Core Insights - The report by the Bank for International Settlements (BIS) raises significant doubts about the future of stablecoins, highlighting their shortcomings against core assessment criteria of a monetary system [1] - The findings have a substantial impact on the current booming stablecoin market and provide important references for global regulatory policy-making [1] Group 1: Performance Deficiencies of Stablecoins - The BIS establishes three core standards for evaluating monetary systems: singularity, elasticity, and integrity [3] - Singularity requires that currencies from different issuers be universally accepted, which stablecoins fail to achieve due to their lack of central bank backing and the tendency for different stablecoins to trade at varying exchange rates [3] - Elasticity demands that the monetary system can flexibly supply large payment needs, but stablecoins are constrained by a "prepaid cash" mechanism that limits their ability to meet liquidity demands in complex economic activities [3] Group 2: Integrity Concerns - Integrity focuses on the monetary system's ability to resist financial crimes and illegal activities, with stablecoins' anonymity posing risks for money laundering and terrorist financing [4] - The absence of "Know Your Customer" standards in stablecoins raises concerns about their use in illicit activities, despite blockchain analysis companies' efforts to track certain transactions [4] Group 3: Advantages of Traditional Monetary Systems - The BIS asserts that the current two-tier monetary system, centered around central banks, remains superior in ensuring currency applicability compared to other models [5] - Central banks provide the highest form of currency, ensuring finality in settlements and stability in pricing, while commercial banks support economic activities with effective payment methods [5] - The traditional system's resilience is demonstrated through modern real-time gross settlement systems, which allow central banks to provide reserves and liquidity as needed, ensuring efficient payment operations [5] Group 4: Future Directions for Tokenization - While tokenization technology holds transformative potential, the BIS suggests that its development should focus on improving the existing system rather than completely replacing it [5] - A tokenization platform centered around central bank reserves, commercial bank currency, and government bonds could lay the foundation for the next generation of monetary financial systems [5] - This approach aims to integrate information transfer, reconciliation, and asset transfer into a seamless operation, maintaining the core advantages of the current monetary system while leveraging technological innovation [5]

Core Viewpoint - Deutsche Bank and Ant Group have established a strategic partnership to provide comprehensive cross-border payment solutions for global merchants, marking a new phase in their collaboration since 2019 [1][3]. Group 1: Strategic Partnership - The Memorandum of Understanding (MoU) aims to leverage both parties' strengths, utilizing Ant Group's unique tokenization technology and AI-based foreign exchange technology to offer more comprehensive payment solutions for businesses of various sizes in Europe and Asia [3][4]. - Deutsche Bank will collaborate with Ant Group's financial services division to launch innovative solutions in global treasury management and cross-border payments, including tokenized deposits and stablecoins [5]. Group 2: Technological Integration - Deutsche Bank will become the first German bank to access Ant Group's real-time treasury management platform based on blockchain technology, enhancing the efficiency and transparency of global treasury management [5]. - The partnership will explore innovations in cross-border payments, including the application of stablecoins and the Falcon TST foreign exchange model to help reduce foreign exchange-related costs and risks for Ant Group and its clients [5]. Group 3: Market Expansion - Deutsche Bank will deepen its collaboration with Ant Group's merchant payment and digital service provider, Antom, to expand acquiring solutions in Europe, the Middle East, and Africa, facilitating seamless access to diverse payment options for merchants [6]. - The bank will support Ant Group's cross-border trade payment and account service brand, Wanlihui, providing comprehensive cross-border payment solutions for small and medium-sized enterprises in e-commerce and foreign trade [6]. Group 4: Future Outlook - The executives from both companies expressed optimism about the partnership, highlighting the potential to reshape the future of treasury management and enhance the payment experience for global enterprises and consumers [8].