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October 21, 2026
On the web
Competing Rails for Crossborder Payments: Banks, Fintechs, and Stablecoins
Bank for International Settlements
"The paper focuses on the costs of cross-border payments across three payment channels: traditional banks, fintech money transfer operators (MTOs) and stablecoin-based transfers. There are three sets of findings. First, fintech money transfer operators (MTOs) substantially reduce cross-border payment costs relative to traditional retail bank wires. In our small sample of bank transactions, FX markups range from approximately 2 to 4.7%, even for highly liquid currencies and before accounting for explicit wire fees."
October 14, 2026
On the web
Are Stablecoins and Bank Deposits Substitutes?
Bank for International Settlements
"Stablecoins are digital tokens designed to maintain a stable value, usually against the US dollar. Like bank deposits, they can provide payment and liquidity services, but they generally pay little or no interest. We examine whether stablecoins and bank deposits compete for users’ funds by studying how stablecoin demand responds when banks change the rates they offer on deposits."
October 13, 2026
On the web
Project Aurum Phase 2: Exploring Privacy-Enhancing Technologies for Digital Cash
Bank for International Settlements
"Project Aurum Phase 2 implements a privacy-preserving digital cash prototype upon the existing Aurum codebase to enhance policymakers’ understanding how privacy-enhancing technologies (PETs) may alleviate the dilemma of privacy and compliance in digital cash. The prototype illustrates a balanced approach between complete anonymity on the one hand and full transaction transparency on the other. It also implements customisable functionalities to meet business needs for compliance and operations."
September 16, 2026
On the web
BIS: Hidden by Complexity? Measuring Stablecoin, Crypto and Decentralised Finance Ecosystems
Bank for International Settlements
"Cryptoassets, stablecoins and decentralised finance (DeFi) generate vast amounts of publicly available blockchain data. Yet translating these data into meaningful measures of economic activity is challenging. We demonstrate that widely used indicators of DeFi activity are highly dependent on methodological choices and underlying assumptions. We use granular data to examine transfer values, token issuance, decentralised exchange activity and stablecoin holdings."
August 31, 2026
On the web
Pushing the Monetary Frontier: Stablecoins and Tokenised Deposits
Bank for International Settlements
"Speech by Mr Pablo Hernández de Cos, General Manager of the BIS, at the Jackson Hole Economic Symposium, 28 August 2026. I will first assess whether stablecoins and tokenised deposits uphold the monetary properties that anchor trust – singleness, interoperability and integrity. I will then explore the macrofinancial implications of their broader adoption."
August 27, 2026
On the web
Regulating Stablecoin Issuance: Permissible Entities and Activities
BIS
"Regulatory approaches for stablecoin issuance differ significantly, particularly in terms of the types of entities allowed to issue them and the scope of activities permitted beyond core issuance. These differences are important since additional activities such as lending, staking or providing custody services can alter an entity's risk profile and influence the safeguards needed for its core issuance operations."
July 31, 2026
On the web
BIS Project Agorá Settles $1 Million in Tokenized Cross-Border Payment Trials
Cointelegraph
"The Bank for International Settlements (BIS) said Project Agorá completed real-value testing of tokenized wholesale cross-border payments, with 28 financial institutions and central banks settling 800,000 Swiss francs ($1 million) across 17 transaction scenarios. The BIS said that the tests used tokenized central bank reserves and commercial bank deposits to settle payments in Swiss francs, euros, pounds sterling, Japanese yen, South Korean won and US dollars, with an average settlement time of about 80 seconds."
July 30, 2026
On the web
AI and the Global Economy: Implications for Central Banks
BIS
"The AI boom is driving a large, increasingly debt-financed investment surge and boosting trade and equity markets, generating sizeable terms-of-trade and wealth effects that differ across countries. The productivity payoff from AI, though potentially large, remains uncertain and uneven, across both sectors and countries. By simultaneously affecting demand and supply, AI blurs cyclical signals, complicating central banks' assessment of underlying economic conditions and monetary policy calibration."
July 13, 2026
On the web
Competition in Retail Digital Payments
BIS
"Retail payments have digitalised rapidly in both advanced economies and emerging market and developing economies. Digitalisation has altered the competitive landscape, with new entrants (eg fintechs and big techs) and new technologies, yet incumbent banks and card networks retain their dominant position in key markets. In their role as operators, overseers and catalysts in payment systems, central banks support competition in diverse ways, depending on their mandates and institutional arrangements."
June 29, 2026
On the web
BIS Warns Stablecoins Risk Fragmenting Global Financial System
Trading View
"The Bank for International Settlements (BIS) warned that the rapid expansion of stablecoins risks fragmenting the global monetary system and weakening sovereign monetary control, urging central banks and the financial industry to accelerate the development of tokenized forms of central bank and commercial bank money as a safer alternative."
