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? The Dinarian on Locals brings you the latest in news, interviews, in-depth conversations, and stories from across the blockchain and global communities—within and beyond cryptocurrency ?. Experts delve into how blockchain technology is reshaping industries, enhancing business networks ?, transforming transaction workflows, and advancing distributed ledger systems ??. We also explore intriguing topics that may venture into the realm of conspiracies—and so much more!
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Opening Remarks at Peer-Learning Series on Digital Money/Technology: Central Bank Digital Currency and the Case of China

Krishna Srinivasan, Asia and Pacific Department Director, IMF

July 7, 2022

Good morning, everyone, and good evening if you’re in the Western Hemisphere. Thank you for joining in today’s event on Central Bank Digital Currency and the Case of China. As Alfred indicated, this is the second event in our new series of events on digital money and technology in the Asia-Pacific region.

Digital money and technologies can significantly change the landscape for financial systems and bring important benefits to the public at large. Among other things, they could foster financial inclusion, create new value-added in the economy, and reduce transaction costs, including across borders. The digital money/technology series covers a broad range of topics, and so allow me to make a few general points.

As with any innovation, the challenge is to find the right balance between fostering innovation and maintaining stability and protection for consumers and investors. We will hear about CBDCs in greater detail today, but let me also highlight the critical point we find ourselves in for crypto assets. For example, the recent crypto market crash— triggered by the de-pegging of a large algorithmic stablecoin and exacerbated by the collapse of over‑leveraged financial institutions in digital asset banking and trading—highlights the risks created by regulatory shortcomings. As the size of digital assets grow, without proper regulation, the systemic risks that the sector poses will increase.

The stakes are particularly high for Asia and the Pacific, where many people see digital finance as an opportunity to build and exploit new drivers of growth and innovation. Several countries in the region are at the cutting edge of new developments stemming from the rise of private and public digital assets. New crypto assets and associated products and services proliferated in the region with transaction volumes of crypto assets in many countries among the highest in the world.

Policy makers are keen to monitor the risks emanating from the digital finance sector, with many activities still unregulated but expected to have broader impact. We can and should learn from each other’s experiences. This peer-learning series thus highlights the experiences of countries in the region in regulatory guidance for the development of digital finance. Today’s event focuses on China’s experience with central bank digital currency, the e-CNY.

The IMF has set out an ambitious agenda for understanding the implications of fintech and digital assets for the global economy. For the Asia and Pacific Department, our goal will be to monitor and advise on these rapidly evolving areas for our member countries, and establish much closer interaction with member countries and key stakeholders. In particular, we’ll strive to provide timely advice and capacity development assistance to small states, low-income countries, and emerging markets and developing countries in coordination with the IMF’s Monetary and Capital Market Department.

As such, a lot of analytical work is underway on a broad set of issues. As it related to CBDCs, I want to highlight a survey of 36 Asian economies we conducted earlier this year to help us understand the steps countries have taken in their consideration of CBDCs and how crypto falls into this landscape. The note summarizing the survey will be released later this year, but for now let me share four key findings with you:

Finally, while there is a significant interest in CBDCs, very few countries are actually likely to issue them in the near to medium terms. Most countries in the region have shown interest, with work ranging from preliminary research and development to launching live pilots.

Third, the decision to adopt or explore CBDCs is closely linked with the rapid increase in the use of crypto assets in the economy, as well as attempts at regulation. For example, in Indonesia, the Philippines, and Vietnam, the uptick in crypto usage for remittances and investment among individuals has policymakers considering the tangible benefits of technological innovation, including lower cost and improvements in payment systems.

Second, several factors drive CBDC interest: The higher income countries seek to enhance the efficiency and safety of the payment system, while emerging market economies are looking to promote financial inclusion and financial stability. Some countries simply do not want to fall behind the curve, either because of regional peers or the private sector.

