Andra-Maria Maute

🔐 Hacken, Blockchain Security Auditor 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲𝘀 𝗦𝗺𝗮𝗿𝘁 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗔𝘂𝗱𝗶𝘁 𝗳𝗼𝗿 AllUnity’𝘀 𝗘𝗨𝗥𝗔𝗨 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 We again proof our institutional approach. As a regulated European fintech advancing the launch of #EURAU, a fully compliant euro-denominated stablecoin, we recognize that robust infrastructure and rigorous audit standards are essential to building trust in the evolving digital finance landscape. 🧾 𝗔𝘂𝗱𝗶𝘁 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: ✔️ 0 critical findings ✔️ 0 high-severity issues ✔️ 0 medium-severity issues ✔️ All low/informational items acknowledged, with remediation underway 💬 Peter Grosskopf, CTO / COO, AllUnity “Partnering with Hacken for our smart contract audit reflects our commitment to the highest standards of on-chain security. Their independent review reinforces confidence in the integrity of our infrastructure.” 💬 Turgay Arda Usman , Smart Contract Auditor, Hacken "The audited AllUnity token leverages proxy patterns for upgradability and incorporates robust administrative controls, including a comprehensive transfer blacklisting mechanism. These features together significantly enhance both operational flexibility and compliance management." This milestone underscores AllUnity’s dedication to secure, transparent, and MiCAR-aligned infrastructure, paving the way for a scalable and trusted digital euro ecosystem. 📄 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝘂𝗱𝗶𝘁 𝗿𝗲𝗽𝗼𝗿𝘁: https://lnkd.in/eA3j6p7a 🔗 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁: https://lnkd.in/eRd3NNFM For marketing purposes only. No regulatory review or approval. EMTs redeemable at par anytime. Full White Paper: https://lnkd.in/ewZPvcA4

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The #Genius Act: Financial Innovation or Strategic Power Play? With the recent signing of the Genius Act, the U.S. has entered a new phase in the evolution of digital finance. For the first time, USD #stablecoins are subject to a clear federal framework, a long-awaited milestone for crypto legitimacy. But while the headlines speak of “clarity” and “innovation,” a much deeper and more strategic shift is underway. Stablecoins, once seen as a niche crypto tool, have become essential #infrastructure for global #payments, #DeFi applications, and financial access in developing markets. They offer digital dollar liquidity where traditional #banking fails, enabling fast, cheap, and stable cross-border transactions. But the Genius Act changes the game: ✅ Stablecoins must now be fully backed by cash or short-term U.S. Treasuries ⛔ Interest payments to end users are explicitly forbidden The result? Yield-bearing stablecoins, a key DeFi innovation, lose their main attraction. Instead of competing with banks, stablecoins now become extensions of U.S. debt management. Welcome to what observers are calling the “Mar-a-Lago Accord”: an implicit pact that channels global demand for digital dollars into zero-yield capital flows into the U.S. Treasury. In this model, international users fund U.S. debt, not through bond markets paying interest abroad, but through stablecoin reserves held domestically. A brilliant twist: the U.S. still pays interest, but it stays within U.S. institutions rather than flowing out. This is not just clever monetary design, it’s monetary geopolitics. If USD stablecoins continue to gain traction in the Global South, they could cement the dollar’s dominance for decades to come, without the traditional costs of global reserve currency status. What’s particularly striking: responsibility for stablecoin oversight has shifted away from the Federal Reserve toward the U.S. Treasury, the very institution that stands to benefit most from increased demand for short-term government debt. This creates a clear conflict of interest: the regulator is now also the main financial beneficiary. Risks: Systemic fragility, if confidence in one major stablecoin fails, the shock could hit both crypto and traditional bond markets alike. The big picture: The Genius Act doesn’t liberate digital finance, it subtly turns stablecoins into a geopolitical tool and a domestic refinancing engine. Whether it’s financial genius or monetary overreach remains to be seen. But one thing is clear: America is once again rewriting the rules of global finance. Europe should take note. The full article (in German) can be found in my newest column at Payment & Banking - PBA Experts GmbH. Link in the comments.

