Banco Central de Bolivia (BCB) reportedly confirmed that it is looking into the possibility of issuing a digital boliviano at its “XVIII Monetary Policy in the Digital Age” conference. BCB President Edwin explained that technical workshops have already been held with the International Monetary Fund (IMF), as part of the establishment of an operational base for a future digital version of the national currency. The main motivations would be to improve the efficiency of the payment system, promote financial inclusion and maintain monetary stability and digital sovereignty in the face of expanding interest in cryptocurrencies and stablecoins. [Read more at PaymentMedia]
Bhutan enables tourists to pay with crypto (Fintech Singapore) Bhutan has launched a national crypto payment system for tourism, enabling international visitors to use crypto for a wide range of travel-related expenses. The initiative is a collaboration between Binance Pay, DK Bank, and Bhutan’s Department of Tourism. DK Bank, a fully digital bank licensed by the Royal Monetary Authority of Bhutan, manages settlement for merchants in local currency. Under the system, travelers with Binance accounts can pay local merchants for services and goods using crypto-assets with “near-zero” fees. Transactions are completed using dynamic or static QR codes via the Binance app. [Read more at Binance]
Upcoming Speaking Engagements:
The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]
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.
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have officially reached a deal that, if approved by a judge, will bring their years-long legal battle to a close. According to a settlement agreement filed in New York on Thursday, both parties have agreed to a $50 million penalty — a portion of the $125 million fine initially imposed last year by Judge Analisa Torres of the Southern District of New York (SDNY), and a tiny fraction of the massive $2 billion fine initially requested by the SEC. [Read more at the SEC]
Stripe launched Stablecoin Financial Accounts, new money management capabilities powered by stablecoins, which will be accessible to businesses in 101 countries. This comes three months after Stripe completed its acquisition of stablecoin platform Bridge. With these new accounts, businesses will be able to hold a balance in stablecoins, receive funds on both crypto and fiat rails (like ACH and SEPA), and send stablecoins almost anywhere in the world. These accounts will allow entrepreneurs in countries with volatile currencies to hedge against inflation and more easily access the global economy. Stripe will start by supporting two dollar-denominated stablecoins—USDC and Bridge’s USDB—and plans to add others over time. [Read more at Stripe]
The U.S. Securities and Exchange Commission (SEC) is considering a potential exemptive order that would allow firms to use distributed ledger technology (DLT) to issue, trade, and settle securities without having to comply with certain registration requirements that may be ill-suited for this technology. This potential conditional exemption from certain SEC registration requirements and associated rules would allow firms to use innovative trading systems for eligible tokenized securities. The contemplated exemption would be conditional. Exempted entities would comply with market integrity conditions for the prevention of fraud and manipulation. This sketch of a potential exemption is a work-in-progress. There would be other conditions, but the goal is to formulate a commercially feasible approach that protects investors, including by ensuring that they have the benefit of cutting-edge technologies for trading, clearing, and settling securities. [Read more at the SEC]
The BIS published the results of an empirical investigation of trends and drivers of cross-border flows of Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC) between 184 countries from 2017 to 2024. These flows are substantial, peaking at around $2.6 trillion in 2021, with the two stablecoins (USDT and USDC) accounting for close to half the volume. The bilateral data allow for the estimation the drivers of these flows in a gravity framework, and how they differ across different types of crypto-assets. The findings highlight speculative motives and global funding conditions as key drivers of native crypto-asset flows. Transactional motives play a significant role in cross-border flows for stablecoins and low-value BTC transactions, where a strong association with higher costs of traditional remittances is found. [Read more at the BIS]
Coinbase has agreed to acquire Deribit, the largest crypto options exchange for $2.9 billion, including $700 million in cash with the balance in stock. Coinbase already has a derivatives subsidiary, which is particularly active in perpetual futures. The transaction is expected to close by the end of the year, subject to regulatory approvals. [Read more at Ledger Insights]
The CFA Institute has published two reports on tokenization. The first one discusses distributed ledger technology, the various models of tokenization, and the processes involved. It also considers the benefits and limitations of tokenization in areas like clearing and settlement, transparency and compliance, and market access. The report further includes case studies from interviews with firms and digital finance professionals on the impact of tokenizing investment products. The value proposition of tokenization revolves around improvements in clearing and settlement, transparency and compliance, and fractionalization and market access. Limitations and challenges include cybersecurity risks, regulatory uncertainties, a still-fledgling market infrastructure, and the issue of whether it makes sense to grant easier access to private market investments for retail investors. [Read more at the CFA Institute]
The second part focuses on the legal and regulatory developments considered necessary to support the tokenization industry. It also analyzes international and supranational standards and proposals by non-governmental bodies and provides a comparative cross-jurisdictional analysis of regulatory sandbox initiatives. The key takeaways are that the growth of digital assets and tokenization requires legal and regulatory frameworks to address issues related to property rights, cross-border recognition and compliance, enforcement rights, and jurisdictional remit, and that global regulatory cooperation and measures to safeguard stakeholders are a priority for regulators and policymakers. [Read more at the CFA Institute]
Upcoming Speaking Engagements:
The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]
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.
