The authors propose that appropriate and proportionate regulation of stablecoins - with a focus on ensuring their stability - can preserve singleness much as it does in today’s monetary system. The paper was born out of a shared view that recent policy discussions on singleness tend to focus on an abstracted ideal - one which may not be realistic for the rapid changes brought about in the continued digitisation and innovation of financial services, and aren't in fact realistic when viewed in the context of today's reality either.

As central bank digital currencies (CBDCs) rapidly gain global traction, many nations are racing to establish their own, with motivations ranging from modernising payment infrastructures to asserting monetary sovereignty. Countries like Nigeria and Sweden see CBDCs as pathways to financial inclusion or cash alternatives, while geopolitical powers like China and the EU pursue CBDCs to fortify their economic independence. The UK, too, faces unique opportunities to leverage a digital Pound to strengthen its global influence post-Brexit. Beyond payments, CBDCs promise programmable functionalities that could reshape innovation in AI, IoT, and fintech. This piece underscores CBDCs’ potential to redefine economic power and technology policy worldwide.

The UK has taken a major step in exploring a digital pound, with statements from Chancellor Jeremy Hunt and Bank of England Governor Andrew Bailey underscoring the potential impact of a Central Bank Digital Currency (CBDC). As cash usage declines, a digital pound could ensure inclusive public access to money, support economic growth, and promote innovation in the financial sector. The recent Bank of England consultation proposes a public-private model that upholds user privacy, with the CBDC designed to protect financial stability while encouraging competition. This digital currency could serve as a foundation for the UK’s transition to a digital economy, enabling strategic advancements in sustainability and financial inclusivity.

As central bank digital currencies (CBDCs) rapidly gain global traction, many nations are racing to establish their own, with motivations ranging from modernising payment infrastructures to asserting monetary sovereignty. Countries like Nigeria and Sweden see CBDCs as pathways to financial inclusion or cash alternatives, while geopolitical powers like China and the EU pursue CBDCs to fortify their economic independence. The UK, too, faces unique opportunities to leverage a digital Pound to strengthen its global influence post-Brexit. Beyond payments, CBDCs promise programmable functionalities that could reshape innovation in AI, IoT, and fintech. This piece underscores CBDCs’ potential to redefine economic power and technology policy worldwide.

In the wake of TerraUSD’s dramatic collapse, Jannah Patchay, Claire Conby, and Jonathan Marriott explore the risks and benefits of stablecoins and the potential regulatory steps ahead. Stablecoins, which come in four types—fiat-backed, commodity-backed, crypto-backed, and algorithmic—offer benefits like managing cryptocurrency volatility and enabling global fund transfers. Yet, they vary widely in stability and oversight. While fiat-backed stablecoins like USDT and USDC are partially regulated, crypto-backed and algorithmic stablecoins, like TerraUSD, remain unregulated, raising concerns about consumer protection and systemic risk. The authors suggest that regulatory frameworks are essential to support both innovation and stability in the growing digital currency landscape.

The Digital Pound Foundation advocates for a digital Pound as a crucial step for the UK’s transition to a digital economy. This currency could take both public (CBDC) and private (stablecoin) forms, creating a competitive and well-regulated environment for digital money. A digital Pound ensures access to public money, supporting financial inclusion, stability, and government functions like benefits and tax. Its programmability would enhance payment efficiency, enable innovations like micropayments, and provide a foundation for ESG-focused finance. As the UK navigates global challenges, a digital Pound can redefine its currency’s role, boosting economic resilience and positioning the UK as a leader in the Fourth Industrial Revolution.

The Digital Pound Foundation views President Biden's March 2022 Executive Order on Digital Assets as a critical step in advancing the U.S. role in the global digital currency landscape. The Order emphasizes the importance of CBDCs, highlighting the value of sovereign money in economic stability and U.S. leadership in international CBDC development. It also advocates for interoperability with other CBDCs, ensuring the dollar’s centrality in global finance. The Order sets a 180-day deadline for federal agencies to assess CBDCs’ potential impact on financial inclusion, stability, and privacy. This U.S. move urges the UK to accelerate its own CBDC exploration to stay competitive on the global fintech stage.

