Regulatory frameworks are converging conceptually but diverging on where issuers and reserves must sit legally. Institutional buyers already treat Stablecoins, tokenised deposits and CBDCs as distinct tools, not interchangeable substitutes for each other. The dominant Stablecoin issuer remains largely outside the new regulatory perimeter, exposing a gap between rulemaking and market reality. Corporate and treasury adoption, not financial markets infrastructure, is emerging as

Stablecoins are not booming and CBDCs are not dead, especially in Europe where the ECB is pressing ahead with plans for a digital euro in 2028. Different uses-cases will rely on different forms of tokenised money and the private sector is building the necessary infrastructure. Corporates are drivers of change in payments and cash management and may be pioneering the disintermediation of the banks.

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

The ECB will accept as collateral for credit tokenised versions of securities and other assets it accepts already The tokenised assets eligible as collateral will initially be non-native only but native assets will become ECB-eligible in future The extension of ECB eligibility to tokenised securities is an opportunity for national and international CSDs with tokenisation platforms The European Central Bank ( ECB ) says it will accept tokenised versions of eligible assets as c

Security tokens and fund tokens will be traded 24/7 Security tokens and fund tokens will settle using Stablecoins Tokenised cash and collateral are key to the NYSE strategy The New York Stock Exchange ( NYSE ) says it is going to develop a regulated platform for on-chain trading and settlement of security tokens. It is planning to build a separate infrastructure that will operate 24/7 and settle trades in security tokens instantly using Stablecoins. The new platform will host