The Bank of Israel of Israel (BOI) launched the technological consultation process for the digital shekel. Technology experts, academics, potential vendors are invited to help the BOI deepen its understanding of the technological feasibility and potential implementation of key components of the digital shekel system. It outlined six technological consultations, each focusing on a different component derived from preliminary design white paper published in March 2025; backend layer, secure transaction messages and communication, offline capabilities, payment authorization (secure containers and cryptographic key management), alias management, and fraud monitoring. Submissions are due by June 30, 2025. [Read more at the BOI]
The BIS Innovation Hub and the South African Reserve Bank (SARB) launched the sixth edition of the G20 TechSprint, aimed at promoting the development of cutting-edge technological solutions to pressing global challenges and the priorities of the global regulatory and central bank community. This year’s TechSprint will focus on building innovative solutions for (i) verifiable digital identity, (ii) consumer-consented credit data portability and (iii) fraud and cyber risk mitigation. Proposals must be submitted by June 20, 2025. Shortlisted teams will be invited to develop their solutions over an eight-week period, and winners will be announced in November 2025. Winners for each of the three categories will receive an award of $30,000, and short-listed projects receive a stipend of about $5,000. [Read more at the BIS]
Robinhood Markets is reportedly developing a blockchain-based platform to allow retail investors in Europe to trade US securities through a partnership with a digital-asset firm. The platform will allow for the trading of tokenized securities, which could increase transparency and standardization and cut costs associated with traditional trading infrastructure. [Read more at Bloomberg]
Coinbase is launching x402, a payment protocol that enables instant stablecoin payments directly over HTTP. It allows APIs, apps, and AI agents to transact seamlessly, unlocking a faster, automated internet economy. x402 uses the HTTP 402 payment status code to let clients, whether human users or AI agents, know that they need to pay up. They could then authorize a stablecoin payment request. Once the server verifies the signature, it broadcasts the transaction to a blockchain and provides access to the content or API, based on a request. In its whitepaper, Coinbase developers claim x402 would remove “account and billing friction from payments” and enable “true pay-per-use access without subscriptions, prepaid credits, or manual invoicing.” [Read more at Coinbase]
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.
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]
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]
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.
The U.S. Treasury Borrowing Advisory Committee (TBAC) published an overview of the potential terminal effects risks of interest-bearing stablecoins and tokenized money funds, from a perspective of Treasury demand, USD hegemony, the expansion of dollar-backed payment stablecoins, and potential effects for insured depository institutions. Also, it’s worth taking a look at Coindesk’s monthly report of central bank digital currency (CBDC) and stablecoins for useful presentations of the raw data. [Read the TBAC here and the Coindesk report here]
David Birch argues that, contrary to popular belief, cash is not always the most resilient payment method during disasters such as fires, floods, or wars. Drawing on real-world examples-from Japanese tsunamis and Nigerian market fires to the ongoing war in Ukraine-the author shows that people relying on physical cash often suffer greater losses, while digital payment systems, especially those with offline capabilities, tend to be more robust as long as power and communications can be maintained. In Ukraine, for instance, the resilience of the payment system has been bolstered by widespread adoption of softPOS (mobile-based point-of-sale) and contactless technologies, even amid blackouts and cyberattacks. The article concludes that future-proofing payments should focus on enabling device-to-device digital transactions that work without network connectivity, such as offline central bank digital currencies (CBDCs), rather than simply stockpiling cash. [Read more at Substack]
VISA launched a suite of integrated APIs and a commercial partner program to AI platforms, enabling developers to deploy VISA’s AI commerce capabilities securely and at scale. With VISA Intelligent Commerce, AI agents can find, shop and buy for consumers based on their pre-selected preferences. Each consumer sets the limits, and Visa helps manage the rest.” VISA Intelligent Commerce offers (i) AI-ready cards that replace card details with tokenized digital credentials, (ii) AI-powered consumer personalization (consumers share basic Visa spend and purchase insights with their consent to improve agent performance and personalize shopping recommendations), and (iii) simple and secure AI payments allowing consumers to easily set spending limits and conditions, providing clear guidelines for agent transactions. [Read more at VISA]
Coinbase published a paper that argues that the global financial system requires an update built upon permissionless systems, with tokenization at its core. They argue that building on open architecture provides benefits such as instant settlement, elimination of outdated processes, self-custody, increased transparency, improved transaction speed, programmability, and enhanced security and privacy through techniques like zero-knowledge proofs. The paper emphasizes the importance of base layer neutrality for fostering innovation and competition, while also addressing policy considerations such as integrating with traditional finance, enabling the tokenization of traditional assets, and recognizing the right to self-custody. [Read more at Coinbase]
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.