First, we find that the Asia and Pacific region is at the forefront of the CBDC exploration, and interest in CBDCs continues to rise. Even though no Asian country has formally launched a CBDC yet, China and India—the world’s most populous countries—are frontrunners for doing so in the near future. Other economies, including Hong Kong Special Administrative Region and Singapore are relatively advanced in their work on CBDC, while some countries including Japan, Korea, and Australia have done extensive research.

Let me also use this forum to highlight that in addition to our work on CBDCs, we have done several studies on private digital assets, including empirical analyses on the drivers of crypto asset adoption across countries and the impact of policy actions.

Regarding the effect of policy on adoption, we find that crypto bans reduce crypto activities in the short term. However, because bans are difficult to enforce, the effect diminishes over the long term, even when regulations are strict. Also interesting, announcing a plan to issue a CBDC, likewise, dampens crypto activities.

Our research also shows that the crypto market can increase dollarization, as U.S. dollar stablecoins crowd out local currencies in crypto markets. This effect is stronger in countries with higher inflation and currency instability. The study points to regulated, local‑currency-backed stablecoins issued by the private sector as an alternative to retail CBDCs.

We find that the rate of crypto adoption is greater in countries with higher digital penetration and remittances as well as weaker macroeconomic fundamentals—such as high inflation. Informality, corruption and the degree of capital controls are also positively associated with higher crypto adoption. These highlight the importance of implementing proper tracking of crypto activities and improving regulations.

Looking forward, we have several analytical projects at various stages of execution.

We’re also planning a series of more technical CBDC research to our support our capacity development efforts. This includes CBDC infrastructure and design options for emerging markets and developing economies. It also includes a framework for deciding if and how to adopt a CBDC, and the implications for monetary policy and cross-border transmission of shocks.

For the Pacific Island countries, we are undertaking analytical work to examine the prospects for digital currencies (including CBDCs) and to set up a framework to help the countries assess the costs and benefits of digital currency adoption as well as potential policy implications.

Given the importance of these topics for our membership and the IMF, digitalization is now regularly discussed with the authorities during our annual Article IV dialogues and covered in corresponding IMF staff reports. In particular, the Article IV consultations will focus on digital money issues for countries at the forefront of these issues (such as some Pacific Island countries and we will continue to closely cover developments in China) and countries with the potential to adopt CBDCs and/or encounter other digital finance issues soon.

I am very pleased that today we can bring together colleagues and friends from the People’s Bank of China and the Hong Kong Monetary Authority, as a well as international experts on these issues. China’s experience and pilots with the e-CNY could hold useful lessons for other countries as they search for ways to navigate the fast-changing digital finance landscape.

I am sure that this series of events in general and today’s event on CBDC and the case of China in particular will be very useful for us all. Thank you.

Let me now pass the baton to the moderator Yiping Huang.

https://www.imf.org/en/News/Articles/2022/07/07/sp070722-central-bank-digital-currency-and-the-case-of-china

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thedinarian@thedinarian
June 01, 2025
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Fund Tokenization Prepares Asset Managers for ‘Perfect Storm’

Synopsis:

  • Great Wealth Transfer will see $84 trillion of intragenerational asset transfer over the next 20 years
  • Gen Y and Z investors favor investment in alternative asset types, which tokenization makes more investable for HNW clients
  • Tokenization encourages platform changes, and will ultimately bring additional operational benefits

A triumvirate of large-scale market changes are set to transform the asset management industry over the next decade.

With trillions of dollars worth of assets set to flow into the wallets of Gen X, Y, and Z investors, much of which will accumulate onchain, asset managers who move first to serve this new market will gain an advantage in capturing this revenue opportunity. The immediate opportunity is similar to when the ETF format was introduced in 1993, with first-mover State Street launching the SPY (SPDR S&P 500 ETF)—now one of the largest ETFs globally. The tokenized asset format is today’s generational opportunity.

Tokenization can unlock accessibility to alternative asset types and more composable assets and structures, enabling a significant change in how investors manage portfolios. With greater automation and rules-based investment allocations, entirely new strategies could also become economically viable. Integrating existing platforms with next-generation digital systems will enable the industry to modernize in stages, ultimately allowing for the adoption of new asset types at scale.

