Bitcoin’s value stems from settlement utility, not cash flows Institutional demand and fees support this role It is better seen as a monetary asset than a Ponzi In its first year on the market, U.S

Same cash backbone, different rules: MMFs pay yield; stablecoins move money fast Receive tuition via regulated stablecoins, then auto-sweep into MMFs/tokenized T-bills This two-rail setup cuts cross-border costs, speeds settlement, and protects budgets

Policy proposals backed with fundingAnxieties over yuan and euro sovereignty

Stablecoins are the battleground for China’s reserve-currency bid Without a trusted RMB token, dollar stablecoins entrench dominance and siphon savings Use Hong Kong and mBridge to launch audited RMB rails for trade and tuition

Capital requirements and ICO allowanceThe key question: interest payments

SWIFT Flags Concern Over Ripple’s Blockchain Dominance Securities Classification Debate Persists Despite SEC Case Closure ETF Approval Seen as Watershed for Institutional Integration Ripple (XRP), leveraging the conclusion of its lawsuit with t

Japan, the “Cash Kingdom,” Moves to Issue Yen-Backed Stablecoin China, Once Blocking Stablecoin Research, Shifts Toward Utilization “Petro-Yuan” Strategy Accelerates Challenge to Dollar Hegemony Japan, long characterized as a “cash

Instant payments and digital banking have made deposit runs faster than ever Portfolio diversity cushions shocks, but uninsured deposits remain a fragile tail risk Stronger backstops and real-time liquidity are essential to match ten-second money

J.P. Morgan Accelerates Trials to Tokenize Carbon Credits Will the Voluntary Carbon Market, Long Criticized for Its Opacity, Face Upheaval? From Stocks and Bonds to Hard-to-Securitize Assets, Tokenization Expands J.P.

Hong Kong Positioned as a Battleground for Financial HegemonyLocal Officials Step Cautiously Amid Political Pressures

Incentives, not ideology, will decide the dollar–RMB digital race Regulated dollar stablecoins scale; e-CNY stays domestic as China tests HK yuan stablecoins Regulate tightly and pilot cross-border payments in education and trade—measure, don’t mandate

Dollar stablecoins hold near-total global dominance Only HKD and JPY can credibly counter in Asia Success depends on fast, disciplined execution

Risk Burden in Managing a Won-Pegged CoinLimited Use Due to Lack of Demand

This article is based on ideas originally published by VoxEU – Centre for Economic Policy Research (CEPR) and has been independently rewritten and extended by The Economy editorial team. While inspired by the original analysis, the content presented here reflects a broader interpretation and additional commentary. The views expressed do not necessarily represent those of VoxEU or CEPR.

This article was independently developed by The Economy editorial team and draws on original analysis published by East Asia Forum. The content has been substantially rewritten, expanded, and reframed for broader context and relevance. All views expressed are solely those of the author and do not represent the official position of East Asia Forum or its contributors.

Circle, the issuer of USDC, proposed meetings with Korea’s four major banks. The move may signal plans for a won-based stablecoin and broader USDC adoption. Yet efforts to institutionalize a won stablecoin remain stalled. Korea’s four major bank

Concerns Over Regulatory Arbitrage Across CountriesPotential Economic Subordination of Multiple Nations

Recognition That CBDCs Alone Have LimitsConcerns Over Dollar Dominance

Teucrium CEO Says Ripple and XRP Could Replace SWIFT SWIFT Already Introducing Its Own Blockchain Technology with Chainlink SWIFT as a Symbol of Western Power, Capable of Paralyzing Economies Through Sanctions Blockchain is expected to eventual

Introduction of programmable currency functions through stablecoins Bank-centered introduction, with non-bank participation via consortia Structural disruption of bank-centered financial industry if non-bank issuance permitted Bank of K