Emerging rules for digital assets add another layer. Stablecoin and tokenisation frameworks increasingly expect on clear segregation between fiat and token flows, named accounts instead of large pooled structures, and robust safeguarding for reserve assets. These expectations are understandable from a risk perspective, but they are not cost‑free. They change how balances are structured, how references are assigned, and how much information needs to travel with each payment.De-risking policies have a similar ...