Jason Law

Stablecoins deliver near instant settlement and offer obvious utility across three verticals: payments, trading and collateral. The collateral use case is under discussed--especially for derivatives. Variation margin (VM) is "cash" collateral that moves throughout the system daily to reflect mark to market and balance risk. Losers pay the winners. The size of these cashflows can be humungous--depending on market conditions. But, traditional collateral calls and batches are slow and clunky--exposing intermediaries to unsecured risk. Sometimes, it takes days to settle VM. Weekend stresses are particularly scary--as crypto markets rebalance, traditional markets wait. If not immediately addressed, this basis will likely cause the next systemic stress. So today, more collateral must be locked up as initial margin. This reduces capital efficiency. Now that we have regulated stablecoins coming into the system, it's time for the U.S. Commodity Futures Trading Commission to start thinking about allowing fully backed stablecoins to serve as variation margin. This is an important step in closing the gap. Done right, swifter VM settlement/risk rebalancing will reduce systemic risk and enhance capital efficiency. Critics will worry about "depeg" risk. GENIUS should mitigate some of this risk. But as long as we have fractional banking, and uninsured deposits sit at banks-- this risk remains. So, what's the solution? Create a special class of stablecoins that are not exposed to bank counterparty risk? Further regulate banks to mitigate bank counterparty risk for stablecoin reserves? I'm eager for thoughts here.

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Just finished diving into Citi's latest Stablecoins 2030 report - the numbers are staggering. They've revised their forecast to $1.9 trillion by 2030 (up from $1.6T), with transaction volumes potentially hitting $100 trillion annually. 🤯 ‼️ What struck me most isn't just the growth trajectory - it's the fundamental shift happening beneath the surface. We're not witnessing a "crypto vs traditional finance" battle. Instead, stablecoins and bank tokens are converging into parallel rails that will coexist, each serving distinct needs. ⁉️ The report reveals something counterintuitive: while stablecoins grab headlines, bank tokens (tokenized deposits) could actually see higher transaction volumes by 2030. Why? Trust, familiarity, and regulatory clarity still matter enormously to corporations handling massive treasury operations. 🌈 For emerging markets, this is transformative - finally, a genuine alternative to volatile local currencies. But for developed markets? The real value isn't in replacing existing systems (which already work well domestically) but in unlocking programmability and 24/7 settlement. 💲 The most sobering insight: stablecoins could make USD dominance even stronger globally, with implications far beyond payments. This isn't just about faster transactions - it's about the architecture of future finance. What's your take - revolution or evolution? Great effort by the team: David Cunningham Shahmir Khaliq Ronit Ghose Sophia Bantanidis Ryan Rugg Alex Miller Ronak Shah Kaiwan Master

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🚨 Breaking: IG Group Buys Australian Crypto Exchange for £87 Million 🚨 IG Group (LSE: IGG), the London-listed broker with over £2.9 billion in client assets and over 400,000 active clients, has announced the acquisition of Independent Reserve, a regulated Australian crypto exchange with 129,400 funded accounts and A$1.7 billion in assets under custody. The deal, valued at A$178 million (£87m) or 5x FY25 revenues, marks a bold step in IG’s crypto strategy, expanding its footprint across Asia-Pacific and the Middle East. Independent Reserve will continue to operate under its existing leadership, retaining a 30% ownership stake, with IG holding an option to acquire the remainder based on future performance. 🔑 Why this matters: ETFs & Retail Investing: IG has been expanding its multi-asset platform, offering ETFs, shares, FX, and now crypto, aiming to become a one-stop shop for retail and institutional investors. Crypto Growth: Independent Reserve generated A$35.3m in FY25 revenues, nearly doubling year-on-year, and serves an average of 116,000 monthly active customers. Strategic Expansion: The acquisition follows IG’s earlier £160m purchase of Freetrade (UK commission-free trading platform), strengthening its position in equities and ETF trading for younger investors. 🌍 With ETFs continuing to attract record inflows in Europe and the U.S., IG’s dual focus on low-cost ETF investing and regulated crypto trading positions it at the heart of the next wave of digital and traditional finance convergence. 📊 The transaction is subject to regulatory approvals from MAS (Singapore) and FIRB (Australia), with closing expected in early 2026. #IGGroup #ETFs #Crypto #DigitalAssets #RetailInvesting #Fintech #MergersAndAcquisitions #WealthTech #ARKInvest