In a rapidly evolving digital landscape, Jannah Patchay, founder of Markets Evolution, explores how digital assets are revolutionising financial markets. The last year saw major developments—from the rise of NFTs to PayPal’s crypto offerings and central bank digital currency (CBDC) explorations. Beyond buzz, regulated digital assets hold tangible potential: they enable instant settlement, reduce counterparty risk, and streamline post-trade processes. By tokenising traditional and illiquid assets, digital assets create opportunities for liquidity, fractional ownership, and programmable features that can automate regulatory and ESG compliance. With digital assets, the financial system is poised for a future that blends innovation with operational efficiency and sustainability.

The Digital Pound Foundation’s review of 2021 offers insights into the future of digital currency. Key developments included rising global interest in CBDCs, with countries like China advancing pilot programs and the UK considering a digital Pound. Stablecoins and NFTs also gained traction, highlighting digital assets' growing role in finance and culture. As central banks and regulators worldwide adapt to this shift, the Foundation suggests that the UK must prioritize developing a robust digital currency ecosystem. The Foundation sees 2022 as a pivotal year, urging proactive measures to establish a secure, inclusive digital Pound that aligns with UK financial stability and innovation goals.

The Digital Pound Foundation sees the rise of digital money—public and private—as an irreversible shift, transforming how value is exchanged and financial services are provided. As nations worldwide, including the Bahamas, China, and the EU, pilot Central Bank Digital Currencies (CBDCs), the potential of programmable, digital-native public money gains traction. The coexistence of cash, commercial bank money, and digital money will redefine financial markets, presenting both opportunities and challenges, especially for traditional banking. The Foundation believes that digital money, central to the digital economy, could reshape social trust, sustainability, and the value exchange, supporting the UK’s transition to a digital economy.

In this article, Jannah Patchay discusses the “next big thing” in financial markets, focusing on the potential of decentralized finance (DeFi) and tokenized assets. Patchay explains how DeFi could disrupt traditional financial systems by creating open, permissionless financial products accessible to anyone with internet access. She also highlights tokenization’s role in transforming asset ownership, making traditionally illiquid assets like real estate or fine art more accessible and tradable. However, Patchay underscores the importance of regulatory frameworks and security measures to manage the risks involved. She concludes that DeFi and tokenization hold promise for reshaping finance but require balanced oversight to integrate with the broader financial ecosystem.

In this article, Jannah Patchay offers insights into the evolving role of cryptocurrencies within financial markets. She examines how cryptocurrencies have moved beyond speculative assets to become integral to financial innovation, particularly in payments and decentralized finance (DeFi). Patchay highlights both the opportunities and challenges that cryptocurrencies present, such as enabling faster, lower-cost transactions, while also posing risks related to volatility, regulatory uncertainty, and market integrity. She argues for clearer regulatory frameworks to support the safe integration of cryptocurrencies into mainstream finance, suggesting that such structures are crucial for fostering trust and broader adoption.

Stablecoins—digital tokens pegged to assets like fiat currency—are essential to both cryptocurrency and traditional financial markets. They facilitate smooth transaction settlements, enable faster, cost-effective cross-border payments, and serve as a payment solution in blockchain-based digital securities trades. However, stablecoins come with risks; their value depends on issuers’ guarantees, which can introduce vulnerabilities if issuers fail to manage reserves or default. Regulatory scrutiny is growing, with certain stablecoins considered “systemically important” and facing stricter oversight. While emerging CBDCs may someday replace stablecoins in some areas, stablecoins are expected to maintain a strong presence, particularly in USD-based markets.

