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From niche to norm: Euroclear, EIB, HSBC explore tokenization progress, hurdles
January 30, 2025
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Yesterday the Banque de France held an event on the move to T+1 settlement in Europe. Much of the discussion covered tokenization, DLT and the need for a wholesale CBDC. The European Investment Bank (EIB) is the most prolific issuer of digital bonds. Its activities aim to move the innovation needle, so it doesn’t hesitate to outline the issues to be addressed to gain traction.

The EIB finds friction as a digital bond investor

The EIB has issued six digital bonds so far using five different DLT platforms. Last November, during the ECB wholesale DLT settlement trials, the EIB also attempted to become a digital bond investor. EIB Director General of Finance, Cyril Rousseau, said they found it a painful task, and instructive about what needs to happen for tokenization to achieve scale. The process took so long that they only invested in the Slovenian sovereign digital bond four days before it was redeemed. It had a four month term.

As an investor he found a few issues. The digital bonds were not as ‘desirable’ as other securities because they lack features such as secondary market liquidity and the ability to use them for repurchase agreements (repo). Additionally, he sees legal and technology risks. His biggest gripe is that he did not want to have to go through the same process for each digital bond platform.

“Why isn’t it (tokenization) upscaling right now? It’s because we are delivering an asset which is less reliable than the other ones. So I think we need to work on interoperability,” said Mr Rousseau.

 

He also noted, “We are convinced that we need to have a clear roadmap on where is the Eurosystem is going in terms of CBDC.”

HSBC, Euroclear already address digital bond frictions

In response to the interoperability comments, Euroclear’s Isabelle Delorme noted that a few DLT platforms, including Euroclear’s D-FMI, HSBC’s Orion and SIX’s SDX have adopted a hybrid model by integrating with legacy systems, allowing investors to engage with digital bonds without needing to use the technology directly. This addresses technical integration issues, and the lack of secondary markets and liquidity in the near term.

HSBC’s Orion has hosted two of the EIB digital bonds. John O’Neill from HSBC highlighted that the legacy integration can also support repo usage. We’re aware of digital bonds being used for repo in Hong Kong and Switzerland, with the central banks playing an important role. Beyond repo, he also emphasized the broader potential for tokenization and collateral mobility. We’d add the examples of Eurex and JP Morgan exploring the use of tokenized collateral for margin.

“We’re in danger of thinking none of these things exist anywhere in the world and they might come in a few years time. They exist, and they exist today,” said Mr O’Neill.

In terms of investor appetite for digital bonds, he noted the $750 million Hong Kong digital bond issuance last year had demand for over a billion dollars. It was hosted on the HSBC Orion platform, which was integrated with the local CSD. Likewise, Euroclear’s Delorme said its $300m issuance by AIIB was expanded with an additional $200 million tap, with demand from four continents.

“It was a demonstration that the appetite, at least be front runners, was there,” said Ms Delorme.

She also highlighted many of the benefits of tokenization, including the usage of DLT removing the need for reconciliations by having a golden source, which saves considerable costs.

Tokenization, fragmentation and unified ledgers

Nonetheless, she acknowledged that the fragmentation exists. To address these issues, the panel touched on the concept of a unified ledger and the cross over with an EU capital markets union.

Outside of DLT, she argued that some institutions are more experienced in providing backbone style services, whereas others tend to focus on applications.

“Many of us will offer business applications … use cases on digital assets, and some of us will participate in a backbone. This is life as it is, and the DNA of each of us today,” she said.

 

“I believe that Euroclear here is ready to contribute, participate, and co-create this kind of a backbone that would help different ledgers, different tokenized assets to be done, traded and shared and settled.”

One could infer a message that CSDs should be running the backbone and banks the applications on top of it. Clearstream, DTCC and Euroclear have published joint frameworks on tokenization.

While that logic is sound, we’ve previously highlighted tensions with this path. For example, DLT reduces the need for a CSD, with laws in Germany and Luxembourg replacing the issuance requirements for a CSD with a registrar or control agent. However, European legislation still requires a CSD for secondary markets.

Hence, CSDs have turf to protect. Another member of the panel was the DTCC’s Ann Shuman. She agreed with the benefits of tokenization, but also highlighted that many business problems, such as T0 settlement can be achieved with existing technology. The DTCC also had their fingers burned with a project (Trade Information Warehouse) in which they put extensive resources into a DLT solution only to find the market wasn’t ready. So regarding tokenization she said, “we believe in that future, we’re just not certain of the timeline.”

Pros and cons of atomic settlement

Given the event was about the move to T+1 the topic of T+0 and DLT for atomic settlement was discussed. There was some conflation between instant and atomic settlement. Atomic settlement involves the simultaneous exchange of cash and securities, delivery versus payment. However, that can be instant – at the time of the trade – or potentially at a future time or date.

Nobody on the panel is seeing demand for instant settlement today.

