A weekly digest giving institutional teams the context and analysis behind major developments in tokenization, stablecoins, and the institutional adoption of digital assets.
SG-FORGE CEO After Swift Trial: “Stablecoins Are Ready. Tokenized Deposits Are Not”
Last week, Swift announced the successful completion of a delivery-versus-payment settlement trial for tokenized bonds. In our conversation, Stenger explained why this trial is significant for large-scale standardization and interoperability, and why SG-FORGE is betting on stablecoins rather than tokenized deposits.
DTCC Announces Pilot on Canton Network Following SEC No Action Letter
The Depository Trust & Clearing Corporation (DTCC) received a No Action Letter from the U.S. Securities and Exchange Commission. The relief allows DTCC to run a three-year pilot of a blockchain-based post-trade layer, while keeping its core clearing, settlement, and risk-management infrastructure firmly offchain.
EU Commission Proposes Major Overhaul of Pilot Regime in Move Toward DLT-Based Markets
Last week, the European Commission proposed a set of measures designed to lay the foundations for a future European capital market built on blockchain. At its core is a major overhaul of the Pilot Regime, the EU framework that lets financial institutions trade and settle tokenized securities under regulatory supervision.
BNP Paribas Joins European Stablecoin Consortium Qivalis
On Tuesday, the euro stablecoin consortium held its first press conference, unveiling its name, Qivalis, and introducing its management team. The group, originally formed by nine banks including ING, UniCredit and DekaBank, also announced a major addition: BNP Paribas, Europe’s largest bank, will become its tenth member.
Société Générale Enters U.S. Market With First Tokenized Bond Issuance
Société Générale carried out its first issuance of a tokenized U.S. bond via its blockchain subsidiary SG-Forge. The move underscores the bank’s broader global push into asset tokenization, as well as its growing strategic focus on the U.S. market.
Exclusive: ECB Weighs Building Its Own Ledger For CBDC as Market Solutions Fall Short
For several months, the ECB and the Eurosystem have been assessing which technological foundations could support a potential wholesale CBDC while preserving monetary sovereignty. According to internal notes reviewed by Blockstories, progress on market-led options has been limited, leading the ECB to increasingly examine the possibility of providing its own infrastructure rather than relying exclusively on private-sector solutions.
BoE Proposes Stablecoin Framework with Holding Caps and Central Bank Access
On Monday, the Bank of England (BoE) published a consultation paper outlining its proposed regulatory framework for sterling-denominated systemic stablecoins. The document introduces two unprecedented features: a holding cap for users and the potential for issuers to access central bank liquidity.
Exclusive: ECB Set to Lose Battle Over Dual-Issuance Stablecoins
According to people familiar with the matter, the European Central Bank is set to lose its campaign to ban the dual-issuance stablecoin model, after nearly a year of behind-the-scenes lobbying.
IBM Debuts 'Digital Asset Haven' Platform With Dfns to Ease Institutional Access
On Monday, tech giant IBM announced the launch of Digital Asset Haven, a platform for institutions to custody, manage, and settle digital assets. Built with wallet-infrastructure provider Dfns, the platform runs on the same systems that already process most of the world’s payments and capital-markets operations.
Lise Secures EU DLT License to Open Capital Markets to SMEs
French startup Lise has obtained authorization to operate a DLT-based market infrastructure under the EU’s Pilot Regime. Now it wants to open public capital markets to smaller companies.
ODDO BHF, First European Bank to Bring Stablecoin Reserves Onto Its Balance Sheet: “This model will become a reference”
By launching EUROD, ODDO BHF has become the first European bank to issue a euro-denominated, regulation-compliant stablecoin with reserves directly integrated into its balance sheet — a setup that removes one of the main constraints banks have faced when issuing stablecoins. We spoke with Guy de Leusse, Deputy COO of Oddo BHF.