Analysis
Policy, technical standards, international cases and market trends, summarized from the Alliance's perspective.
Analysis · Technical standards
Two strands of agentic payment standards: proof of permission and the movement of money
Payment standards for AI that pays on a person's behalf are moving to neutral bodies in 2026. This article sets out the open tasks that the standards do not settle.- Analysis · International cases
Circle Arc's operating structure: the distance between validator seats and decision-making authority
Circle's payment chain Arc has opened its mainnet. This article sets out how the validators that produce blocks are separated from the entity that sets the rules. - Analysis · Technical standards
The scope of tokenized money market fund allowlists and shared wallet IDs
The allowlist of a tokenized money market fund is a list of wallets kept separately for each fund. This article outlines how far the list reaches and the criteria for shared wallet IDs. - Analysis · Technical standards
The first timeline for international crypto-asset transaction reporting and the records outside the schema
Korea's rules for international crypto-asset reporting are in force and the schema has been set. This article outlines the verification records left outside the schema and the classification of stablecoins. - Analysis · Market trends
Tokenized money market funds and stablecoin reserve rules
Fund shares in token form have opened up as stablecoin reserve assets. This article sets out the differences in authoritative records and redemption timing, and the standards for exceptional cases that remain open. - Analysis · International cases
Project Agorá real-value testing and the rulebook agenda
An overview of the Agorá test that settled tokenized deposits and central bank reserves with real money, and of the scope the BIS has said it has not yet tested. - Analysis · Policy and regulation
Gaps in won-denominated stablecoin legislation, and operating standards beyond the issuing entity
While the Digital Asset Basic Act is delayed, this article looks at the entry rules that remain undecided and the operating standards that can be set regardless of the issuing entity. - Analysis · International cases
U.S.-UK joint statement on stablecoins, comparable outcomes instead of identical rules
An overview of the initial recommendations and the joint statement on stablecoins issued by the United States and the United Kingdom in July, the two countries' regulatory timelines, and the questions left for a won stablecoin regime.