The Future of Sustainable Data Alliance (FoSDA), launched in 2020 by Refinitiv and the World Economic Forum, focuses on bridging critical ESG data gaps to support sustainable finance. FoSDA's initial recommendations include identifying data "holes" (entire missing datasets, like biodiversity data), moving beyond binary to metrics-based reporting, and enhancing forward-looking ESG data. They emphasize consistent standards, taxonomy alignment, and integrating diverse data sources, such as geospatial data, to improve risk analysis. FoSDA also calls for global ESG data talent development. Icebreaker One supports these goals, highlighting the essential role of accessible data in driving a sustainable, net-zero future.

Icebreaker One reflects on the Task Force on Climate-Related Financial Disclosures (TCFD) framework and its challenges, particularly its focus on past climate data rather than forward-looking, actionable insights. While TCFD has spurred progress in climate risk reporting, Icebreaker One highlights that inconsistent data standards and limited scenario analysis hinder meaningful assessments. They advocate for standardised, comparable ESG data and scenario-based forward-looking metrics to better gauge climate impact. The article stresses that accurate, accessible data infrastructure is essential to drive effective climate action and meet net-zero goals, pushing the financial sector toward more impactful climate reporting practices.

In this article, Jannah Patchay addresses the growing importance of environmental, social, and governance (ESG) factors in financial markets, with a focus on green finance. Patchay explains how investor demand for sustainable practices is driving financial institutions to adopt green policies and incorporate ESG criteria in their investment strategies. She also discusses the challenges of standardizing ESG data and metrics to ensure reliable, comparable information for investors. Patchay argues that regulatory frameworks and industry collaboration are essential to advancing green finance, which can align financial markets with sustainable development goals and help mitigate climate risks.

Jannah Patchay explores the transformative potential of artificial intelligence (AI) and machine learning (ML) in the fintech sector, emphasizing their roles in enhancing decision-making, risk management, and operational efficiency. Patchay discusses how AI and ML allow fintech firms to analyze vast amounts of data in real time, enabling more accurate predictions and personalized customer experiences. However, she also highlights challenges, including the need for robust data governance, transparency, and regulatory compliance to address ethical and security concerns. Patchay concludes that AI and ML are key drivers of fintech innovation, offering significant benefits while requiring careful implementation to ensure trust and accountability.

Jannah Patchay examines the impact of cloud technology on fintech, highlighting its transformative role in driving innovation and scalability within financial services. The article outlines how cloud adoption enables fintech firms to streamline operations, reduce costs, and improve flexibility, allowing for rapid development of new products and services. Patchay emphasizes the importance of regulatory compliance and data security in cloud implementations, as financial firms navigate both opportunities and risks. She concludes that the cloud is pivotal for the fintech sector’s growth, enabling firms to meet evolving market demands while remaining competitive in a highly regulated landscape.

In this article, Jannah Patchay explores the evolving landscape of liquidity in crypto-assets and the challenges faced by institutional investors. As the crypto market matures, liquidity remains fragmented and inconsistent, limiting its appeal to larger financial players. Patchay discusses how regulatory advancements and the development of robust market infrastructure could enhance liquidity, making crypto-assets more accessible for institutional investment. She also highlights the need for reliable pricing mechanisms, transparent trading venues, and improved custody solutions to build confidence in the market. Patchay concludes that addressing these liquidity issues is essential for integrating crypto-assets into the broader financial ecosystem.

In this follow-up on Facebook’s Libra project, Avtar Sehra and Jannah Patchay discuss how Libra’s ambitions highlighted key concerns in the digital currency space, especially regarding regulatory compliance and financial stability. The article explores how Libra’s model could reshape cross-border payments by lowering costs and increasing speed but also emphasizes the regulatory and systemic risks involved. Sehra and Patchay argue that Libra's experience serves as a critical lesson in balancing innovation with regulatory oversight. They propose that successful digital currencies must integrate robust safeguards, address sovereignty issues, and work within international regulatory frameworks to achieve sustainable adoption.