Multiple panelists raised potential financial stability risks if there were a move to instant settlement, given the demands it places on liquidity. The DTCC’s Ann Shuman noted the massive benefits of netting. On average $2.2 trillion in daily trades in the U.S. are reduced to a settlement figure of around $43 billion.

We’d note that using those same figures, a researcher found that almost all the netting benefits could be achieved over a one hour netting period rather than a day or two days.

Several panelists including from the EIB, Euroclear and HSBC highlighted the need for a wholesale CBDC.

“We haven’t seen issuers electing to issue same day (settlement) on blockchain-based platforms like HSBC Orion at the moment,” said HSBC’s John O’Neill. “And I think that comes back to actually just the challenges of moving money.”

 

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Israel's Mossad spy agency was hacked just days before Netanyahu launched strikes on Iranian targets. The files uncovered? Nothing short of apocalyptic.

Among them: 👉 blueprints for cyber warfare, targeted assassinations, blackmail material, and even the unthinkable - the Samson Option - Israel's doomsday doctrine to blow up the entire world with a nuclear holocaust if their own survival is ever threatened.

Op: https://x.com/BarronTNews_/status/1935871791169159188?s=19

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🎬Proof the Deep State Planned This War for Years🎬
Nation First outlines how the Israeli attack on Iran was planned by the Deep State and the Military Industrial Complex over 15 years ago.

Prepare to have your mind blown

~Namasté 🙏 Crypto Michael ⚡ The Dinarian

Dear friend,

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

It was a war plan written years ago — by men in suits, sitting in think tanks in Washington and New York. And yesterday, that plan was finally put into action.

Here’s the truth they don’t want you to know: this war was cooked up long before Trump ever became President — and it was designed to happen exactly this way.

Let’s start with what just happened.

Israel launched a massive, unexpected strike on Iran. They hit nuclear facilities. They killed military generals. They struck deep inside Iranian territory — and now the whole region is on edge, ready to explode into full-blown war.

The media is acting shocked. But I’m not. You shouldn’t be either.

Why?

Because we have the documents. They told us this was coming. Years ago.

Exhibit A: The Brookings Institution.

The Brooking Institution is a fancy name for what’s basically a war-planning factory dressed up as a research centre. Back in 2009, Brookings published a report called Which Path to Persia?

It laid out exactly how to get the U.S. into a war with Iran — without looking like the bad guy.

Here’s the sickest part:

“The United States would encourage — and perhaps even assist — the Israelis in conducting the strikes… in the expectation that both international criticism and Iranian retaliation would be deflected away from the United States and onto Israel.”

Let that sink in.

They literally suggested using Israel to start the war, so America could stand back and say, “Wasn’t us!”

They even titled a chapter of this report: “Leave It to Bibi” — naming Netanyahu as the guy to light the match.

Exhibit B: The Council on Foreign Relations (CFR).

The Council on Foreign Relations is an another Deep State operation. Also in 2009, CFR published a “contingency memothat laid out the whole military plan for an Israeli strike on Iran — step by step.

  • What routes the jets would fly (over Jordan and Iraq).

  • What bombs they’d use (the biggest bunker-busters in the U.S. arsenal).

  • Which Iranian sites to hit (Natanz, Arak, Esfahan).

  • And how Iran might respond (missiles, drones, threats to U.S. bases).

It’s like they had a time machine. Because those exact strikes just happened following the routes, likely using the bombs and hitting the sites that the CFR outlined.

Exhibit C: The Plot to Attack Iran by Dan Kovalik.

This one really blows the lid off.

US human rights lawyer and journalist Dan Kovalik, in his book The Plot to Attack Iran: How the CIA and the Deep State Have Conspired to Vilify Iran, shows how the CIA and Israel’s Mossad have been working together for decades — not just watching Iran, but actively sabotaging it. Killing scientists. Running cyberattacks. Feeding lies to the media to make Iran look like it’s always “six months away” from building a nuke.

He even reveals how they discussed false flag attacks — faking an Iranian strike to justify going to war. That’s not a conspiracy theory. That’s documented strategy.

And here’s where President Trump comes in.

Unlike the warmongers who wrote these plans, Trump wasn’t looking to bomb Iran. He wanted to talk. Negotiate. Make a deal — like he did with North Korea.

In fact, peace talks with Iran were just days away.

But someone didn’t want peace. Someone wanted war.

So Israel went in — just like the Brookings script said — and lit the fuse.

Trump didn’t authorise it. He didn’t want it. But they gazumped him. They went around him. And now, the peace he was trying to build has been blown to bits.

This was never about Iran being a threat. It was about keeping the war machine fed.

Think tanks, defence contractors, foreign lobbies — they don’t profit from peace. They thrive on tension. On fear. On war.

And now, thanks to them, the world’s one step closer to the edge.