The forthcoming vicennial transformation of the industry will enable it to transform and emerge triumphant. Those at the forefront of this technology evolution stand to dominate and shape the future of asset management.

 

Great Wealth Transfer prompts global investment shake-up

The asset management industry is on the cusp of the largest wealth transfer event ever, set to last for the next two decades. Consulting firm Cerulli Associates estimates $84 trillion in assets is set to change hands as wealth passes from the baby boomer generation to Gen X, Y, and Z investors.

However, the investment behavior of these younger benefactors differs significantly from their forebears in two ways. Holding Web3 wallets and accounts on Robinhood, rather than brokerage accounts like their parents, millennials are opting for a more self-service model in their long-term holdings. Add to that the shift in risk appetite, searching for higher growth through less conventional asset types like private markets and crypto, and the need for the industry to transform quickly is clear.

Whilst the industry is not currently set up to offer this new investor class more customization, as opposed to one-size-fits-all product offerings, an 80% majority of asset managers believe customization for the masses will be an important investment strategy in the next five years.

 
 

                                          Ryan Lovell, Chainlink Labs

 

While asset managers could build their own proprietary blockchain infrastructure and smart contract systems from the ground up, that approach would require significant resources and specialized engineers, extend time to market, and be at higher risk of technical vulnerabilities or implementation errors. On the other hand, fully outsourcing the implementation would leave them with limited roadmap control, interoperability, and customizability, along with dependency risks.

Ryan Lovell, director of capital markets at Chainlink Labs, commented: “That’s why leading asset managers are taking a hybrid approach, leveraging both existing systems and Chainlink’s decentralized infrastructure to implement modular solutions that can scale across multiple blockchains.”

 

Industry transformation through tokenization

The launch of tokenized funds by firms such as BlackRock, Franklin Templeton, and Fidelity International has created a need for the fund administration industry to evolve to an onchain format. However, nearly all, 93% of fund services firms, have not automated data inputs, data checks, and key workflows, so their operations are still manually intensive, leading to increased operational costs, reduced liquidity, and missed investment opportunities. Standard transfer agent processing can take between one and three days for routine transactions, and between five and seven days for complex cases requiring additional compliance checks, cross-border settlements, or manual document verification.

“Operational efficiency is just the starting point of tokenizing funds,” said Lovell. “The real value is meeting the needs of future investors who are increasingly accumulating wealth across multiple blockchain networks.”

In order to reach this new onchain world, asset managers and their service providers may not want to make a huge investment to completely change their infrastructure, but instead adapt their existing systems to make them compatible with multiple blockchains.

For example, in November 2024, SBI Digital Markets, UBS Asset Management, and Chainlink completed the implementation of a tokenized fund to demonstrate how existing fund administration processes can be successfully made compatible with tokenized funds.

SBI Digital Markets, as a custodian and fund distributor, used smart contracts, oracle networks, and multiple blockchains to automate its processes. One of the key components was the digital transfer agent smart contract, which used multiple oracle networks from Chainlink and its blockchain-agnostic architecture to create a unified golden record.

Lovell compared the digital transfer agent to an offchain/onchain coordinator that does everything that a traditional transfer agent does, but in digital form.

“It does not replace the existing system but enables firms to be compatible with blockchain and then offer a service that can scale to all their customers,” he said. “Asset managers should be demanding this from their service providers.”

The pilot showed that a tokenized fund could maintain its share register on one blockchain while using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enable the processing of intensive fund lifecycle activities such as subscriptions and redemptions on different blockchains while meeting institutional security and compliance standards.

Swift, UBS Asset Management, and Chainlink also settled tokenized fund subscriptions and redemptions using the Swift network, which enables payments with fiat currencies across more than 11,500 financial institutions in over 200 countries.

                                     Winston Quek, SBI Digital Markets

Winston Quek, CEO at SBI Digital Markets, said in a statement: “This new way of launching fund structures and administering them via smart contracts empowers both fund managers and their service providers to deliver new onchain financial products and lower operational costs to investors, both things they are actively looking for.”

