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Stablecoin Yield Debates and the Future of Tokenised Cash

Stablecoin policy discussions in early 2026 are increasingly centred on the permissibility of yield, the competitive boundary between private and public money, and the implications for banking-sector funding. Disagreement in the United States Senate over whether stablecoins should be allowed to pay yield has stalled the broader market structure bill,...

Tokenized Public Benefits and Debt Instruments in Emerging Onchain Infrastructures

Several governments, including Hong Kong, Thailand, and the Marshall Islands, are now piloting or deploying tokenized debt instruments and onchain social benefit programs. The drivers are operational efficiency, lower settlement costs, and improved auditability. Yet the policy and supervisory challenges—particularly around AML, sanctions, data governance, and beneficiary identification—remain...

Benefícios Públicos e Dívida Tokenizada em Infraestruturas Onchain

Vários governos, incluindo Hong Kong, Tailândia e Ilhas Marshall, estão pilotando ou implantando instrumentos de dívida tokenizados e programas de benefícios sociais onchain. Os motivadores são eficiência operacional, menores custos de liquidação e maior auditabilidade. No entanto, desafios de política e supervisão — especialmente relacionados a AML, sanções, governança de dados...

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