Annual Progress Report on Meeting the Targets for Cross-Border Payments: 2023 Report on Key Performance Indicators The FSB’s 2023 progress report benchmarks global payments against G20 targets: costs remain high (1.5–2.5%), remittances average 6.3%, and only 54% of wholesale payments settle within an hour. Tokenized solutions could accelerate progress. Luc
New Value: Stablecoin Trends in Business and Beyond Ripple’s New Value 2025 survey of 1,000 finance leaders reveals that 86% are open to using stablecoins, citing faster, cheaper, and more secure transactions. LATAM and MEA lead adoption as stablecoins move from crypto hype to institutional utility. Luc
Global Cross-Border Payments: A $1 Quadrillion Evolving Market The IMF’s Global Cross-Border Payments report (June 2025) examines the USD 1 quadrillion payments ecosystem and its evolution toward tokenized, interoperable settlement networks spanning stablecoins, deposits, and CBDCs. Luc
Circle Payments Network White Paper Circle’s Payments Network White Paper outlines a new global settlement protocol connecting banks and fintechs through USDC and EURC. The network merges blockchain programmability with regulated compliance, reshaping cross-border and institutional payments. Luc
The State of Stablecoins 2025: Supply, Adoption & Market Trends Dune and Artemis’ State of Stablecoins 2025 reveals a USD 225 billion market growing 63% YoY, with over USD 35 trillion in annual transfers. Fiat-backed models dominate, while Solana and Base emerge as the new stablecoin powerchains. Luc
Private Credit: Risks and Benefits of a Maturity Wall Model shows how finite-life funds’ ‘maturity wall’ disciplines borrowers and expands credit, shifting risk from banks while raising liquidation risk. Net effect: higher expected output but sharper tail losses, with implications for co-financing, bank portfolios, and policy trade-offs. Luc • Private Credit