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Crypto

IMF says tokenisation could strengthen or fragment financial system

Tokenisation will either strengthen or fragment the financial system depending on policy decisions on money, market infrastructure and legal frameworks, Tobias Adrian said. Moving financial assets and liabilities to a shared ledger compresses execution, clearing and settlement into software-run simultaneous processing, he said. The shift could concentrate risk in platforms, code and market infrastructure providers rather than traditional intermediaries. The IMF report cited tokenised deposits, stablecoins and tokenised central bank reserves.

Crypto

JPMorgan backs U.S. Clarity Act but warns on regulatory loopholes

JPMorgan publicly backed the U.S. federal digital asset bill known as the Clarity Act, while warning that a loose regulatory framework could revive vulnerabilities that existing financial rules sought to block. In a joint article by Umar Farooq and Peter Muriungi, the bank said regulatory clarity must be paired with durable safeguards. It also flagged risks in market structure, stablecoin incentives and consumer misunderstanding, and called for stronger anti-money laundering and enforcement tools.

Crypto

U.S. CBDC ban enlarges stablecoin arena as Circle, Tether and banks compete

A U.S. bill passed by Congress blocks the Federal Reserve from issuing a central bank digital currency until the end of 2030, reshaping the digital dollar race around private players. The move could accelerate competition between stablecoin issuers such as Circle and Tether and banks building tokenised deposit networks. Banks argue deposits underpin lending and have warned of large outflows if rules are misdesigned. Officials disagree on whether tokenised deposits can displace stablecoins.