Richard Turrin

#Tokenization turns assets into programmable tokens. Smart contracts add dynamic conditionality—performance-linked payouts and flexible FDI—without the autonomy erosion of rigid lending. #RWA #CLO

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Stablecoins are gaining a lot of attention in 2025. The Hong Kong Stablecoin Ordinance (passed in May, 2025), the recent US legislation and a number of payment companies (like PayPal and Stripe) incorporating stablecoins in their respective payment systems, have created a lot of excitement in the past few months. Stablecoins potentially offer other strategic benefits to both the US and China beyond technological advantages - USD-backed stablecoins increase demand for US Treasury bills, upto $2tn according to Scott Bessentt. Meanwhile, China is using Hong Kong as a testing ground for this technology and providing an 'open-model' which allows tokens to be backed with a wide range of currencies (rather than only using USD as a fiat currency). The benefits of stablecoin usage are clear - saving $15-20bn in remittance costs alone is reason enough. The key is becoming comfortable with the regulatory and supervisory. To me stablecoins may represent the first mainstream use of blockchain technology at scale, with the governments of the two largest economies motivated to make it successful! This is worth paying attention to. Alētheia Capital certainly is. Feel free to comment, provide feedback or contact us directly as Aletheia delves deeper into this! https://lnkd.in/gwhRUxyv

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Why Stablecoins Still Aren’t Real Payment Infrastructure -- Legal recognition has arrived. Adoption has not. Stablecoins such as USDT and USDC now dominate crypto liquidity. In 2024, on-chain transfer volume reportedly exceeded $27.6 trillion, surpassing Visa and Mastercard combined. That headline is misleading. Most of this volume comes from automated trading rather than ordinary economic activity. In practice, stablecoins function as internal settlement assets — the plumbing of crypto markets — not general-purpose payment instruments. Legal recognition is no longer the barrier it once was. The U.S. GENIUS Act, signed in July 2025, formally classifies stablecoins as payment instruments under federal law. The EU's MiCA framework does the same for compliant tokens. But recognition has not produced integration. The GENIUS Act requires full reserve backing, prohibits yield, and mandates freeze-and-redeem controls — a privately issued instrument with state oversight built in. Full implementation falls in 2026 or 2027 at the earliest. Meanwhile, USDT — issued by Tether Limited outside U.S. regulatory scope — holds roughly $187 billion in market cap and dominates global exchange and cross-border flows. It got there not through regulatory approval but through first-mover advantage, exchange integration, and entrenched liquidity. Compliant stablecoins are still building distribution while the noncompliant incumbent controls the market. Network effects consistently outweigh legal status. The deeper problem is settlement finality. Retail payment systems ultimately settle in central bank money. Stablecoins do not. When Silicon Valley Bank collapsed in 2023, USDC briefly broke its dollar peg because no central bank backstop existed. That episode illustrated the singleness of money problem: without a lender of last resort, stablecoins remain parallel infrastructure rather than integrated monetary plumbing. Three structural gaps remain regardless of legal progress: regulatory fragmentation that lets offshore issuers like Tether compete on different terms; limited interoperability with SWIFT, card networks, and domestic clearing systems; and the absence of a genuine liquidity backstop in a stress scenario. Stablecoins have achieved scale and legal legitimacy. What they still lack is the institutional anchoring that makes money reliable when it matters most. The unresolved question is whether they get absorbed into central bank–anchored systems or remain efficient but structurally separate from the monetary infrastructure that underpins the broader economy.

