Observations on CBDCs, stablecoins, tokenized deposits, and their impact on financial infrastructure.
14 posts
EnsembleTX brings tokenised deposits into real-value trading, with interbank settlement on HKD RTGS for now and 24/7 tokenised central bank money planned. The article unpacks its settlement design and the questions left open to 2030.
The FSB warns that while global stablecoins move 24/7 across borders, reserves and dollar redemptions face jurisdictional and market-hour constraints. We examine how time, location, and information mismatches create cross-border spillovers.
Using MAS’s latest address as a guide, this article examines Singapore’s digital finance roadmap across asset tokenisation, repo settlement, the division of digital settlement money, GL1 standards, and SAFR agentic governance.
Explores the core distinction between account-based and token-based money across value representation, verification logic, and ledger architecture, analyzing hybrid CBDC ledgers, source-of-truth determination, and wholesale vs retail engineering trade-offs.
An in-depth analysis of the Bank of Korea's Project Hangang, examining its two-tier architecture of wholesale CBDC and tokenised deposits, interbank burn-and-issue settlement, Phase 1 empirical findings, and Phase 2 regulatory sandbox expansion.
A systematic review of Project e-HKD pilot outcomes, exploring Hong Kong's strategic pivot from retail payments to wholesale tokenised asset settlement.
An in-depth analysis of the ECB digital euro project, examining the drivers of public money digitalization, two-tier distribution, offline chip security, holding limit water-tank models, and implementation milestones.
An analysis of monetary hierarchy and balance sheet realities, examining China's 2025 M1 revision, US Regulation D changes, and tokenised assets.
From Nick Szabo's vending machine model to Ethereum and unified ledgers, explore how smart contracts link shared state, conditional execution, and atomic settlement.
Starting from bank balance sheets and interbank settlement, this article explains how tokenized deposits connect commercial bank money, central bank reserves, and tokenized assets.
Drawing on the BIS classification framework, this article explains how unbacked cryptoassets such as Bitcoin and Ether are created, held, traded, and regulated, and how they affect financial infrastructure.
This article explains the classification, issuance mechanisms, and global policy divergence of CBDC from the perspectives of issuers, liability relationships, and settlement assets, and analyzes its impact on banks and financial infrastructure.
This article introduces the meaning and operating mechanisms of stablecoins, as well as their differences from bank deposits, e-money, central bank digital currencies (CBDCs), and crypto-assets.
Starting from ledgers, assets, transactions, and settlement, this article explains the operational logic of blockchain, its advantages and limitations, and its potential impact on future financial infrastructure.