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Proud to see Luxembourg lead Europe in secure, compliant tokenization. This is our mission in action. With the implementation of Blockchain Law IV and alignment with EU frameworks like MiFID II and MiCAR, Luxembourg is setting the standard for tokenization across asset classes. Real assets, securities, and funds-our regulatory landscape offers clarity, innovation, and trust. Key highlights include: → The Control Agent Model ensures robust oversight of tokenized securities. → Expanded asset coverage now includes shares, partnership interests, debt instruments, and even real estate. → CSSF plays a pivotal role in maintaining transparency and investor protection. This isn’t just theory. We’re seeing real-world applications: - Franklin Templeton’s fully tokenized UCITS SICAV launched right here, leveraging public blockchain for efficiency and transparency. - Firms like Blocksquare SARL are paving the way for compliant real estate tokenization, integrating with land registries to ensure legal enforceability. Of course, challenges remain. Tax treatment, secondary market infrastructure, and interoperability between tokenization platforms require further development. But these hurdles also present opportunities. For Luxembourg’s financial services sector, the potential is immense: ✔️ Tokenized funds can streamline operations and attract younger, tech-savvy investors. ✔️ Capital markets can leverage the EU’s DLT Pilot Regime to create pan-European tokenized securities exchanges. ✔️ Real assets like property, art, and infrastructure can unlock liquidity and accessibility like never before. Luxembourg is more than a hub-it’s a blueprint for the future of tokenization. By embracing innovation while maintaining compliance, we’re building a globally competitive ecosystem that combines opportunity with responsibility. What’s your take on Luxembourg’s next steps for tokenization? Let’s keep the conversation going. #fintech #tokenization #blockchain Alejandro García Cestero Sergey Gorchakov Tommaso Cervellati, MBA, CAIA Dr. Eric Falk Tobias Seidl

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Stablecoins have rapidly moved from the sidelines into the centre of discussion for public cross-border payments companies. In Q2 2025, 72% of the 25 major players we analysed mentioned stablecoins in their earnings calls – a dramatic rise from just 16% the quarter before with virtually no talk of them before 2025. This represents one of the fastest upticks in attention we’ve seen, even compared with previous hype cycles such as AI. Notably, discussion is not just speculative. Many companies are linking stablecoins to real products and near-term launches, including Remitly, Visa, Payoneer, Western Union, dLocal, Citi, Corpay and Standard Chartered. PayPal and Visa also stand out for consistent mentions over the past two and a half years. The breadth and maturity of the discussion show that stablecoin adoption is advancing at pace in cross-border payments, with clear signs of practical integration already underway. Read our full report here to understand how each company is approaching stablecoins: https://lnkd.in/esaKsCz5 #Payments #Stablecoins #CrossBorder #Fintech #DigitalAssets

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A clear leader is emerging. Ethereum has shifted from speculation to a powerhouse in institutional finance thanks to its dominance in stablecoins and tokenized real-world assets (RWAs). Stablecoins built on Ethereum now make up over half of the market and the RWA space has grown 413% since early 2023 (~$5.2B → ~$26.7B), driven by big names like BlackRock, Franklin Templeton and others.