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Ubyx Inc. Whitepaper Stablecoin Ubiquity Tony McLaughlin, 24 March 2025 ➕ Abstract 👜 👛 Stablecoins will reach their full potential as peer-to-peer, digitally-native money when the option to redeem them at par value on demand is ubiquitous. Ubyx delivers this through a clearing system that solves the many-to-many problem between issuers and accepting institutions, enabling anyone to deposit stablecoins into existing nancial accounts (held at banks and regulated non-banks) at full value. In today’s world, stablecoin recipients have to evaluate counterparty risk against the issuer and the o-ramp, and contend with unfavourable accounting treatment. This means that there are incentives to convert to at currency as quickly as possible, especially for corporate recipients of stablecoins. Ubyx helps stablecoins make the transition from crypto use-cases into universal digital cash by solving the accounting treatment problem. Stablecoins can achieve IAS7 cash equivalent status, opening the door to mainstream corporate adoption. Ubyx helps stablecoins to exhibit singleness of money (between issuers, and with reference to other form factors of at currency), and promotes redemption through regulated channels subject to AML, KYC, sanctions, and fraud checking. Ubyx will be a progressively decentralized network with open-source governance and strong economic incentives for all participants to drive positive network eects. Ubyx introduces a new non-interest source of revenue for issuers, protecting the business model from adverse changes in interest rates. The stablecoin ecosystem will be multi-currency, pluralistic, collaborative where it needs to be, competitive where it should be and provide the foundation for the next wave of permissionless innovation. An original goal of cryptocurrency will be achieved—mass market peer-to-peer digital money conducted over public-permissionless blockchains. By solving the many-to-many network problem, achieving cash equivalence and aligning economic incentives, Ubyx will usher in the stablecoin epoch—they will become ubiquitous, general-purpose methods of digital payment. Experiencia Tony McLaughlin Founder 💲 Ubyx Inc. · Autónomo mar. 2025 - actualidad · 8 meses Londres y alrededores, Reino Unido · Híbrido 💲 Citi Jornada completa · 20 años 8 meses Emerging Payments & Business Development abr. 2016 - mar. 2025 · 9 años Gran Londres, Inglaterra, Reino Unido Responsible for a number of payment innovations Cash Management Head Asia Pacific jun. 2013 - abr. 2016 · 2 años 11 meses Hong Kong (RAE) 🔗 en primer comentario #stablecoin #pago #cryptoEconomy #criptoeconomia #descentralización #decentralization #cryptoCommunity #comunidadCripto #cripto

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New International Monetary Fund /Swift working paper on capital controls and payment speed—here's the short version with a few real-world caveats. 🧵https://lnkd.in/gKU4_Ffe What the data shows: → Stricter capital controls = +4 to 8 hours in "last mile" delays (beneficiary bank to end customer) → Impact is heaviest in EMDEs; digital readiness alone doesn't cushion the drag → Caveat: correlation, not causation. The FARI index tracks *whether* controls exist—not how rigorously they're enforced Where the lens narrows: The study focuses on the *receiving* end—and for good reason: that's where Swift GPI data is most visible. But a couple of practical frictions sit outside that view: 1️⃣ Initiation-side checks: Pre-screening, purpose codes, outbound approvals. If a payment stalls before it enters the tracked corridor, that delay is invisible to the dataset. 2️⃣ Exceptions compound delays: Swift reports ~5–7% of cross-border payments hit investigations. Layer that on top of capital control checks? Delays don't just add—they cascade. 3️⃣ GPI's network boundary: Important technical note—GPI tracking works *within* the Swift network. Once a payment hops to CHIPS, CHAPS, or a local rail, end-to-end visibility often breaks. That blind spot matters when measuring "time-to-credit." What's moving forward: → ISO 20022 migration: structured data to automate compliance *earlier* in the flow → API-driven tools for better handoff transparency across networks → Emerging research using LLMs to measure control *intensity*, not just presence Capital controls can serve legitimate stability goals. But hitting the G20's "1-hour payments" target means designing policy *and* infrastructure together—across the full journey, not just the visible leg. #Fintech #Regtech #ISO20022 #CrossBorderPayments #Payments #Compliance #G20

