The Clearing House and Quant are bringing tokenized-deposit interoperability to America's $2 trillion-a-day wholesale payment infrastructure. We examine CHIPS's 26:1 liquidity efficiency, Swift's global connectivity advantage and why Fnality's common settlement asset could reshape institutional payments, securities settlement and collateral mobility.
Visa and Mastercard are stitching together the infrastructure for 24/7 stablecoin-funded corporate payments, connecting blockchain transfers, payment orchestration and fiat payouts. But who provides the liquidity that makes funds available in recipients' bank accounts, and who bears the financing cost? Using a $50 million cross-border treasury transaction, we examine the three critical layers of global payments, compare liquidity funding costs against transaction revenues and
In a dramatic reversal, the OCC scrapped Biden-era restrictions that had kept US banks from engaging in stablecoin transactions and crypto custody. Overnight, the stablecoin market’s potential didn’t just grow—it likely 10x’d...
At the recent RWA London Summit, one topic dominated my panel discussion: tokenized assets as collateral. A variety of views emerged, including using more exotic tokenized assets other than tokenized MMF as collateral. While I recognize the potential of these alternative assets, I made one thing clear—this is a conversation about the future, not the present. Right now, tokenized products must meet investor demands, and illiquid assets simply don’t. Even the most prestigious