In addition to lowering costs, using blockchains increases transparency and allows real-time reconciliation between the fund distributor and the fund issuer. Lovell highlighted that Chainlink can also use the same architecture to enable investors who want to hold tokens that are backed by offchain assets, settle these tokens across any blockchain, incorporate data that is needed to process transactions onchain, such as NAV data, and coordinate payments between distributors and the asset managers.

In the U.S. there are requirements around private and public funds and Chainlink enables asset managers to consolidate and consume onchain record keeping while fulfilling regulatory obligations. U.S. funds also require the distributor to onboard users and buy and sell the fund while the custodian and fund accountant provide reporting data.

“We allow all of those service providers to coordinate outside of their firewalls,” said Lovell. “Chainlink’s goal is to enable the TradFi and DeFi worlds to seamlessly connect, which increases utility.”

 

The Great Wealth Transfer is driving asset management onchain

With $84 trillion set to flow from baby boomers to Gen X, Y, and Z, their demand for alternative asset types and customization will shape the future of asset management. While today’s systems may be prohibitively expensive to offer these benefits at scale, tokenization changes the economics.

Tokenized funds by BlackRock, Franklin Templeton, and Fidelity International have already proven the demand for onchain assets, while a solution by SBI Digital Markets, UBS Asset Management, and Chainlink has demonstrated the operational efficiencies of blockchain technology and how onchain assets can be provided at scale.

The choice is clear for asset managers and service providers: embrace the tokenization revolution and lead the next era of finance or risk being left behind. Those who act now will not only gain a first-mover advantage but also shape the future of the industry.

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thedinarian@thedinarian
May 31, 2025
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Stellar's Ecosystem Surges Forward: Smart Contracts, Lightning Speed, and Real-World Impact in 2025

The Stellar blockchain ecosystem is experiencing remarkable momentum in 2025, with groundbreaking technical achievements and expanding real-world adoption that position it as a major player in the decentralized finance landscape. From lightning-fast transaction speeds to innovative smart contract capabilities, Stellar is demonstrating that blockchain technology can deliver both performance and practical utility.

Technical Breakthroughs Drive Performance

The Stellar Development Foundation's Q1 2025 quarterly report reveals impressive technical milestones that showcase the network's maturation. The platform now processes an astounding 5,000 transactions per second with remarkably fast 2.5-second block times, putting it among the fastest blockchain networks in operation today.

This performance leap isn't just about raw numbers—it represents Stellar's commitment to creating infrastructure that can handle real-world demand. Whether it's cross-border payments, asset tokenization, or decentralized applications, the network's enhanced capabilities provide the foundation for scalable blockchain solutions.

Smart Contracts Get Smarter with Soroban

One of the most significant developments has been the launch and continued evolution of Soroban, Stellar's smart contract platform. The introduction of Contract Copilot represents a major advancement in developer experience, enabling faster and safer smart contract development through enhanced tooling and guidance.

This focus on developer experience is crucial for ecosystem growth. By lowering barriers to entry and improving the development process, Stellar is positioning itself to attract innovative projects and talented developers who might otherwise choose competing platforms.

New Token Standards Meet Market Needs

The Stellar Development Foundation has introduced new token standards developed specifically based on feedback from developers and institutional users. This responsive approach to platform development demonstrates Stellar's commitment to building technology that meets actual market needs rather than theoretical requirements.

These standards are particularly important as institutional adoption continues to grow, with organizations requiring robust, compliant, and flexible token frameworks for their blockchain initiatives.

Global USDC Integration Expands Utility

The integration of USDC across Stellar's global network represents a significant milestone for practical cryptocurrency adoption. Stablecoins like USDC provide the price stability necessary for everyday transactions and business operations, making them crucial for blockchain platforms seeking real-world utility.

This integration is particularly impactful in emerging markets, where access to stable digital currencies can provide financial services to underbanked populations and facilitate more efficient cross-border transactions.

