Digital Bytes 25th March 2026
A weekly analysis of who, how, where and why blockchain technology, digital assets and the impact of AI are being used globally in various industries.
Stablecoins as monetary infrastructure: how programmable US dollars are reshaping financial governance - stablecoins were initially created to provide price stability in volatile crypto markets, but their real significance now lies elsewhere. As programmable representations of fiat currency, they embed rules, compliance and governance directly into monetary infrastructure; issuers can freeze assets, enforce sanctions and condition access in real time. In doing so, stablecoins extend the reach of the dollar whilst transforming money itself - from a neutral medium of exchange into a policy-enforcing network where control is written into the code.
RWA tokenisation and institutional adoption: the $30 trillion transformation of finance - real-world asset tokenisation is moving from theory to institutional reality, reshaping how capital markets function. By converting assets such as bonds, real estate and private credit into tradeable digital tokens, financial institutions aim to unlock liquidity, enable fractional ownership and compress settlement cycles. Yet the revolution is not purely technological; it depends on the fusion of legal structures, regulatory clarity and interoperable infrastructure. Tokenisation promises efficiency gains and broader access to yield, but low secondary trading volumes and fragmented rules highlight how far markets must evolve before this multi-trillion-pound transformation is fully realised.
Can contracts in England be settled without cash? Legal tender rules, asset transfers and stablecoin payments explained - English law does not require contractual obligations to be settled using cash or legal tender. Under the principle of freedom of contract, parties may agree to discharge payments through assets, including property, securities, goods, contractual rights and, increasingly, stablecoins or tokenised instruments. Rooted in doctrines such as accord and satisfaction, this flexibility reflects a longstanding tradition of asset-based settlement. As tokenisation and programmable payments expand, these legal foundations are becoming strategically significant for solicitors, regulators and financial markets.
Stablecoins and the banking system: what happens to bank deposits? - as stablecoins move into regulated mainstream finance, they are shifting from crypto gateways to always-available digital cash for payments, settlement and treasury use. This raises a critical question: how much transactional liquidity could migrate away from bank deposits - traditionally the cheapest funding source for lending? Drawing on Taurus research and global regulatory developments, this article examines potential deposit pressures, balance-sheet implications and the strategic choices banks face as digital money becomes more mobile, competitive and embedded in financial infrastructure.
If a friend or colleague would like to have their own weekly edition of Digital Bytes, please use this link to subscribe.
To listen to the latest Digital Bytes’ Show on Cyber.FM, click here