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In case you missed it, this goes far beyond stablecoins. We are witnessing the rise of new financial infrastructure aiming to upend traditional finance. Stripe’s announcement about Tempo, just a few days ago, isn’t a story about blockchain or stablecoin nerds. It cuts to the heart of what’s at stake: who will own the next generation of payment rails - and how much traditional players will stay relevant. 𝗧𝗵𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺 — Current blockchains aren’t payment-ready: Bitcoin, Ethereum, and Solana were built for trading, speculation, or decentralized apps, not high-volume, fiat-denominated payments. — Paying gas - transaction fees on blockchain - in crypto adds friction for businesses that primarily operate in USD or EUR. — Today’s blockchains can only handle a limited number of transactions per second: Bitcoin ~ 5, Ethereum ~ 20, and Solana ~1,000. Global payment networks, however, require 10,000+ to operate at scale. — Blockchains lack core payment features businesses depend on - batch pay-outs, metadata for reconciliation, or merchant privacy - making them difficult to use in real-world payment scenarios. 𝗧𝗵𝗲 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 With the right infrastructure purpose-built for payments, stablecoins have the potential to evolve into the next global payment rails 𝗦𝘁𝗿𝗶𝗽𝗲’𝘀 𝗽𝗹𝗮𝘆 — Tempo (announced Sep 2025): a new Layer-1 blockchain, incubated with crypto VC Paradigm, purpose-built for stablecoin payments. Independent governance, validator network, and partnerships. Vision: a decentralized SWIFT at internet scale. It delivers payment-network scale (100,000+ transactions per second), confirms transactions almost instantly, and allows fees to be paid directly in stablecoins. — Bridge (acquired Mar 2024): Infrastructure for stablecoin treasury, issuance, liquidity, and compliance. — Privy (acquired May 2023): Wallet and key management layer that abstracts blockchain complexity for end users. Together, Tempo, Bridge, and Privy form a vertically integrated stack - Stripe’s bid to deliver end-to-end infrastructure for stablecoin payments at internet scale. 𝗨𝘀𝗲 𝗖𝗮𝘀𝗲𝘀 — Business payments: Instant, low-cost cross-border payments, payroll, vendor settlements, remittances. — Programmable money: digital forms of currency that can be coded to move automatically - settling payments 24/7, enabling tiny transactions, or triggering transfers based on pre-set rules. — Embedded stablecoin wallets and payment cards with simple, consumer-friendly UX. — Plug-and-play APIs for fintechs and banks to build on stablecoin infrastructure. It will not happen in a day, but a lot is at stake: stablecoins challenge Visa and Mastercard on xborder flows, threaten SWIFT and correspondent banks in global transfers, and reduce the reliance on global treasury platforms (e.g. Kyriba, FIS, SAP). Opinions: my own Subscribe to my newsletter: https://lnkd.in/dkqhnxdg Register for my upcoming webinar: https://hubs.ly/Q03GpVF50

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🌍 The Stablecoin Revolution: Transforming Global Finance 2025 marks a turning point in the evolution of money. Stablecoins, once seen as niche crypto tools, are now emerging as critical infrastructure for global commerce. Key highlights from the Stablecoin Revolution report: 🔹 Regulatory Breakthrough – The U.S. GENIUS Act provides long-awaited clarity, fueling institutional adoption and sparking global regulatory convergence. 🔹 Market Transformation – With $625B in trading volume (May 2025) and projections of $1.6–3.7T by 2030, stablecoins are reshaping payment systems and cross-border flows. 🔹 The Silent War – USDC vs USDT isn’t just about market share; it’s a clash between compliance-driven trust and accessibility-driven momentum. 🔹 Traditional Finance Response – From JPMorgan’s deposit tokens to the Fiserv-PayPal partnership, established players are building hybrid models that merge stability with innovation. 🔹 Asia Leading Adoption – Singapore’s gold-standard regulation, Hong Kong’s licensing regime, and emerging market use cases (from Nigeria to Venezuela) show how stablecoins are becoming economic lifelines. The future of finance will be: 💠 Digital 💠 Global 💠 Powered by stablecoin and CBDC infrastructure The question isn’t if stablecoins will define tomorrow’s financial system—it’s who will lead their evolution.