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🎙️ Honored to Share My Insights on Stablecoins: Technology, Regulation & Real-World Applications for 1 Aug 2025 🎙️ 很荣幸分享我对稳定币的见解：技术、监管与现实应用1 Aug 2025 I will deliver a comprehensive talk on stablecoins, focusing on: 我将会做一场关于稳定币的深入演讲，主要内容包括： ✅ The technical foundations of ERC-20 and token design ✅ ERC-20 的技术基础与代币设计原理 ✅ The evolving regulatory landscape across Singapore, the U.S., and globally ✅ 新加坡、美国及全球的监管框架演进 ✅ Real-world use cases across industries – finance, logistics, publishing, eCommerce, oil & gas, etc. ✅ 各行业实际案例：金融、物流、出版、电商、能源等 🧠 We also explored the difference between coin and token, and why “stablecoin” is often a misnomer. 🧠 我们也探讨了“coin”（币）与“token”（代币）的差异，以及为何“稳定币”这个术语常常存在误导。 🔗 Watch the full PPT here (video attached) 🔗 完整演讲PPT视频见附件 📽️ "Stablecoins: Not So Stable, Not Quite a Coin" – by Prof. David Lee Kuo Chuen 📽️ 《稳定币：不那么稳定，也未必是币》— 李国权教授 📚 This presentation was made possible thanks to many open-source contributors, researchers, regulators, and generative AI platforms such as ChatGPT and DeepSeek. We gratefully acknowledge their work and welcome those whose materials were referenced to reach out for credit. 📚 本演讲内容得益于众多开源贡献者、研究者、监管机构以及生成式 AI 平台（如 ChatGPT 和 DeepSeek）。我们对他们的成果表示感谢，若引用了您的内容，请联系我们以便致谢。 🙏 Thank you all for your support and interest in digital finance education and innovation. 🙏 感谢各位对数字金融教育与创新的关注与支持。 #Stablecoins #Blockchain #Fintech #Web3 #CryptoRegulation #MAS #ERC20 #DigitalFinance #SingaporeFintech #DeFi #CBDC #TokenEconomy #AIinFinance #稳定币 #区块链 #金融科技 #Web3 #加密监管 #新加坡金融管理局 #ERC20 #数字金融 #去中心化金融 #央行数字货币 #代币经济 #AI金融应用

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China is reportedly weighing the launch of yuan-backed stablecoins—a step that could reshape cross-border settlement and the internationalization of the RMB. Stablecoins offer efficiency and usability, but their true adoption still hinges on how easily they can be converted back into fiat currencies and whether they function as reliable stores of value or mediums of exchange for other assets. For Chinese high-net-worth individuals and businesses, restrictions on moving and storing wealth outside the mainland have long been a challenge. This is one reason stablecoins denominated in USD and other currencies have grown popular as a way to transact internationally. If yuan-backed stablecoins can combine accessibility, liquidity, and trust, they could broaden the RMB’s reach—yet the critical question remains: will overseas market accept them as both a transactional tool and a store of value with limited convertibility outside of China's borders? #InternationalFinance #CashManagement #Stablecoins #EmergingMarkets #CrossBorderPayments https://lnkd.in/ghhcwERe

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China’s Central Huijin (“national team”) has sold approximately CNY420 bn - about 26% of its ETF holdings - since Jan. 12, according to desk analysis. The selling has likely been concentrated in mid‑ and small‑cap segments, particularly the more speculative STAR Market and ChiNext names. Based on the current pace of liquidation, Central Huijin may require another 18–23 days to fully exit its ETF positions, should it choose to do so. Meanwhile, Northbound inflow and margin financing inflow have offset the sell-down from Central Huijin year-to-date from a turnover perspective. On the retail side, UBS Equity Trading estimates around CNY500 bn of year-to-date inflows, primarily targeting Equipment, Banks and Non‑ferrous Metals. Retail participation peaked at 57% on Jan. 13 before easing back to around the 50% level following Central Huijin’s move.

