Canada's six largest banks—Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank, and TD Bank—are jointly exploring a Canadian-dollar tokenized deposit system to modernize the country's payments infrastructure.
The European Central Bank and EU central banks want Brussels to delete a MiCA rule requiring large stablecoin issuers to keep 60% of reserves in commercial banks, arguing the requirement could destabilize lenders and reduce liquidity management flexibility.
The European Central Bank launched Pontes, a new settlement platform allowing wholesale tokenized assets to be settled using central bank money rather than private stablecoins. The system is designed exclusively for regulated financial institutions.
Brazil's central bank will bar virtual assets, including stablecoins, from settling a specific type of international payment flow through Resolution 561, effective October 1. The move affects the $1.1 trillion stablecoin market's access to regulated cross-border payment infrastructure.
The Hong Kong Monetary Authority plans to introduce a wholesale central bank digital currency by the end of 2026 as part of Project EnsembleTX, enabling round-the-clock settlement for tokenized deposits and interbank payments.
The European Central Bank has begun accepting applications from online merchants for a controlled digital euro pilot program set to launch in 2027. Applications close on October 27, with final issuance contingent on EU legislation.
India's securities regulator SEBI and central bank RBI have launched a pilot program called Demat 2.0 that converts corporate bonds into digital tokens and settles transactions using the wholesale digital rupee. Finance Minister Nirmala Sitharaman urged the RBI to advance digital rupee capabilities as the tokenization initiative takes off.
India is advocating for linking central bank digital currencies across BRICS nations for cross-border payments at the September 12-13 summit in New Delhi, while explicitly rejecting proposals for a common BRICS currency or unified payment network. The approach favors bilateral digital currency settlements and local currency trade.
India's SEBI and RBI launched Demat 2.0, a pilot testing tokenized corporate bonds with three companies issuing 10.25 billion rupees ($107 million) using blockchain infrastructure and settling through the RBI's wholesale digital rupee.
Bangko Sentral ng Pilipinas proposed a 12-month suspension on new payment system operator registrations and plans to enforce stricter controls on payment arrangements involving virtual asset service providers.
Research from the Bank of Korea shows that dollar-backed stablecoins can put downward pressure on national currencies when exchanges offer direct fiat trading pairs, with Binance pairings reducing local stablecoin premiums by 0.33 to 0.38 percentage points.
The Dallas Federal Reserve warned that tokenized deposits could reduce U.S. banks' lending capacity by $700 billion if depositors become 10% more rate-sensitive, as the technology enables faster fund movement in search of higher yields. Meanwhile, 40 Japanese banks are testing blockchain-based tokenized deposit settlement to replace the country's 53-year-old Zengin clearing system.
Russia will begin the first mandatory stage of its central bank digital currency rollout on September 1, with major telecom companies MTS, Rostelecom, and MegaFon, along with e-commerce businesses, set to accept digital ruble payments. The state-backed currency launch proceeds while cryptocurrency remains banned in the country.
India's market regulator SEBI will launch a pilot program in September featuring the country's first tokenized corporate bonds, with state-owned REC Limited planning to raise up to $57 million through blockchain-based transactions settled using a central bank digital currency.
European Central Bank Executive Board member Piero Cipollone stated that the digital euro would provide privacy comparable to cash and that the Eurosystem would not be able to identify users, addressing criticism over financial surveillance risks associated with central bank digital currencies.
China has expanded its central bank digital currency network from 10 banks at the start of 2026 to 30 lenders, with 8 new banks added this week. The expansion represents Beijing's accelerated push to scale adoption of the e-CNY and embed it more deeply into the financial system.
The People's Bank of China has authorized eight additional commercial banks to operate digital yuan services, bringing the total number of e-CNY operating institutions to 30. The expansion includes Ping An Bank, Hengfeng Bank, and China Zheshang Bank as Beijing accelerates adoption of its central bank digital currency for everyday and cross-border transactions.
BRICS nations are discussing linking their central bank digital currencies and fast payment systems to reduce cross-border transaction costs, according to Reserve Bank of India Governor Sanjay Malhotra.
The PBOC published its 2026-2030 five-year plan listing the digital yuan (e-CNY) as a core task, committing to 'steadily develop' the central bank digital currency over the next five years. China has recently allowed commercial banks to pay interest on e-CNY balances.
India's Central Board of Direct Taxes (CBDT) has revised its global tax reporting framework to include crypto-assets, central bank digital currencies (CBDCs), and digital money products, aligning with international Crypto-Asset Reporting Framework (CARF) standards. The new RCASP framework mandates annual reporting of crypto transactions by exchanges and financial institutions.
