Archive
Every issue of the newsletter. Each piece lives on Substack — click through to read.
21 July 2026
Swift declared its shared ledger ready for use on 9 July, with seventeen banks, HSBC, UBS, Lloyds and Standard Chartered among them, set to pilot tokenised deposit transfers 24/7. A bank-issued deposit token and a stablecoin can look identical in a wallet. The legal perimeter behind each is not.
Read on Substack →7 July 2026
The joint FCA and Bank of England consultation on tokenised wholesale markets closed on 3 July, and most coverage moved on without mentioning what was actually agreed. Read past the shared-vision language and four dated commitments emerge, each running through 2028.
Read on Substack →30 June 2026
Three events fall in the first week of July: the DTCC begins tokenised production trades, Securitize lists on the NYSE, and the MiCA deadline forces a crypto-services reckoning. Read separately they are a pilot, an IPO, and a cut-off. Read together they show the boundary between traditional finance and tokenisation dissolving from both sides.
Read on Substack →24 June 2026
The EU's crypto deadline does not touch tokenised securities. It lands hard on everyone else. Most crypto-asset firms are still unlicensed with a week to go, and the shakeout reveals how differently Europe's two tokenisation tracks are maturing.
Read on Substack →16 June 2026
While the market watched the MiCA deadline, the FCA quietly turned its fund tokenisation sandbox into binding rules. Two changes in PS26/7 matter, and both are already in force.
Read on Substack →9 June 2026
The EU's crypto rulebook does not cover tokenised bonds, shares, or fund units. Here is why, and what does.
Read on Substack →2 June 2026
The regulators' joint framework was read as a friendly signal and little more. Read closely, it is something firmer: a set of concrete commitments with a deadline of 3 July, and a working window for the people who will have to operate inside the rules.
Read on Substack →