June 25, 2026
On the web
Implementation of Global Regulatory Framework for Cryptoassets and Stablecoins
BIS
"The rapid growth of cryptoasset markets and the increasing integration of stablecoins into financial systems have prompted the Financial Stability Board to take action. In July 2023, the FSB published its global regulatory framework for cryptoasset activities, consisting of high-level recommendations for cryptoasset activities and markets and revised recommendations for global stablecoin arrangements, based on the principle of "same activity, same risk, same regulation"."
June 1, 2026
On the web
Project Aperta: Enabling Cross-Border Interconnectivity Through Open Finance Interoperability
BIS
"Project Aperta, led by the Bank for International Settlements (BIS), has been designing, developing and testing a prototype for cross-border open finance interconnectivity via application programming interfaces (APIs) – a "network of networks" that connects existing domestic networks through a neutral interoperability layer. The prototype connects the open finance networks of the United Kingdom, the United Arab Emirates, Brazil, Hong Kong SAR and India."
Enhancing Cross-Border Payments Step by Step: Insights from the 2025 Monitoring Survey
BIS
"Expanded access to payment systems, extended operating hours and interoperability by design form the foundation for enhanced cross-border payment services. The continued adoption of fast payment systems (FPS) has the potential to improve cross-border retail payments, particularly in corridors where links between those FPS are established. Continued international cooperation and technical assistance are crucial for advancing the objectives of the G20 Roadmap."
May 27, 2026
On the web
Project Agorá: A Shared Programmable Platform for Wholesale Cross-Border Payments
BIS
"Project Agorá is a collaboration convened by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF) to explore how tokenisation can enhance wholesale cross-border payments. The collaboration included seven central banks and more than 40 financial institutions. It delivered a prototype demonstrating that tokenised commercial bank deposits can be combined with tokenised central bank reserves on a shared platform and enables multi-currency settlement of wholesale cross-border payments."
May 5, 2026
On the web
The Impact of Stablecoins on the International Monetary and Financial System
BIS
"Widespread use of stablecoins could have an impact on the international monetary and financial system, particularly for emerging market and developing economies. Using the framework of international currency functions to analyse their effect, we argue that stablecoins are most likely to affect private sector store of value and medium of exchange roles, particularly in economies facing macroeconomic instability. Given that approximately 98% of stablecoins' value is dollar-denominated, they are likely to initially reinforce existing currency hierarchies. We develop three scenarios to explore the range of potential outcomes."
April 29, 2026
On the web
Digitalisation and Innovation - Opportunities and Risks for Financial Health
BIS
"Digital innovation is enhancing access to payments, credit, savings and insurance. But these benefits are emerging alongside new vulnerabilities: a global surge in scams and fraud, greater over indebtedness among some digital borrowers and the use of ill-suited investment products. This highlights the role of financial authorities in enhancing regulatory and supervisory frameworks to mitigate emerging risks, providing public infrastructures and services, and enabling responsible innovation that supports financial health outcomes."
April 27, 2026
On the web
BIS: Tap a Card, Pay by Phone but Cash Still Holds Its Own
BIS
"The use of cashless payments continues to increase globally. Credit transfers are the fastest growing cashless payment method in emerging market and developing economies (EMDEs), while the growth in cashless payments in advanced economies (AEs) is mainly driven by growth in card payments.Fast payments are gaining ground and are a key driver behind the growth of credit transfers in EMDEs. Fast payments are increasingly used for small-value payments in both EMDEs and AEs."
April 23, 2026
On the web
The Future of Financial Messaging: Navigating the ISO 20022 Migration Journey
BIS
"The implementation of ISO 20022 addresses inefficiencies in cross-border payments by enabling structured data, reducing message truncation and enhancing straight-through processing. The ISO 20022 migration journey spans pre-migration, migration and post-migration phases. Premigration includes stakeholder engagement and system readiness, while migration focuses on cutovers and reconciliation. Post-migration ensures stability, monitoring and long-term benefits through robust governance."
April 20, 2026
On the web
Global Cooperation on Stablecoins Critically Important, BIS Says
BIS
"The head of the Bank for International Settlements has made a renewed call for international cooperation on how stablecoins are used, describing it as vital to prevent severe market fragmentation. The central bankers’ central bank, as the BIS is known, has long raised concerns about stablecoins - a type of cryptocurrency usually pegged 1:1 to the U.S. dollar."
April 2, 2026
On the web
BIS, IMF Researchers Find Stablecoins Already Impact Traditional FX Rates
Ledger Insights
"A new working paper from the Bank for International Settlements and the International Monetary Fund provides the first causal evidence that stablecoin activity is spilling over into traditional foreign exchange (FX) markets. The effects include depreciating local currencies and raising the cost of dollar funding for banks and corporates that have never touched crypto. The paper uses daily data on four major USD pegged stablecoins traded against 27 fiat currencies across 64 centralized exchanges from January 2021 to November 2025."