104 central banks have recently launched, piloted, experimented with and/or researched retail central bank digital currency (CBDC) not including two that started issuing retail CBDC and then shut the platforms down (Ecuador and Finland). This total is unchanged since the end of September 2024. (I had been carrying forward a count of 105, which included Zimbabwe’s ZiG gold-backed digital tokens (GBDTs) launched in October 2023. Although it was given legal tender status and was intended to be a means of payment for domestic transactions, it never took off as a unit of account. After discussions with CBDCTracker.org colleagues, I’ve decided to remove it from my retail CBDC tabulation. Hence the 104 “unchanged” count.)
Keep in mind that I don’t count all of the individual national central banks that are part of currency unions (e.g., the European or Eastern Caribbean Currency Unions). If I did the tally that way, my count would be around the oft-quoted 130+ central banks. Also, the table was compiled from publicly available sources, including the media and central bank websites, and not verified through official channels. If I’m missing anything, or you find mistakes in the tabulation, please let me know in the comments!
Another thing to note is that I’m not currently including wholesale CBDC-backed retail tokenized deposits, like those being experimented with in the Banco do Brasil Drex proof-of-concept work, and South Korea’s recently launched “CBDC” pilots. I say “currently” because the retail payment instruments being tested do not seem be direct liabilities of the central bank, which means they don’t align with the BIS (2020) CBDC definition I go by (“a digital payment instrument, denominated in the national unit of account, that is a direct liability of the central bank”). However, I don’t know enough about the architectures of these projects from publicly-available information to know for sure whether the tokenized deposits are direct central bank liabilities. I would appreciate it if anyone out there can provide some clarity on this.
Notes: The difference between a “pilot” and “proof of concept” (POC) is that a pilot involves actual users, whereas a POC does not, even though some POCs may involve central bank staff. Also, because the tabulation is based only on publicly-available information, it is likely that there is some POC activity in the “research” category, but no announcements have been made. Finally, entries that are crossed through indicate that the projects have been shut down. Also, the ones that are crossed out, are where the central bank has considered issuing CBDC but then decided to cancel the research or put it on hold (“watchful waiting”).
Ripple has reportedly bid up to $5 billion in an effort to acquire stablecoin issuer Circle, but the offer was rejected because it was too low. The reported attempt came less than 30 days after Circle applied for an initial public offering (IPO) in the US. Ripple reportedly had an $11 billion valuation in 2024, an estimate CEO Brad Garlinghouse called “outdated” as of January. The blockchain company purchased prime broker Hidden Road for roughly $1.2 billion in April, claiming the move would help scale activity for XRP and XRP Ledger. [Read more at CoinTelegraph]
Forbes published an article by Christian Catalini that examines the intensifying competition in the stablecoin market, where companies like PayPal, Coinbase, Circle, Tether, and even traditional financial giants like Visa and Mastercard are vying for dominance. Drawing an analogy to the commoditization of electricity, Catalini argues that stablecoins risk becoming undifferentiated utilities, with margins squeezed by competition and regulatory pressures. The two primary revenue levers for issuers — reserve yields and transaction fees — are both under threat as users demand higher returns and payment rails become commoditized. The “stablecoin sandwich” model (converting local currency to stablecoins for cross-border transfers, then back to local currency) represents current momentum, but Catalini predicts that only institutions closest to central banking, like banks themselves, will ultimately have the cost advantage in minting stablecoins. He concludes that the real winners won’t necessarily be those creating the best stablecoins, but rather those controlling the distribution channels—the wallets, apps, and merchant relationships—through which these digital currencies flow. [Read more at Forbes]
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.
