Stablecoins & Central Bank Digital Currencies Are Rewiring Settlement

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Adrian, T. (2026). Tokenized Finance. IMF Note 2026/001. International Monetary Fund. Available at: https://www.imf.org/-/media/files/publications/imf-notes/2026/english/insea2026001.pdf

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Federal Reserve Board. (2026). Stablecoins in 2025: Developments and Financial Stability Implications. FEDS Notes, 8 April. Available at: https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html

Financial Stability Board (FSB). (2023). High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final Report. Available at: https://www.fsb.org/uploads/P170723-3.pdf

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Hong Kong Monetary Authority (HKMA). (2026). Assessing the Impact of Stablecoins on Exchange Rate Volatility: Evidence from Emerging Market Economies. Research Memorandum 02/2026, 24 February. Available at: https://www.hkma.gov.hk/media/eng/publication-and-research/research/research-memorandums/2026/RM02.pdf

International Monetary Fund (IMF). (2025). Understanding Stablecoins. Departmental Paper No. 25/09. Available at: https://www.imf.org/en/-/media/files/publications/dp/2025/english/usea.pdf

JSM. (2026). China Unveils New Framework for Digital Yuan (e-CNY) Operations and Ecosystem. Legal update, 8 January. Available at: https://www.jsm.com/publications/2026/china-unveils-new-framework-for-digital-yuan-e-cny-operations-and-ecosystem/

The Clearing House. (2026). Major Financial Institutions Unveil Bank-Led On-Chain Money Initiative. 5 June. Available at: https://www.theclearinghouse.org/payment-systems/Articles/2026/06/Major-Financial-Institutions-Unveil-Bank-Led-On-Chain-Money-Initiative

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The State Council of the People’s Republic of China. (2025). China to Further Refine Management System for Digital Yuan: Central Bank. 27 October. Available at: https://english.www.gov.cn/english.www.gov.cn/news/202510/27/content_WS68ff773dc6d00ca5f9a07189.html

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