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🚨 Big tech + geopolitics update: #NVIDIA just got clearance to resume H20 AI chip sales to #China, after a partial rollback of U.S. restrictions. This move comes as part of a rare-earth supply pact and has already triggered a market rally across the entire chip sector. 🔍 Why it matters: #China accounts for 13% of NVIDIA’s revenue ($17B/year). China regains access to powerful AI compute for advanced model training. U.S. lawmakers warn about military risks linked to H20 chip capabilities. ⚙️ Meanwhile, #AMD is on the move: Alongside approval for its MI308 export license, AMD has acquired key players in the AI infrastructure space (Enosemi, ZT Systems, Untether AI, and more), building a full-stack approach from chips to systems. 🌐 Looking ahead Both firms are now strategically poised to lead the next wave of AI-driven innovation—especially with China back in the game. #NVIDIA #AMD #AI #Semiconductors #Geopolitics #Innovation #LinkedInTech

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📒 CH-NEWS | AI Tools: Subscription vs. One-Time Purchase 🔹 Subscription Model + Continuous updates and access to new features + Ideal for collaborative workflows and cloud-based tools + Scales with usage (e.g., token windows up to 1M+) – Monthly costs accumulate over time – Canceling means losing access – Vendor lock-in risk 🔹 One-Time Purchase Model + Lifetime access with predictable cost + Full control over usage and data + Works offline, no dependency on cloud – Limited updates or support – May become outdated quickly – Fewer integrations with modern ecosystems 🧠 Example: - PromptBase (subscription): $300/year, $900 by year 3 - God of Prompt (one-time): $150 for 30,000+ prompts, lifetime access 📅 March 10, 2026 • #DigitalEngel Visual created with AI, concept by Digital Engel #AIConsultant #OfficeWork #WorkplaceTools #SubscriptionModel #OneTimePurchase #AIHumor

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Bank of Japan - Central Bank Digital Currency Experiments Progress on the Pilot Program (May 2025) Source: https://lnkd.in/gEMfC2GE #japan #cbdc #experiment #progress #english #translation #pilot #program Highlights: The system for the pilot program covers a wide range of items to implement, from the central system to endpoint devices (apps for smartphones and tablets). Of these covered, the ledger for recording CBDC balances (CBDC ledger) is designed as an account-based data model managed separately between the central system and the intermediary systems. In the system for the pilot program, additional functions, such as scheduled transfer and debit transfer, are implemented along with the basic functions, such as issuance/redemption, payout/acceptance, and credit transfers As characteristics of the completed system for the pilot program, the following explains (i) consideration of privacy, (ii) process flow for credit transfers, (iii) consideration of performance (measures to enhance parallel processing), and (iv) consideration of functional scalability. The Bank will further advance experimentations, such as performance tests using the experimental system. It will also incorporate knowledge related to business practices gained through discussions in the CBDC Forum, which also discusses the findings of desktop experimentation, into the experimental process. The CBDC Forum plans to continue discussions in the six WGs that are currently active, as well as discussions centered on themes across the WGs. Whether to issue a CBDC in Japan should be decided by discussions among the public. The Bank will steadfastly continue to explore CBDC with a view to providing a basis for such discussions. 

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S. Korea 2025 total net lending hit KRW 158.2T ($109.6B). Non-financial corp borrowing narrowed to KRW 34.2T. Source: Bank of Korea #BOK #Macro #Investing https://lnkd.in/giH2yfQk

