SoFi tie-up shows stablecoins can provide alternative blockchain settlement rail
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IMF: The future of tokenization depends on policy choices; stablecoins and two other types of settlement assets may coexist.
According to Odaily Odaily, Tobias Adrian, Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF), stated that as assets migrate to shared digital ledgers, policy choices regarding the monetary system, market infrastructure, and legal framework will determine whether tokenization will enhance the integration of the financial system or lead to further fragmentation. The tokenized economy is giving rise to three types of settlement assets: tokenized bank deposits, stablecoins, and tokenized central bank reserves. Tokenization is not merely about faster payments or programmable assets; it's about migrating financial assets and liabilities to a unified ledger, compressing execution, clearing, and settlement into software-driven, synchronous processes. This shift may also transfer risk from the balance sheets of traditional intermediaries to platform, code, and infrastructure providers. (The Block)
Kraken parent Payward partners with SoFi on stablecoin, 24/7 settlement
The deal will bring SoFiUSD to Kraken, connect Payward to SoFi’s 24/7 dollar settlement network and give SoFi access to digital asset liquidity through Kraken Prime.
Japan weighs blockchain fast lane for securities cash settlement
The FSA, Finance Ministry, BOJ and financial institutions plan to study the infrastructure and produce a development plan by early 2027.
Asset management giant Vanguard is hiring its first head of digital assets to evaluate strategies including tokenization and stablecoins.
PANews reported on July 8th that, according to Bitcoin Magazine, Vanguard, the world's second-largest asset manager (with approximately $12 trillion in assets under management), has created its first-ever Head of Digital Assets position, responsible for developing the company's long-term crypto and blockchain strategy. This role will evaluate areas such as tokenization, stablecoins, digital wallets, custody, and blockchain settlement, and determine whether Vanguard should build its own capabilities, partner with external entities, or postpone entry into certain markets. The position will involve developing multi-year roadmaps and designing governance and risk frameworks. Vanguard stated that this hiring does not indicate an upcoming launch of crypto products and that it currently has no plans to issue its own crypto investment vehicles.
Russian Central Bank Governor: Considering the use of stablecoins in cross-border settlements
According to Odaily Odaily, the Governor of the Central Bank of Russia stated at the Financial Congress that the Central Bank is considering using stablecoins in cross-border settlements, but only as a supplement to the digital ruble. The Central Bank of Russia has concerns about using stablecoins in internal settlements. The Central Bank of Russia is currently discussing the launch of a ruble-pegged, state-controlled stablecoin and analyzing the appropriateness of combining such instruments with central bank digital currencies in cross-border transactions. Furthermore, the Central Bank of Russia proposed stablecoin regulatory rules last week, the core idea of which is to ensure all transactions are conducted under state control.
Central Bank of the Philippines: Wholesale CBDCs can be used for securities settlement and cross-border payments.
PANews reported on July 2nd that the Central Bank of the Philippines (BSP), in its recent "Project Agila" report, pointed out that potential applications for wholesale central bank digital currencies (wCBDCs) include financial securities settlement and large-scale cross-border payments. wCBDCs involve commercial banks and financial institutions opening accounts at the central bank, using distributed ledger technology for real-time peer-to-peer settlement. This is expected to achieve higher automation, faster processing speeds, and lower transaction costs while maintaining a similar architecture to existing RTGS systems. The BSP noted that using wCBDCs for securities transaction settlement can help shorten the time lag between transaction and final settlement, reduce settlement risk, and will use the experience gained from this project to develop a roadmap for future CBDCs.