Interoperability between payments networks and adoption by established distribution networks are the keys to scale in digital money but their effectiveness depends on consumer confidence. Interoperability requires infrastructure but the right combination of public initiative and private incentive has yet to be found, though it likely lies in not-for-profit utility models. Programmable money can catalyse adoption of digital monies by enabling agentic AI payments and creating a

The perception that Stablecoins are breaking out of their original cryptocurrency niche and impacting both domestic and cross-border payments is overstated. The cost, speed and accessibility advantages of Stablecoins have yet to disrupt existing domestic and cross-border payments services or money market practices. The number of digital wallets capable of accepting Stablecoins is a better measure of the ultimate scalability of Stablecoins than the number of Stablecoin issuers

The main obstacle to tokenised deposits scaling is lack of interoperability between the tokenised deposits of individual banks. Banks are also coming to appreciate the costs and complexities of building the internal systems and procedures to support tokenised deposits. In the long run, tokenised deposits will outperform Stablelecoins in terms of both stocks and flows. Tokenised deposits are also better placed than Stablecoins to deliver the most valuable promise of tokenised

At the turn of the century a disruptive alternative trading platform called Chi-X competed successfully with the established stock exchanges for order flow by cutting transaction costs dramatically. Blockchain technology has promised a similar revolution for more than a decade but failed conspicuously to deliver. The founders of BPX Digital Securities Marketplace, the digital securities marketplace licensed by the Financial Conduct Authority (FCA) in June 2025, believe they

Deepening inter-operability between Euronext and Clearstream can be read as a solution to the fragmentation of European post-trade infrastructure Börse Stuttgart has positioned its Seturion tokenised settlement platform as an alternative to the reconfiguration of the existing post-trade infrastructure Clearstream has hedged its exposure to a tokenised future by simultaneously placing a series of bets on the growth of digital asset markets When Börse Stuttgart launched Seturio

The London Stock Exchange Group (LSEG) has built an infrastructure with Canton Network called DisH to put commercial bank money on-chain The DiSH infrastructure, unlike the tokenised deposit platforms developed by banks, is an open network not a closed universe DisH aims to facilitate settlement of traditional financial market transactions as well as digital asset transactions on blockchains On 15 January 2026 the London Stock Exchange Group ( LSEG ) announced it had launched