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CBDC versus stablecoins (season 2) This is to share that on Wednesday, I had the immense pleasure to keynote and join a panel chaired by Massimiliano Castelli, PhD MSc at the UBS Reserve Manager Seminar, one of the biggest central bank gatherings, on the topic of CBDC versus stablecoins. The comparison seems evident amid the division of labour between central bank and other monies but actually it depends on certain conditions (I may need to amend my earlier views). Central bank money today assumes mostly a dual role. It is the preferred medium for interbank clearing and other large value transactions amid its safety and is the main vehicle for the transmission of monetary policy. The relative utility of CBDCs and stablecoins will depend in large part on how they can respond to each role. Stablecoins may replace CBDC in large value payments as a safe settlement instrument (if properly regulated). Where little or no discretion in monetary policy implementation is required, e.g. under a currency board, stablecoins could assume a broader role too. For everything else, to be able to act autonomously, CBDC will be the preferred instrument to implement monetary policy if the central bank conducts open market operations directly on blockchain-enabled platforms. On Tuesday, the Bank for International Settlements – BIS issued a scathing assessment of stablecoins (https://lnkd.in/eQKwZ9ms). It outlines that stablecoins cannot serve as reliable monies as they fail the tests of “singleness of money,” elasticity and integrity and risk eroding monetary sovereignty. This seems inconsistent as disqualifying criteria compared with other monies. While it rightly highlights the lack of integrity safeguards amid the bearer instrument properties of stablecoins that may cause major compliance gaps, it does not call for remedial regulation. The notion of singleness of money is being presented as evoking fungibility of bank deposits. This seems incorrect as banks typically settle credit transfers in central bank money because they do not accept others’ deposits. The lack of elasticity of money applies similarly to e-money and money market funds. The loss of sovereignty is attributed to the fact that stablecoins are mostly denominated in dollars and may substitute local currency use; dollarisation, notably mostly through dollar-denominated bank deposits, predates stablecoins and while stablecoins may facilitate access to dollars, they may not change the propensity to hold dollars. P.S.: It is my understanding (please correct me if wrong) that the notion of singleness of money is normally derived from early work on the euro amid concerns that e.g. a euro in Germany may not be perceived the same as a euro in Portugal. It rests on the assumption that in a successful monetary union all national currencies are perfect substitutes; see e.g. Karl Otto Pöhl, The further development of the European Monetary System (for the Delors Committee), 1989. #CBDC #stablecoin

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Japan Post Bank is reportedly preparing to issue a blockchain-based deposit token (DCJPY) by 2026, aimed at facilitating asset settlement within a permissioned infrastructure. Unlike a CBDC or public stablecoin, this would function as a tokenized liability directly backed by commercial bank deposits with staggering $1.19trln AUM - staying within the perimeter of the traditional banking system It’s part of a broader shift across Asia, where banks and regulators increasingly explore tokenized deposits as a controlled alternative to stablecoins. The focus isn’t on disintermediation or consumer-facing innovation, but on enhancing institutional rails, reducing settlement friction, and aligning with existing compliance frameworks #stablecoins #crypto #payments #blockchain https://lnkd.in/gA_iAmaV

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𝗛𝗼𝘄 𝗰𝗮𝗻 50 𝗲𝘅𝗽𝗲𝗿𝘁𝘀, 𝘁𝗵𝗲 𝗨𝗡, 𝗮𝗻𝗱 𝗚𝗜𝗭 𝗰𝗵𝗮𝗻𝗴𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗲 𝗶𝗻 𝗳𝗿𝗮𝗴𝗶𝗹𝗲 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗲𝘀? 𝗥𝗲𝗮𝗹 𝗿𝗲𝘀𝘂𝗹𝘁𝘀, 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝘁𝗵𝗲𝗼𝗿𝘆. Imagine rethinking development finance using Web3 technology. That’s exactly what the Tokenized Ecosystem Infrastructure (TEI) for DevFinance set out to do. By combining stablecoins, digital IDs, and smart contracts, the TEI pilot explored how to make aid delivery more efficient, traceable, and fair. This wasn’t a theoretical exercise-it drew on real-world fieldwork in Ghana, Colombia, Kenya, Ukraine, and beyond. Here’s what we learned: → Trust needs architecture. Technology alone isn’t enough. Legal, institutional, and governance frameworks are equally critical. → One size doesn’t fit all. Local context, currencies, and regulations demand tailored solutions. → Inclusion matters. Systems must work for everyone, including those without smartphones or bank accounts. → Partnerships drive progress. Collaboration across UN agencies, NGOs, startups, and local governments is essential. What’s next? These 4 actionable steps: - Use sandbox testing to adapt tokenized systems to local conditions. - Build bridges between humanitarian, public, and private sector tech. - Create shared data and ID standards to avoid fragmentation. - Focus on governance as much as code-especially for public-good use cases. The TEI blueprint proves that blockchain isn’t about replacing existing systems-it’s about making them smarter, more transparent, and human-centered. If you’re working in digital finance, aid delivery, or impact investing, this is a must-read model for the future of inclusive finance. What’s your take? Can blockchain truly scale financial inclusion? And what role should regulators play in this transformation? #tokenization #blockchain

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