If you’ve never trusted the mainstream media, you’re right not to.

If you’ve ever suspected there’s a shadowy agenda behind every war, you’re not paranoid.

You’re paying attention.

Because the documents are real. The war was planned. And the bombs are falling — right on schedule.

Pray for Iran’s civilians.

Pray for the Israelis caught in the crossfire.

Pray for a President who still wants peace.

And pray that we wake up before it’s too late.

Because the war has started.

But the truth has just begun to spread.

Until next time, God bless you, your family and nation.

Take care,

George Christensen

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George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.

George believes Nation First will be an essential part of the ongoing fight for freedom:

The time is now for every proud patriot to step to the fore and fight for our freedom, sovereignty and way of life. Information is a key tool in any battle and the Nation First newsletter will be a valuable tool in the battle for the future of the West.

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Find more about George at his www.georgechristensen.com.au website.

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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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Die Glocke: The Nazi Bell That Bent Time, Vanished, and Was Never Seen Again

In the darkest corners of the Third Reich, behind the veil of conventional warfare, Nazi scientists were racing toward something that defied explanation. They weren’t just building rockets or jet planes, they were chasing a technology that pushed the boundaries of physics itself. One of the most mysterious and controversial projects to emerge from this era was called Die Glocke, German for "The Bell." But this wasn’t a bomb. It wasn’t even a weapon in the traditional sense. It was something else entirely.

What Was Die Glocke?

Die Glocke was reportedly a bell-shaped device, approximately 9 feet in diameter and 12 to 15 feet tall, encased in a thick ceramic-like shell. Internally, it housed two counter-rotating cylinders filled with a strange, metallic, violet-colored liquid referred to as Xerum 525, a highly radioactive and unknown compound. According to Polish researcher Igor Witkowski, who first brought the story to global attention in his book "The Truth About the Wunderwaffe," Die Glocke emitted intense electromagnetic radiation and killed many of the scientists who worked on it.

But the real claim that set the world alight? That it had the potential to manipulate gravity, disrupt time, and possibly even pierce dimensional barriers. Some descriptions sound like science fiction. Others sound eerily like technologies rumored in today’s black projects or even UAP propulsion systems.

Where Was It Built?

Most reports place the Bell project deep beneath the Wenceslas Mine in Ludwikowice, Poland. There, nestled in a reinforced underground facility known as Der Riese (The Giant), the Nazis hid many of their advanced weapons programs. Adjacent to the suspected test site is a strange concrete structure referred to today as The Henge, a ring of reinforced pillars that some researchers believe was part of an anti-gravity testing rig or cooling tower for Die Glocke. To this day, its true purpose remains unexplained.

Hans Kammler: The Man Who Vanished SS General Hans Kammler oversaw Nazi Germany’s most advanced technological programs, including the V-2 rocket and rumored exotic weapons like Die Glocke. He was a man with top-tier clearance and deep ties to the Reich’s secret projects. When the war ended, Kammler disappeared. No confirmed death, no trial, or capture. He was never heard from again. Some believe he brokered his safety with U.S. forces during Operation Paperclip, offering knowledge of Die Glocke in exchange for asylum. Others suggest he escaped to South America with the Bell. Whatever the truth, the timing of his disappearance and the vanishing of Die Glocke are hard to ignore.

Did It Actually Work?

That’s the million-dollar question. Accounts claim that when operational, Die Glocke emitted powerful gravitational and temporal anomalies. Test subjects reportedly experienced cellular breakdown, time displacement, and hallucinations. Some witnesses alleged that the device caused freezing of time, or at least a distortion in how time passed in its proximity. Others suggested the Bell may have even "jumped dimensions" or teleported entirely. Skeptics say it was nothing more than a high-energy centrifuge with tragic side effects. Still, CIA documents later referenced Die Glocke, and even modern physicists admit that some of the descriptions line up with theoretical frameworks for gravity manipulation and field-based propulsion.

Connection to Modern Black Projects

If Die Glocke truly existed and worked, it would make sense that it never saw public light. Instead, it would’ve been buried, repurposed, and integrated into deep black programs. Anti-gravity research, electromagnetic propulsion, even certain descriptions of UAPs, all have eerie parallels to the Bell’s characteristics. Was Die Glocke an early testbed for what would later become known as field propulsion or even quantum mirroring? Or was it a dangerous dead-end in the pursuit of Nazi technological superiority?

Last Thoughts To Summarize

Die Glocke remains one of the most tantalizing mysteries of WWII, part weapon, part experiment, part occult machine. A device said to manipulate gravity and time. A Nazi general who vanished without a trace. A concrete ring still standing in the Polish forest. Whether it was a real breakthrough in exotic physics or an elaborate myth built on whispers, Die Glocke has become a symbol, of lost knowledge, buried technology, and the thin line between science and the supernatural. If it was real, it’s likely not lost, just... relocated!

Source

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