Industry Events Build Community Momentum

The Stellar ecosystem's growing influence is evident in its presence at major industry events. The foundation's participation as a sponsor at Consensus 2025 in Toronto and Digital Assets Week in New York demonstrates its commitment to engaging with builders, investors, and institutional leaders across the blockchain space.

These events serve as crucial networking opportunities and platforms for showcasing innovative projects within the Stellar ecosystem. Recent Meridian events have highlighted creative projects like Skyhitz and HoneyCoin, illustrating the collaborative spirit and diverse applications being built on the platform.

Real-World Impact in Emerging Markets

Perhaps most importantly, Stellar's growth isn't just about technical metrics—it's about real-world impact. The platform's focus on emerging markets addresses genuine financial inclusion challenges, providing efficient payment rails and access to digital financial services where traditional banking infrastructure may be limited.

This practical approach to blockchain implementation sets Stellar apart from projects that focus primarily on speculative trading or theoretical use cases. By solving actual problems for real users, Stellar is building sustainable demand for its technology.

Looking Ahead: Enterprise-Grade Infrastructure

Stellar positions itself as offering enterprise-grade asset tokenization alongside its DeFi capabilities and payment infrastructure. This comprehensive approach makes it attractive to institutions looking for a single platform that can handle multiple blockchain use cases.

The combination of fast transactions, low costs, smart contract capabilities, and regulatory-conscious development creates a compelling value proposition for enterprises considering blockchain adoption.

The Road Forward

As 2025 progresses, Stellar's ecosystem appears well-positioned for continued growth. The technical infrastructure improvements, developer-focused enhancements, and real-world adoption initiatives create a strong foundation for expanding use cases and user adoption.

The blockchain industry has seen many projects promise revolutionary capabilities, but Stellar's focus on delivering measurable performance improvements and practical solutions suggests a mature approach to blockchain development. With transaction speeds that rival traditional payment systems and growing institutional adoption, Stellar is demonstrating that blockchain technology can move beyond experimental phases into mainstream utility.

For developers, institutions, and users looking for blockchain solutions that prioritize both performance and practical applicability, Stellar's 2025 developments represent significant progress toward a more accessible and useful decentralized financial ecosystem.

Source: The Dinarian ⚡ Claude AI

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thedinarian@thedinarian
May 31, 2025
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Soroban Security Audit Bank: Raising the Standard for Smart Contract Security

The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

Since launch, the Soroban Security Audit Bank has successfully conducted over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

 

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

By making automated formal verification available to developers, in addition to allocating significant budget for securing many of the top DeFi protocols built on top of Stellar, SDF has established a new security standard in the Web3 ecosystem. –Mooly Sagiv, Co-Founder of Certora
SDF has been a strong partner as we’ve worked with teams across the Stellar ecosystem. SDF’s Audit Bank initiative allows for a smooth and streamlined review process, and is a clear reflection of the Stellar ecosystem’s enhanced commitment to security. –Robert Chen, CEO of OtterSec
 

Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

Finding a good auditor is difficult, expensive, and high-stakes. The Audit Bank streamlines the process and supports ecosystem projects with security review at critical growth milestones. –Markus Paulson, Co-Founder of Script3
The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. –Esteban Iglesias Manríquez, Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

  • Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
  • Incentivized Security at Key Traction Milestones: Complimentary, extensive follow-up audits are available as projects achieve critical traction milestones (e.g., $10M and $100M TVL). These audits include deeper assessments such as formal verification or competitive audits, significantly boosting project security at pivotal stages.
  • Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
  • Enhanced Audit Readiness Support: Projects receive structured preparation support, including the implementation of best practices and security standards based on the STRIDE threat modeling framework. This ensures project teams are thoroughly prepared, optimizing audit efficiency and minimizing delays.

Get Started Today

If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with the Stellar Community Fund to become eligible for future security audits and ecosystem support. For any broader questions on the program, contact [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off on Soroban Security Best Practices on Friday, May 30, 2025 at 2 PM ET on @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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