Almost 70 organizations join ECB’s digital euro innovation platform (Ledger Insights)

The European Central Bank (ECB) launched its digital euro innovation platform, and almost seventy organizations have signed up to participate. The platform simulates the envisaged digital euro ecosystem, in which the ECB provides the technical support and infrastructure, such as an application programming interface (API), for European intermediaries to independently develop innovative digital payment features and services. Findings will be published by the ECB in a report to be published later this year. [Read more at the ECB]

Kyrgyzstan gold/government-backed dollar-pegged stablecoin (CoinDesk)

The Kyrgyz Ministry of Finance reportedly plans to launch a gold-backed stablecoin pegged 1:1 to the U.S. dollar in Q3 2025. The Gold Dollar (USDKG) will initially be backed by $500 million and be designed to facilitate seamless cross-border transfers. The Ministry aims to expand the gold reserves to as much as $2 billion, with independent audits planned to ensure trust and transparency in the collateral backing. All operational responsibilities—including gold custody, collateralization processes, and token issuance controls— will be handled by an independent Kyrgyz-registered private entity. [Read more at the USDKG.com]

FCA seeks feedback on regulation of crypto-asset trading platforms (FCA)

The U.K. Financial Conduct Authority (FCA) published a discussion paper (DP) to seek views on the future regulation of specific crypto-asset activities, ahead of legislation to bring them within regulation. This is the latest policy publication in the FCA’s Crypto Roadmap which provides a clear timeline for consulting on future crypto regulation. Other areas in the roadmap include market abuse and admissions and disclosures, stablecoins and custody, and prudential considerations. This discussion paper follows the publication of draft legislation by the Treasury that, once passed, will bring specific crypto-asset activities within the FCA’s regulation. The DP reflects insights gained from a series of FCA-led industry roundtables. [Read more at the FCA]

And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.