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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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What just happened in Iran wasn’t a surprise attack. It wasn’t a last-minute decision. It wasn’t even Israel acting alone.

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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