The Bank for International Settlements reported Project Agorá completed $1 million in real-value cross-border payment trials, with 28 financial institutions settling transactions across six currencies in about 80 seconds.
The European Central Bank announced that its planned digital euro app will surpass European Accessibility Act requirements, featuring enhanced visual design, full keyboard navigation, and screen reader support ahead of pilot testing expected in 2027.
Major global banks including JPMorgan, Citibank, and UBS successfully settled real cross-border payments using tokenized central bank reserves and commercial bank deposits in a pilot program coordinated by the Bank for International Settlements.
The BIS published research finding that USD-pegged stablecoins like USDT and USDC are largely unaffected by capital controls across 130+ economies, creating new channels for digital dollarization that challenge traditional monetary policy tools in emerging markets.
Korea's Internet & Security Agency (KISA) and the Ministry of Science and ICT have launched a project to build deposit token-based payment infrastructure, expanding the Bank of Korea's 'Project Hangang' CBDC pilot results into the private payment sector. The initiative was officially kicked off at a joint ceremony in Seoul on July 22, 2026.
European Central Bank board member Piero Cipollone warned on Friday, July 17, 2026, that unchecked growth of stablecoins—particularly dollar-denominated tokens—poses a risk to European banks' retail deposit base, speaking at a gathering of Italian cooperative bankers.
South Korea will conduct a 2027 pilot program connecting tokenized government bonds to its institutional central bank digital currency infrastructure, moving sovereign debt tokenization from proposal to implementation.
The ECB selected 36 payment service providers from across the euro area for a 12-month digital euro pilot scheduled to begin in the second half of 2027. The selection includes major banks like Deutsche Bank and fintech firms like Revolut as the central bank moves from planning into testing.
South Korea's government has reaffirmed its commitment to expanding its blockchain and digital asset sector in the second half of 2026, announcing plans for stablecoin legislation, crypto ETF frameworks, and a 2027 pilot program linking tokenized government bonds to its institutional CBDC infrastructure. The push comes as crypto trading volumes hit a two-year low amid broader market challenges.
The European Central Bank's digital euro initiative has progressed from initial exploration to broader institutional and financial sector alignment by 2026, as European institutions increasingly converge on the strategic rationale for a euro-denominated central bank digital currency.
Congressional leaders announced a bipartisan agreement on the 21st Century ROAD to Housing Act, which includes provisions barring the Federal Reserve from issuing a central bank digital currency until 2030. The Senate previously voted 89-10 in favor of similar CBDC restrictions.
The U.S. Senate is moving forward with the Clarity Act, which blocks CBDCs while providing regulatory framework for stablecoins, as DTCC simultaneously announces integration of its tokenized securities platform with the Stellar blockchain, marking institutional adoption of public blockchains.
The US Senate is advancing stablecoin legislation through the Clarity Act while blocking CBDCs, as Andreessen Horowitz urges the Treasury to establish uniform stablecoin regulations under the GENIUS Act to preserve token fungibility and enable payment innovation.
European Central Bank board member Isabel Schnabel stated that increased stablecoin use could reinforce the dollar's global dominance, undermine some nations' monetary policy autonomy, and diminish the role of the euro.
Tether announced plans to launch GEL₮, a stablecoin pegged to Georgia's national currency, in partnership with the Georgian government. This represents one of the first cases of a sovereign government directly partnering with a stablecoin issuer to digitize its national currency on blockchain infrastructure.
The Czech National Bank, the first central bank to test bitcoin for reserves, concluded its study after purchasing $1 million in BTC in October. While finding bitcoin more efficient than stocks and gold, the bank determined it is too risky for sovereign reserve holdings.
The European Commission announced its largest sanctions package against Russia yet, escalating restrictions on cryptocurrency transactions as Russia increasingly relies on digital assets to circumvent existing sanctions. The measures target Russian crypto exchanges, stablecoin usage, and the country's central bank digital currency.
New Bank of Korea Governor Shin Hyun-song expressed support for central bank digital currencies and deposit tokens in his inaugural address, while notably omitting any mention of stablecoins, signaling the central bank's digital currency priorities.
South Korea's Ministry of Finance and Economy announced a pilot program launching in Q4 2026 to test blockchain deposit tokens for government expense payments. The tokens will feature programmable spending limits, timing controls, and category restrictions to reduce audits and transaction fees.
