Archive
Every issue of the newsletter. Each piece lives on Substack — click through to read.
19 August 2026
On 7 August, Chainlink published a readout from inside the Bank of England's Synchronisation Lab showing the cash leg and the asset leg of a trade completing as one conditional step. It is the first concrete technical proof from the Bank's own side of the tokenisation problem. It is also simulated sterling, and the live service is still targeted for 2028.
Read on Substack →4 August 2026
The European Commission's targeted review of MiCA, open for responses until 30 September after an extension, names tokenised fund interests and tokenised money-market instruments as cases regulators cannot cleanly classify. Barely eighteen months after the regime went live, Brussels is asking in public the question this newsletter has been circling since Issue 1, and officials are already signalling the answer may be a full rewrite.
Read on Substack →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 →