March 26, 2026
On the web
In Data We Trust? Emerging Policy and Supervisory Approaches to AI Data Use in Financial Services
BIS
"Data play a critical role in the transformation of the financial sector through artificial intelligence (AI). While challenges in data management are not new, they pose significant barriers to the wider adoption of advanced AI systems, such as generative AI (gen AI). Key concerns include data privacy, quality and security, which are further intensified by third-party dependencies and market concentration among major service providers. Effectively managing data-related risks is essential to ensure that AI adoption in financial services fosters innovation while upholding trust, resilience and financial stability."
March 11, 2026
On the web
Cross-Border Payment Technologies: Innovations and Challenges
BIS
"Cross-border payments (XBP), particularly remittances and retail transactions, remain more costly, slower, less accessible, and less transparent than domestic payments. The continued inefficient XBP arrangements, in contrast to progress made in domestic payments using new technologies and innovative models, reflect that private actors alone cannot overcome the many market failures that hinder XBP."
March 3, 2026
On the web
From Cash to Crypto: Towards a Consistent Regulatory Approach to Illicit Payments
BIS
"The rapid evolution of cryptoassets, including stablecoins, and retail central bank digital currency (CBDC) has led to changes in regulatory frameworks to incorporate them. The options beyond bank deposits and cash calls for an analysis of the effectiveness of anti-money laundering (AML) and combating the financing of terrorism regimes across different payment instruments. This paper introduces a framework to assess the effects of AML/CFT frameworks, with a focus on differences in design between instruments, and the role of intermediaries."
February 27, 2026
On the web
Harmonised ISO 20022 Data Requirements for Enhancing Cross-Border Payments
BIS
"The CPMI's harmonised ISO 20022 data requirements for cross-border payments (harmonisation requirements) are a key milestone under the G20 roadmap for enhancing cross-border payments. ISO 20022, an international financial messaging standard, enables more consistent and structured data, supporting the objectives of faster, cheaper, more accessible, and transparent cross-border payments. Variability in ISO 20022 implementation, however, could limit its benefits, making alignment crucial to achieving the roadmap's objectives."
February 4, 2026
On the web
Project Fusse: Exploring Flexible, Scalable and Secure Settlement Engines
BIS
"This report details the findings from Project FuSSE (Fully Scalable Settlement Engine), a proof-of-concept exploring how a modular, microservices-based architecture could support the design of settlement systems that could scale under sustained growth and stress conditions, adapt to change, and strengthen security through quantum readiness and cryptographic agility. The project demonstrated technical feasibility while highlighting significant operational trade-offs that must be carefully managed."
January 29, 2026
On the web
BIS International Banking Statistics and Global Liquidity Indicators at End-September 2025
BIS
"Global cross-border bank claims expanded by $832 billion in the third quarter of 2025, reaching $45 trillion. The $730 billion Q3 2025 increase in cross-border bank credit was led by lending to borrowers in the United States ($284 billion); non-bank financial institutions (NBFIs) were a prominent counterparty globally, especially those in the United States ($157 billion)."
January 26, 2026
On the web
The Financial Stability Implications of Artificial Intelligence and Digital Finance
BIS
"Remarks by Mr Tao Zhang, BIS Chief Representative for Asia and the Pacific, at International Financial Week, in conjunction with the Asian Financial Forum (AFF), Hong Kong, 26 January 2026."
January 7, 2026
On the web
Financing the AI Boom: From Cash Flows to Debt
BIS
"Investment related to artificial intelligence (AI) is surging – both in nominal amounts and as a share of GDP – and currently accounts for a substantial share of economic growth. The size of anticipated investment needs will require firms to shift the source of financing from operating cash flows to debt, with private credit playing a rapidly increasing role. While macroeconomic and financial stability risks from the AI boom appear moderate, the boom's sustainability hinges on AI firms meeting high earnings expectations. The fact that equity prices have run far ahead of debt market pricing underscores this tension."
December 15, 2025
On the web
Enhancing Cross-Border Payments: State of Play and Way Forward
BIS
"The G20 Roadmap for enhancing cross-border payments has created significant momentum. Most international policy actions are completed, providing a solid foundation for addressing persistent cross-border payment challenges and fostering a more inclusive global payments ecosystem. However, it is unlikely that the end-2027 targets envisaged by the G20 will be achieved on time, and improvements in outcomes for end users have so far been modest."
December 1, 2025
On the web
How Deposits Can Harness Tokenisation
BIS
"Tokenisation has challenged the way we think about money and promises a major leap in how the financial system functions. Understanding the technology behind tokenisation, together with the opportunities and risks it presents, is crucial. Tokenisation introduces the possibility of creating two distinct worlds: private permissioned platforms, which are regulated and governed by trusted entities, and public permissionless platforms, which operate in open, decentralised environments with limited oversight and greater risks."
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