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After a six-year journey, we finally executed world’s first real-world cross border FX & payments moving 10,000 Euro in Europe to Offshore RMB in Singapore with T+0 settlement, using CNT Carbon Stablecoin backed by certified and registered carbon credits as intermediary! Two thinking led to our plan in 2019: - What is the “antimatter” of bitcoin? In physics, the Big Bang is believed to have created equal amounts of matter and antimatter. The "antimatter" equivalent of Bitcoin may be a digital intermediary with similar scarcity in supply and increasingly difficulty to produce, but contributes positively to reducing the global carbon footprint. That pursuit led to the concept and patenting of CNT® carbon stablecoins from 2021; - How can we elevate carbon credit from a highly specialized alternative asset to something much bigger volume and hence can drive more green impact? With $7.5 trillion a day FX volume, if carbon can be digital payment intermediary entering the FX market, it will greatly enhance decarbonisation process and making the “printing” of carbon stablecoins much more equitable by each respective country with its own NDC registry. This EUR - CNH FX & payment using carbon stablecoin as intermediary speaks for the power of tech innovation and the potential of driving blockchain technology further for positive impacts! Infinite Alpha, One Particle at a Time. https://lnkd.in/g9szFaAR

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I just read Citi’s Stablecoins 2030 report and it feels spot on. #Stablecoins are shifting from crypto niche to core financial infrastructure. What’s especially timely: nine European banks (including ING) have announced a consortium to launch a #MiCA-compliant euro stablecoin, expected in 2026. This shows how quickly institutional adoption is moving. Exciting is the fact that the entity behind it is Netherlands-based and under De Nederlandsche Bank oversight. Just as ChatGPT accelerated AI into the mainstream, stablecoins may be experiencing their “GPT moment” in finance. Citi also makes clear that stablecoins, bank tokens, and tokenized deposits will coexist, each finding its role depending on trust, regulation, and integration needs. Bank tokens may take the lead in corporate finance, while stablecoins could prove most valuable for digital-first businesses and frontier markets. Rather than a zero-sum battle, this feels like steady progress toward a more connected and programmable financial system > one that runs 24/7 and adapts to new demands. Follow BCNL Foundation as we have many ecosystem activities around adoption and institutional finance. For example, on November 13th we organize a Digital Asset Investment Event in #Amsterdam with Loyens & Loeff. #BCNL

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This isn’t just another stablecoin initiative. Ant International wants to rewrite the rules by embedding stablecoins into the global financial infrastructure instead of just floating them on crypto markets. 𝗪𝗵𝗮𝘁 𝘄𝗮𝘀 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗱? At Reuters NEXT APAC 2025, Ant International said it’s exploring stablecoin licenses - but not to list tokens on exchanges. Ant is introducing a new paradigm that treats stablecoins as programmable infrastructure for payments and treasury, meaning that they can execute logic: trigger payments, convert currencies, or enforce rules automatically. Examples: - Instant FX: Stablecoins can convert currencies during transactions, cutting out intermediaries and reducing costs. - Conditional payments: Smart contracts release funds only when terms are met (e.g. on delivery). - Real-time liquidity: Stablecoin balances can move instantly across markets to optimize capital. - Embedded compliance: KYC and transaction rules are coded into the token - reducing manual steps and risk. 𝗛𝗼𝘄 𝗶𝘀 𝘁𝗵𝗶𝘀 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴 𝘁𝗵𝗲 𝗴𝗮𝗺𝗲? Most stablecoins today are crypto-native: - Built for trading and DeFi - Monetized through interest on reserves - Often operate in lightly regulated environments Ant’s approach flips that: - Built for regulated global commerce - Focused on payments, liquidity, and treasury - Monetized through real transaction flows, not passive float - Integrated into enterprise-scale financial infrastructure   𝗪𝗵𝘆 𝗱𝗼𝗲𝘀 𝗶𝘁 𝗺𝗮𝗸𝗲 𝘀𝗲𝗻𝘀𝗲? - Ant processes over $1 trillion in global payments annually, with a third already moving on blockchain via tokenized bank deposits. - It’s taking a licensing-first approach, working with regulators to align with financial frameworks. - Through existing payment corridors, Ant connects with hundreds of banks, wallets, and providers across Asia and beyond - enabling immediate reach for stablecoin services. - Ant owns the payment stack, so it can embed stablecoins natively into how money moves - not just layer them on top. - Ant sees stablecoins as infrastructure for automating how money moves globally - cutting out batch processes, unlocking 24/7 liquidity, and reducing reliance on legacy rails. 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗶𝗺𝗽𝗮𝗰𝘁: - From passive store-of-value instruments to active tools for automating payments, FX, and liquidity - From interest-based models to revenue from real transaction activity - From isolated pilots to full integration in enterprise infrastructure Ant’s model is a blueprint for how large fintechs can enter the space - not by replicating crypto strategies, but by integrating stablecoins into high-scale financial operations. Opinions: my own 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐭𝐨 𝐦𝐲 𝐧𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫: https://lnkd.in/dkqhnxdg

