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Project Dynamo Unveiling the Potential for CBDCs and Other Tokens
June 30, 2023
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The financial industry is witnessing a wave of digital money and payment innovation driven by the public and private sectors. Central bank digital currencies (CBDCs), stablecoins, and deposit tokens are among the emerging digital assets that are transforming the global payments landscape.

These innovations leverage blockchain and distributed ledger technology (DLT) to achieve faster and more efficient payment and settlement processes and programmability. 

While the potential benefits are promising, addressing the challenges and uncertainties associated with these emerging technologies is crucial for sustainable adoption. 

In view of this evolving landscape and within the scope of Project Dynamo, which encompasses the utilization of digital trade tokens, the BIS Innovation Hub Hong Kong Centre (BISIH) has collaborated with Quinlan & Associates to conduct a comprehensive study of the current state of CBDCs, deposit tokens, and stablecoins.

This study is further strengthened by insights derived from interviews with 29 global market leaders and stakeholders actively engaged in one or more aspects of these technological explorations.

CBDC projects and private sector initiatives

The landscape study revealed a significant increase in CBDC projects initiated by public entities in recent years. Nearly one-third of jurisdictions worldwide have explored or are currently exploring CBDC use cases. Of the 131 CBDC projects tracked until April 2023, 42 specifically focus on wholesale adoption.

The private sector has also embraced the adoption of CBDCs, deposit tokens, and stablecoins to enhance their existing offerings and propositions.

For instance, ANZ introduced the A$DC, a stablecoin aimed at automating supply chains and cost-effectively providing near real-time liquidity.

In Japan, major banks such as Tokyo Kiraboshi Financial Group, Minna no Bank, and the Shikoku Bank are exploring the issuance of their stablecoins on a public blockchain.

Project overview and methodology

The landscape study conducted for Project Dynamo focuses on the wholesale adoption of CBDCs, deposit tokens, and stablecoins. It covers use cases, adoption outlook, challenges, organisational positioning, blockchain technology, and regulatory developments. 

The study employed a combination of primary and secondary research, including interviews with 47 executives from 29 organisations involved in these explorations. 

The objective is to provide practical reference frameworks, key trends, and primary market intelligence to facilitate the healthy development of financial markets.

To establish common definitions for CBDCs, deposit tokens, and stablecoins, the study examined their underlying characteristics, including technology, price stabilisation mechanisms, and issuing entities. 

This study focused on DLT-based digital representations of sovereign currency issued by central banks, regulated banks, and non-bank financial institutions. Other DLT-based assets, such as algorithmic stablecoins, were excluded from the definitions.

Adoption of CBDC, deposit tokens, and stablecoins

The common feature among CBDCs, deposit tokens, and stablecoins is their potential for straight-through processing and end-to-end instant payments/settlements, including payment versus payment (PvP) and delivery versus payment (DvP), combined with programmability.

Adopting blockchain/DLT could revolutionise the existing settlement methods for payments and regulated assets, such as securities, which are key pillars of the financial markets. 

Project Dynamo

While well-established methods tend to be highly sticky, incumbents and stakeholders in the traditional financial markets have shown a willingness to explore blockchain/DLT for PvP and DvP to address pain points such as lengthy settlement times, lack of transparency, and high transaction costs. 

Additionally, the programmability of money and payments is an active area of experimentation for both disruptors and incumbents. 

There is significant interest in adopting blockchain/DLT for wholesale financial operations across the public and private sectors. Initiatives like Project mBridge, Jura, Helvetia, Dynamo, and Genesis, led by the BIS, are examples of such explorations. 

Financial institutions are actively exploring the adoption of DLT representations of fiat currency in both PvP and DvP scenarios, with promising developments observed in the trade finance and fixed income space. 

Non-banking industry players, particularly those involved in international trade, are also actively exploring wholesale use cases of CBDCs, deposit tokens, and stablecoins to address existing pain points associated with working capital.

Regulatory perspectives

While there is significant interest in adopting blockchain/DLT for wholesale financial operations, several regulatory challenges must be addressed. One of the initial steps in blockchain/DLT adoption is the selection of a suitable blockchain/DLT protocol.

However, there is limited industry convergence due to different views on the potential of various blockchain types and the industry’s future development.

Compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) sanctions rules is another crucial regulatory consideration, given the widespread availability of digital assets.

Project Dynamo

Entities involved in these explorations generally prefer entity-level AML implementation to minimise operational complexities and have better control over the legal responsibilities and consequences within the ecosystem.

While central bank digital currencies and deposit tokens benefit from existing legal and regulatory frameworks that provide sufficient clarity, stablecoins are a relatively new concept that requires the development of new regulations or the adaptation of existing ones.

Achieving regulatory clarity and harmonisation across all three categories of digital assets is essential to encourage organisations to explore wholesale use cases further.

Regulatory bodies worldwide are actively endorsing real-world use cases of digital assets, ensuring investor protection, and addressing concerns related to AML, CTF, and other regulatory considerations.

Recent developments, such as Hong Kong’s publication of a consultation paper on stablecoins and Japan’s plan to lift the ban on foreign stablecoins, demonstrate the regulatory efforts to devise or revise regulatory frameworks for stablecoins.

