing only the tokens it has itself issued. The authors use a financial accounts framework covering the two issuing entities, their custodian banks, holders, and an arbitrageur, to argue that token fungibility could inadvertently concentrate redemption pressure on EU-based issuers during stress events, potentially depleting local reserves. Furthermore, they question the efficacy of localized reserve mandates, positing that such requirements are either redundant if foreign frameworks are robust, or structurally flawed if they force dollar-denominated tokens into inferior offshore accounts. Ultimately, the paper advocates for an equivalence regime that allows direct EU distribution of foreign-issued stablecoins, despite reliance on foreign regulatory parity not completely safeguarding the EU against cross-border contagion. [SSRN]

eCurrency Unveils Secure eOffline CBDC (PR Newswire)

eCurrency Mint announced its Secure eOffline central bank digital currency (CBDC) solution, demonstrated in Africa, enabling consumers, merchants, and government agencies to transact CBDC without internet or mobile connectivity via partner-supplied phones, smart cards, or dedicated hardware. It positions offline capability as parity with cash and a lever for financial inclusion within eCurrency’s existing Digital Symmetric Core Currency Cryptography (DSC3) infrastructure. However, the release provides no technical detail on offline settlement finality, double-spend prevention, or reconciliation upon reconnection. [PR Newswire]

Central Banks On-Chain (ECB)

Discussing Darrell Duffie’s “Tokenized Finance and the Perimeter of Central Banking” paper at the 2026 Jackson Hole Conference, European Central Bank (ECB) Executive Board Member Isabel Schnabel argued that wholesale tokenization requires an ultimate settlement asset that is both risk-free and elastically supplied. Challenging Duffie’s perimeter conservatism, she maintained that stablecoins cannot replicate central bank liquidity provision under systemic stress, and that proxy or bridge models preserve fragmentation while leaving policy operations off-chain. Citing the need to defend European monetary sovereignty against the rise of foreign-currency stablecoins, she advocated for native tokenized central bank reserves to enable atomic repo, automated collateral management, and 24/7 liquidity facilities. Schnabel framed the central design choice as a trade-off between common ledgers—which maximize atomicity and integration—and interoperable networks, which better mitigate concentration, governance, operational resilience, and technology lock-in risks. [ECB]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260907)

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Group of Leading Banks to Establish Stablecoin Enterprise (PR Newswire)

Twenty-one global financial institutions intend to establish a new entity in H2 2026 to issue 1:1 reserve-backed stablecoins, initially USD-denominated with planned G7 currency expansion. Targeting an H1 2027 launch, the consortium aims for GENIUS Act and MiCA compliance. This initiative matters because it represents a highly coordinated, systemic effort by traditional finance to co-opt public blockchain infrastructure and challenge crypto-native issuers. The group comprises Bank of America, Capital One, Citi, Fidelity, Goldman Sachs, PNC, Scotiabank, TD, Wells Fargo, WisdomTree, Santander, BBVA, Commerzbank, Crédit Agricole, Deutsche Bank, Lloyds, Rabobank, UBS, MUFG, Sirius International, and Standard Bank. Notably absent are Barclays and BNP Paribas—participants in an initial exploratory phase announced in October 2025—alongside JPMorgan, which continues advancing its proprietary tokenized deposit network. [PR Newswire]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260906)

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Navigating the Purpose and Provision of CBDC (IJPE)

In the International Journal of Political Economy (IJPE), George Pantelopoulos argues that one purpose of central bank digital currency (CBDC) is to preserve the fungibility of privately issued means of payment. Through the retail anchor function of central bank money, convertibility into banknotes bridges heterogeneities among forms of private money and forges a symbiosis between them, preventing commercial bank money from de-anchoring and thereby averting adverse selection and fractured monetary sovereignty. With banknotes declining as a means of payment, however, this convertibility risks becoming a merely theoretical rather than real-world construct — a gap that could justify introducing CBDC. Separately, the paper contends that genuine CBDC must be booked as a direct central bank liability; “synthetic CBDC” schemes, being central-bank-backed e-money issued by intermediaries, do not qualify. A two-tier architecture is presented as the most likely means of preserving this liability structure without requiring the central bank to hold retail accounts. [IJPE]

The Alchemy of Fungible Money: A Trilateral Approach to Bridging Heterogeneities (SSRN)

George Pantelopoulos and Paul Wessels posted a paper on the Social Science Research Network (SSRN) that challenges the prevailing “moneyness” policy focus on “singleness” – the property that payments denominated in the sovereign unit of account will be settled at par, even if they use different forms of privately and publicly issued monies. The authors argue that settlement at par is merely one component of true interchangeability. Even when instruments like commercial bank deposits, e-money, and stablecoins exchange at par, unmitigated heterogeneities in credit risk and accessibility can still trigger adverse selection and systemic instability during market stress. To achieve practical fungibility, they propose a trilateral framework of foundational (unit of account), enabling (convertibility, deterministic settlement finality, interoperability), and supportive (regulation, deposit insurance) elements. As physical cash usage declines, the analysis questions whether decentralized innovations like stablecoins and tokenized deposits can sufficiently replicate these complex institutional support mechanisms to achieve practical fungibility. [SSRN]

Tokenized Finance and The Perimeter of Central Banking (KC Fed)

Darrell Duffie presented a paper at the Kansas City Fed (KC Fed) Jackson Hole Conference that evaluates how central banks can support safe settlement for large-scale tokenized finance without expanding their operational perimeter. He analyzes infrastructure models based on financial stability, central-bank balance sheet size, and fragmentation costs, warning that poor interoperability will severely delay tokenization’s growth. Duffie assesses four approaches: (1) providing tokenized central-bank reserves, (2) synchronizing extended-hour conventional payment systems with programmable ledgers, (3) authorizing private-sector narrow banks to offer tokenized deposits via central-bank omnibus accounts, and (4) utilizing wholesale stablecoins. He predicts central banks will likely delegate tokenization to private-sector narrow banks (approach 3) to avoid building 24×7 programmable ledgers themselves. He dismisses stablecoins as inferior for financial stability; as claims on private issuers, they carry vulnerabilities like liquidity transformation and contagion, lacking the safety of central bank money. [KC Fed]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.