Introduction Blockchain technology has matured from an experimental innovation into a critical layer of modern financial and economic infrastructure. Digital assets—from cryptocurrencies and stablecoins to tokenized securities and central bank digital currencies (CBDCs)—are reshaping the way value is stored, transferred, and governed. In its ongoing initiative “The Future...
Introduction The financial sector is undergoing one of the most profound transformations since the digitization of trading in the 1980s: the tokenization of real-world assets (RWAs). Tokenization, the process of representing ownership of assets on distributed ledgers, promises to enhance market efficiency, democratize access, and improve transparency. Yet it also...
Introduction Total Value Locked (TVL) has become one of the most cited metrics in decentralized finance (DeFi). Market commentators, analysts, and even institutional investors use TVL to gauge the scale of DeFi activity and the health of specific protocols. Yet the Bank for International Settlements (BIS), in its Working Paper...
Introduction Global adoption of digital assets has introduced new layers of complexity to cross-border capital flows. Bitcoin, Ether, and stablecoins represent the backbone of both retail and institutional activity in crypto markets. Their movement across jurisdictions raises important questions about monetary sovereignty, regulatory arbitrage, and systemic risk. The BIS Working...
Introduction Stablecoins have evolved from niche technological experiments to instruments of growing relevance in the global financial ecosystem. By 2025, their role as settlement infrastructure, value transfer vehicle, and bridge between traditional and decentralized markets has reached an inflection point. BIS Bulletin No. 108 analyzes this expansion, highlighting associated risks,...
The GENIUS Act creates the first U.S. federal framework for stablecoins, setting reserve, licensing, and consumer protection standards. It marks a milestone for regulators and institutions, paving the way for institutional DeFi adoption.
Introduction Blockchain technology has matured from an experimental innovation into a critical layer of modern financial and economic infrastructure. Digital assets—from cryptocurrencies and stablecoins to tokenized securities and central bank digital currencies (CBDCs)—are reshaping the way value is stored, transferred, and governed. In its ongoing initiative “The Future...
Introduction The financial sector is undergoing one of the most profound transformations since the digitization of trading in the 1980s: the tokenization of real-world assets (RWAs). Tokenization, the process of representing ownership of assets on distributed ledgers, promises to enhance market efficiency, democratize access, and improve transparency. Yet it also...
Introduction Total Value Locked (TVL) has become one of the most cited metrics in decentralized finance (DeFi). Market commentators, analysts, and even institutional investors use TVL to gauge the scale of DeFi activity and the health of specific protocols. Yet the Bank for International Settlements (BIS), in its Working Paper...
Introduction Global adoption of digital assets has introduced new layers of complexity to cross-border capital flows. Bitcoin, Ether, and stablecoins represent the backbone of both retail and institutional activity in crypto markets. Their movement across jurisdictions raises important questions about monetary sovereignty, regulatory arbitrage, and systemic risk. The BIS Working...
Introduction Stablecoins have evolved from niche technological experiments to instruments of growing relevance in the global financial ecosystem. By 2025, their role as settlement infrastructure, value transfer vehicle, and bridge between traditional and decentralized markets has reached an inflection point. BIS Bulletin No. 108 analyzes this expansion, highlighting associated risks,...
The GENIUS Act creates the first U.S. federal framework for stablecoins, setting reserve, licensing, and consumer protection standards. It marks a milestone for regulators and institutions, paving the way for institutional DeFi adoption.