However, despite these efforts, areas of uncertainty still require further clarity, particularly around the legal taxonomy of stablecoins in various jurisdictions. Consistency in legal taxonomies and licensing requirements is crucial for the widespread adoption and effective regulation of stablecoins.

This necessitates greater regulatory convergence and cross-jurisdictional harmonisation to ensure a consistent and supportive regulatory environment for stablecoins and other digital assets.

Market development and interoperability

Institutions often pursue technology initiatives independently, leading to siloed development and experimentation. However, initiatives are underway to connect these “walled gardens” and address challenges around limited interoperability. 

Leading financial market infrastructure players and technology providers work on aggregation platforms, standardised messaging guidelines, and relay chains to facilitate interoperability. 

Interoperability solutions are crucial for unlocking the full potential of CBDCs, deposit tokens, and stablecoins by enabling scalability and seamless cross-border settlement. 

Market facilitators, such as regulators and policymakers, play a vital role in fostering cross-jurisdictional cooperation and coordination to support interoperability and harmonisation in wholesale cases involving PvP and DvP.

CBDC Wholesale use cases

The adoption of CBDCs, deposit tokens, and stablecoins holds vast potential, and the BIS Innovation Hub is actively involved in experimenting and piloting various wholesale use cases. Industry participants are exploring a wide range of wholesale use cases, with the BISIH playing a catalyst role in facilitating these explorations.

Project Dynamo

PvP use cases, particularly cross-border payment settlements, are prominent, while DvP use cases involve issuing and settling various securities, such as bonds and swaps. Financial institutions emphasise the importance of digital money for efficiently settling digital assets. However, they express concerns about adopting digital money that central banks or regulated financial institutions do not issue.

Case Study: Trade Finance

As part of Project Dynamo, the Digital Trade Token (DTT) explored programmability and improved data transparency to tackle the trade financing gap for small and medium-sized enterprises (SMEs).

SMEs upstream in the supply chain often face challenges in accessing financing due to their smaller size and lack of quality collateral or sound financials. 

The DTT, a stablecoin, enables anchor buyers to send smart contract-backed conditional payments to their suppliers. Suppliers can then pass the DTT to their upstream counterparts to offset their debt or obtain working capital from institutional investors.

The importance of regulatory harmonisation

Regulatory hurdles pose significant challenges to adopting CBDCs, deposit tokens, and stablecoins. Clear regulatory frameworks are crucial for market participants to navigate compliance requirements and ensure investor protection. 

The legal classification of stablecoins, in particular, needs further clarification to establish accountability and prevent regulatory arbitrage. 

Project Dynamo

Regulatory bodies worldwide are actively working to develop or revise frameworks for digital assets, but inconsistencies in legal taxonomies and licensing requirements across jurisdictions hinder adoption efforts. 

Greater regulatory harmonisation and cooperation are necessary to foster a conducive environment for the adoption and growth of CBDCs, deposit tokens, and stablecoins.

The way forward

The adoption of CBDCs, deposit tokens, and stablecoins in wholesale financial operations is still nascent. It requires extensive coordination among market facilitators, such as regulators and policymakers, and exploration by market stakeholders, including banking institutions, non-banking institutions, financial market infrastructures, and payments companies. 

Technology and regulation are still in the early stages of development, leading to siloed initiatives within individual organisations. 

Project Dynamo

While uncertainties and regulatory hurdles remain to overcome, the potential benefits of these digital assets in transforming payment and settlement processes are substantial. 

Despite these challenges, stakeholders are encouraged to keep a close eye on potential interoperability solutions that can unlock the full potential of this new asset class in the coming years.

Market facilitators need to foster cross-jurisdictional cooperation and coordination to address discrepancies in legal taxonomies, definitions, and responsibilities, enabling responsible and sustainable progress by market participants. 

In addition, market stakeholders should continue to monitor regulatory developments and actively shape the regulatory frameworks for CBDCs, deposit tokens, and stablecoins, ensuring investor protection and facilitating the growth of these emerging asset classes.

Coordinated efforts among market facilitators and stakeholder collaboration are crucial for driving the sustainable development and adoption of CBDCs, deposit tokens, and stablecoins in the financial industry. 

With regulatory clarity, increased interoperability, and continued exploration, CBDCs, deposit tokens, and stablecoins have the potential to reshape the global financial landscape and pave the way for a more efficient and programmable future of finance.

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4 Fintech Companies 💸& Things To Know About 🤔

The fintech revolution is reshaping the way we manage, invest, and move money, breaking down traditional barriers and empowering individuals worldwide. As financial technology continues to evolve at a rapid pace, a select group of innovative companies are leading the charge by offering groundbreaking solutions that redefine banking, payments, and digital assets. Whether you’re a savvy investor, an industry professional, or simply curious about the future of finance, discovering these trailblazing fintech companies is essential to understanding today’s dynamic financial landscape.

 

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In an era where technology and finance are increasingly intertwined, these four fintech companies stand out as catalysts for positive change. By driving progress in digital payments, asset management, lending, and decentralized finance, they are not only making financial services more accessible and efficient—they are also paving the way for a more inclusive and empowered global economy. Staying informed about their innovations can help you seize new opportunities and take part in the future of finance.

 

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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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