Daily edition
Material developments in payments, digital finance and regulation, selected for an HKMA audience.
5 stories
It signals that a major U.S. payment-system operator is trying to make tokenized deposits usable through mainstream bank rails, which could speed adoption of programmable commercial-bank-money payments.
The live pilot gives a real-world test of programmable commercial bank money for retail payment flows such as remortgages, offering a bank-based alternative to stablecoin-style settlement for some use cases.
If adopted, the change would let U.S. financial institutions plug FedNow into cross-border payment chains, potentially speeding the domestic settlement leg of international transfers and expanding real-time payment use cases.
The update could reduce integration work for banks testing tokenized deposits by letting them use familiar ISO 20022 processes rather than building separate blockchain-specific messaging flows.
The story suggests U.S. regulators are distinguishing between fully rights-bearing tokenized equities and looser crypto stock proxies, which could shape how regulated tokenized securities markets develop.