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Visa just announced a pilot to allow pre-funding of Visa Direct via stablecoins rather than fiat and to treat those stablecoins as “money in the bank” to fuel outgoing payouts. With 8 billion endpoints around the world, Visa Direct has huge reach that’s gotten even more impactful. If your company is managing large-scale payouts or payments across many countries (marketplaces, payroll, remittances, supply chains, fintechs in general), here’s how this shift can matter in concrete terms: 1. Less capital locked in advance Instead of needing to “pre-fund” fiat accounts days (or weeks) ahead in each destination market, you can hold more of your capital in working assets and only convert/disburse when needed. That can free up millions in capital, especially in high-volume corridors. 2. Shortened settlement windows & real-time flexibility. Traditional cross-border flows often involve cut-off times, banking holidays, overnight reconciliation, intermediary bank delays. A stablecoin prefunding layer shortens that “float time” drastically. You can respond to last-minute payout needs without the lag of banking hours. 3. FX & volatility insulation. Because stablecoins provide a consistent “settlement layer,” treasury operations can be more insulated from local currency volatility or idiosyncratic banking delays. Essentially, the funding leg becomes more deterministic. 4. Operational simplification & reduced reconciliation overhead. Fewer banking relationships across jurisdictions, fewer accounts to monitor, less manual reconciliation across intermediaries; all of that saves operations cost and error. 5. Scalability across new corridors. When adding a new country or region, instead of needing to spin up local fiat accounts, you can more rapidly plug in via the stablecoin funding mechanism, lowering onboarding friction for new geographies. 6. Better liquidity management as volume fluctuates. For businesses with seasonal, cyclical, or spiky payout demands, this approach gives more elasticity: you don’t have to over-provision for worst-case peaks across every market in advance. 7. 24/7 / off-hours flow. Because blockchain-based settlement isn’t limited to banking hours, payouts can occur even weekends or holidays. In sum: this is a game changer and path toward monetizing latent capital, reducing friction costs, and improving agility. It’s a disruptive structural upgrade in how money flows.

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𝗪𝗵𝗼 𝗿𝗲𝗮𝗹𝗹𝘆 𝗱𝗿𝗶𝘃𝗲𝘀 𝗰𝗿𝘆𝗽𝘁𝗼 𝘂𝘀𝗲? 𝗬𝗼𝘂𝗻𝗴𝗲𝗿, 𝗿𝗶𝗰𝗵𝗲𝗿 𝗺𝗲𝗻 𝗶𝗻 𝘁𝗵𝗲 𝗨𝗦 𝗮𝗿𝗲 𝗹𝗲𝗮𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗰𝗵𝗮𝗿𝗴𝗲. Deutsche Bank's latest dbDataInsights report dives into crypto adoption in 2025, surveying 3,400 consumers across the US, UK, and EU. The findings? Adoption is growing-but trust and knowledge gaps remain. Here’s the breakdown: 🇺🇸 The US: Younger, wealthier men are at the forefront. They’re not just investing-they’re using crypto in their daily lives. 🇬🇧 The UK: The biggest growth in early 2025 came from 18–34-year-olds. However, nearly half still see crypto as too risky. 🇪🇺 The EU: Crypto adoption is slower, with older age groups and women lagging behind. Why? A lack of understanding remains a key barrier. Across all regions, the top obstacles are clear: - Perceived risk: Crypto feels too volatile or unregulated for many. - Knowledge gaps: Over 35% still say they don’t understand how it works. But here’s the silver lining: education and trust can change the game. - Tailored financial literacy programs for women and non-users could bridge the gap. - Regulation should focus on trust-building, not just compliance. - Safer, more intuitive crypto experiences from fintechs and banks are a must. Crypto isn’t just a fringe trend anymore-it’s evolving into a critical part of the financial ecosystem. But mass adoption? It won’t happen until people feel informed, secure, and empowered. What do you think is the biggest barrier to trusting crypto today? Is it the volatility-or the communication? For more insights, the full Deutsche Bank report is worth a read: Cryptocurrencies: Understanding Retail Adoption in 6 Slides (July 8, 2025). Authors & Contributors: Marion Laboure, Ph.D., Senior Strategist, Deutsche Bank Camilla Siazon, Deutsche Bank dbDataInsights Kyriaki Chorafa Tom Michel Schult Kilian Thalhammer Xavier Gastaldi Sarkis Mazmanian Stefan Teis Yibin Hu 胡意彬 Christian Georg Everts, LL.M. Rahul Mahipal Nicholas Bone Johannes Rentsch Nicolas Nonnenmacher Thomas Richter Dirk Finkemeyer Girish Pandit Michael Licitra Maël Pavon Ekansh Nayal, CFA Naaz Rahemtulla Boon-Hiong Chan Sven Henkel

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