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CBDCs vs Stablecoins: Not Rivals, but Complements Yesterday, I moderated a panel on CBDCs Vs. Stablecoins with the following panelist: Stephan Lutz Christoph Koster Lord Kulveer Ranger & Dr Lisa Cameron DClinPsy., LL.D., MSc. BA. It was an interesting discussion and here is my take on the topic: CBDCs and stablecoins are often portrayed as competitors ➖ but they’re really just two ends of the same spectrum: public trust ↔ private innovation In the coming decade, the balance between the two will depend less on ideology and more on design choices and use-case fit ⸻ Here’s how I see it 👇 The Basics ▪️ CBDCs = digital cash issued by central banks. Think trust, stability, and inclusion. ▫️ Stablecoins = privately issued digital money backed by assets. Think speed, programmability, and user experience. Where They Complement Each Other 🔗 Retail Payments: CBDCs as the foundational settlement layer; stablecoins as the UX layer in wallets and apps 🔗 Cross-Border Flows: CBDC corridors can standardize infrastructure, while stablecoins provide always-on liquidity 🔗 Wholesale & Treasury: CBDCs for interbank finality; stablecoins for on-chain liquidity and programmable cash 🔗 Inclusion: CBDCs for basic access; stablecoins for innovation at the edge (credit, remittances, merchant tools). ⸻ Design Choices that Decide the Balance: ⚙️ Access & KYC ⚙️ Privacy tiers ⚙️ Interoperability standards ⚙️ Reserve rules ⚙️ Smart contract design ⚙️ Redemption SLAs Each decision shifts power between the state, the bank, and the builder. ⸻ For Banks & Fintechs (esp. GCC/MENA): 🏦 Treat CBDCs as infrastructure, not competition 🏦 Build multi-rail wallets and programmable liquidity products that combine CBDCs, stablecoins, and tokenized deposits 🏦 Start experimenting now with merchant settlement and cross-border payroll pilots. ⸻ Metrics to Track as Numbers will tell us which model really wins: 🔍 Finality time, redemption speed, liquidity depth, wallet KYC adoption, merchant acceptance. ⸻ Bottom Line: CBDCs bring trust; Stablecoins bring innovation; Together, they bring the future of money. #CBDC #Stablecoin #DigitalAssets #FutureOfFinance #Fintech #Blockchain #Payments #MENA #ADL #Couchonomics

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Please read my new working paper on "Stablecoins – How will they impact financial centers?" In English: https://lnkd.in/e--6mKqZ In Chinese: https://lnkd.in/epiVxprK It contains data from a survey among the members of the World Alliance of International Financial Centers (WAIFC) on their expectations on the digital money landscape in 5-10 years: 1. We foresee a multipolar future in which there will be no clear winner among the three competitors: #CBDCs, #TokenizedDeposits, and regulated #Stablecoins. 2. CBDCs will become widespread, particularly in advanced and emerging economies. Wholesale CBDCs will likely see near-universal adoption among major central banks due to significant efficiency gains. Retail CBDCs will experience varied adoption, heavily dependent on design choices and public trust. 3. Regulated stablecoins are poised for massive growth if robust regulatory frameworks are implemented and enforced globally. 4. Tokenized deposits could become a significant force. They combine the trust of established banks with the efficiency of blockchain rails for settlements. 5. The future belongs not to a single form of digital money but to an integrated ecosystem where CBDCs, regulated stablecoins, tokenized deposits, and enhanced traditional systems interoperate seamlessly, driving efficiency, inclusion, and new economic opportunities on a global scale. Many thanks to the Asian Financial Corporation Association for publishing this article.

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𝗗𝗲𝗽𝗼𝘀𝗶𝘁 𝗧𝗼𝗸𝗲𝗻𝘀: 𝗕𝗮𝗻𝗸𝘀 𝗖𝗼𝘂𝗻𝘁𝗲𝗿 𝘁𝗼 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀 𝘈𝘯𝘵 𝘎𝘳𝘰𝘶𝘱 𝘴𝘢𝘷𝘦𝘴 𝘶𝘱 𝘵𝘰 60% 𝘰𝘯 𝘵𝘳𝘦𝘢𝘴𝘶𝘳𝘺 𝘤𝘰𝘴𝘵𝘴 𝘰𝘯 $330 𝘣𝘪𝘭𝘭𝘪𝘰𝘯! Deposit tokens are banks’ answer to stablecoins, and the Swiss Bankers’ Association, Ant Financial, and SWIFT are all working to ensure they become a reality. The thought that banks would just roll over and accept privately issued stablecoins as their primary transfer mechanism in wholesale transactions is wishful thinking at best. While banks are venturing into stablecoins in the US and EU, and need to explore and support the technology, their long-term interests are best served with deposit tokens. The reason for this is two-fold.  First, deposit tokens do not represent a “new form of money.”  The Swiss Bankers’ Association says it best: “Legally, the Deposit Token was structured as a digital representation of a payment instruction under Swiss law.... It does not constitute a new form of money or a crypto asset, but rather a standardized instruction to debit and credit traditional bank accounts.” By using deposit tokens, banks don’t have to reinvent the wheel or build complicated new systems to deal with stablecoins, which are a new form of private money. The other reason banks love deposit tokens is more selfish in nature. Deposit tokens maintain banks’ central role in payments, a role stablecoins seek to diminish.  Three projects show how deposit tokens will become a major, if not the major, means of bank wholesale transfers. And make no doubt about it, these aren’t all POCs or pilots. Ant Financial’s Whale tokenized treasury is up and running right now: 1️⃣ Swiss Bankers Association: UBS, PostFinance, and Sygnum completed a tokenized deposit trial under the umbrella of the Swiss Bankers Association. The proof of concept (PoC) was conducted on the public Ethereum blockchain.  (report below) 2️⃣ Ant Group Whale Tokenized Treasury Ant’s tokenized treasury solution handled about a third of Ant’s $1 trillion in treasury payments in 2024, delivering savings of 30% to 60% in liquidity and FX costs. It used the tokenized deposits of 10 participating banks. 3️⃣ SWIFT’s new Digital Ledger: Swift and a group of more than 30 financial institutions globally is developing a shared digital ledger, with initial focus on real-time 24/7 cross-border payments.  This ledger may be used with tokenized deposits or stablecoins, but represents banks' and SWIFT's intention not to surrender to public chains and stablecoins! ♻️Repost to share these insights on deposit tokens with others. Reposters, you are my heroes! ---------------------- 🔺 Follow for #Fintech, #AI and #Tech at the speed of #Asia and #China. 🔺Onalytica No.4 Global Fintech Influencer with two best-sellers.

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𝗔 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 𝗣𝗿𝗶𝗺𝗲𝗿: 𝗠𝗼𝗻𝗲𝘆 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗔𝗴𝗲 🪙 Every week there’s another major stablecoin headline: 🌎 BVNK now live across all 50 US states in addition to the 129 countries it's already supporting 🔗 Circle launching Arc, its own Layer-1 chain 🚀 Stripe announcing Tempo, its blockchain project The stablecoin train has left the station and unlike the speculative crypto boom of a few years ago, this time it’s about real adoption with traditional cards as the bridge. Visa, Mastercard, PayPal, and even JPMorgan are now putting stablecoins at the core of their strategies. Although some will consider it overdue, now felt like the right time to do a primer and give it the full Fintech: Under the Hood treatment, with a signature diagram, handy analogies, and a some very relevant movie references (Star Wars fans, rejoice). 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 𝗮𝗻𝗱 𝗞𝗲𝘆 𝗘𝘅𝗰𝗲𝗿𝗽𝘁𝘀 👉🏽 The history of money (from pelt trading to credit cards) and why stablecoins are the logical next upgrade 👉🏽 What stablecoins actually are (and how they differ from Bitcoin) 👉🏽 The “Stablecoin Layer Cake” explained (Layer 0 → 3) 👉🏽 Key players: Circle, Tether, Paxos, BVNK, Stripe, PayPal (and their TradFi counterparts) 👉🏽 Use cases beyond remittances: B2B trade settlement and payroll for the global gig economy 👉🏽 Why “credits” in science fiction may not be that far from where we’re headed 🗣 “Stablecoins are the biggest upgrade to money since the invention of the credit card.” Stablecoins are not without challenges. Fraud, transparency, regulation, and interoperability are still hurdles and I touch on them too. If you’re deep in the space, consider this a refresh with some new angles. If you’re new to stablecoins, by the end you’ll know exactly what they are, who the big players are, and why they matter. 🔗 Read the full article here: https://lnkd.in/ede8eewQ As always, I'd love to hear what you think, whether I missed any key stablecoin enablers, what you thought of the sci-fi stablecoin reference and anything else you found interesting. Philip Benton Emma Mayer Sandra M. Dharmesh Mistry Leda Glyptis PhD Marcel van Oost Efi Pylarinou Panagiotis Kriaris Sanjeev Kumar Alistair Cotton Monica Jasuja Nik Milanović #Fintech #Payments #Stablecoin

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