Bitcoin, Fiat & Rock'n'Roll

21X Journey: Transforming Capital Markets with Blockchain

How the first TSS under the European DLT Pilot Regime revolutionizes tokenized securities settlement In this BFRR episode, hosts Stefan Grasmann and Manuel Klein dive into the third big pillar of digital finance: tokenized securities and the regulated market infrastructure needed to scale them. They’re joined by Max Heinzle (Founder & CEO) and Victoria Jahn (Head of Regulatory Affairs) from 21X—the company operating what they describe as Europe’s first DLT trading and settlement system (DLT-TSS). Max traces his journey from traditional capital markets to blockchain, arguing that distributed ledgers are the “missing” settlement layer for securities. He explains how 21X runs a blockchain-enabled exchange (currently on Polygon, with multi-chain plans) that atomically matches and settles trades in ~T+2 seconds, removing the need for a CSD and slashing post-trade friction and cost. Victoria unpacks the EU DLT Pilot Regime, clarifies what a TSS license allows (combining exchange and settlement on-chain), and why stringent issuer standards and disclosure are crucial to attract the buy side. The conversation gets practical: why stablecoins (e-money tokens under MiCA) are the cash leg today, how wholesale CBDC could complement them, and what it takes to onboard wallet-native investors, RWAs funds, custodians, brokers, and—eventually—neo-banks and large distribution platforms. The hosts press on the perennial hurdles: secondary markets for on-chain bonds, bootstrapping liquidity with market makers, and solving the “chicken-and-egg” problem via multilateral venues rather than OTC. Looking ahead, 21X outlines a US expansion via broker-dealer/ATS licensing plus targeted exemptive relief, citing open doors at regulators and growing institutional demand. The panel imagines a near future where 24/7 programmable markets, per-second yield accrual, automated treasury, and T+1-second DvP finality are standard—and where public, permissionless rails connect global issuers and investors within robust regulatory guardrails. If you want a clear, insider view of how regulated on-chain capital markets could finally scale—from stablecoin settlement to tokenized MMFs, ETFs, bonds, and equities—this episode is your blueprint. 21X website [https://21x.eu/] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

When Banks and Nations Enter the Digital Money Arena | News

We unpack October’s biggest crypto and blockchain news – market shocks, institutional adoption, and how China’s digital currency ambitions add a new geopolitical twist In this new BFRR news episode of Bitcoin, Fiat & Rock'n'Roll, Michael and Jonas break down what happened in October across crypto markets, institutional blockchain, and stablecoins — and why it matters for the future of digital finance. They start with the macro shock of the month: tariff threats between the U.S. and China triggered one of the largest crypto liquidations ever — roughly $20 billion in leveraged positions wiped out — and sent total crypto market cap swinging between $4.3T and $3.5T before settling near $3.75T. The hosts debate whether this proves that crypto is now a mature macro asset class that trades like equities… or just more proof that Bitcoin currently behaves more like tech stocks than “digital gold.” From there, they zoom in on Bitcoin and Ethereum. Bitcoin held around $112K after spiking to $125K, but the headline story is political: Luxembourg became the first EU member state to allocate part of its sovereign wealth fund (1%) to Bitcoin ETFs — a symbolic but important milestone for nation-state level adoption. On Ethereum, they unpack the upcoming “Fusuka” upgrade aimed at making the network faster and cheaper through more efficient data handling and rollup support. The core of the episode focuses on institutional blockchain infrastructure. Three developments stand out: the launch of “Regulated Layer 1,” a new European cooperative blockchain governed by major banks; Swift’s move to build a shared ledger with 30+ global banks for real-time cross-border settlement; and Deutsche Börse Group’s work with Chainlink to bring regulated market data on-chain. Michael and Jonas argue this is the shift from pilots to production — traditional finance is no longer experimenting with blockchain, it’s building and owning it. Finally, they dive into stablecoins: Deutsche Börse partnering with Circle, Société Générale pushing bank-issued stablecoins directly into DeFi, major global banks exploring a joint stablecoin initiative, and China’s strategic push into yuan- and even euro-linked stablecoins. The lines between TradFi, DeFi, and geopolitics are blurring — fast. BFRR episode with Ivica Aračić on DLT architecture [https://bfrr.info/architecting-dlt-financial-infrastructures-with-swiat-cto-ivica-aracic/] Knowledge Bite Michael: Opinion piece “From bank wars to blockchain” [https://www.ledgerinsights.com/from-bank-wars-to-blockchain/] Knowledge Bite Jonas: ECB digital euro cost note [https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep251010_a_view_on_recent_assessments_of_digital_euro_investment_costs_for_the_euro_area_banking_sector.en.pdf] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Architecting DLT Financial Infrastructures with SWIAT-CTO Ivica Aračić

SWIAT’s CTO explains the architecture needed to move digital asset infrastructure from innovation to production In this episode of BFRR – Bitcoin, Fiat & Rock ’n’ Roll, co-host Michael Blaschke sits down with Ivica Aračić, CTO of Swiat and former IT architect at DekaBank, to map the real architecture of DLT-based financial market infrastructures—beyond pilots and press releases. With two decades in software engineering and hands-on work in TradFi since 2016, Ivica explains how the industry is shifting from “zero-to-one” experiments to “one-to-many” scale. We introduce and use the ASAP model (Access, Service, Asset, Platform) as a simple, powerful lens: * Platform: permissioned Ethereum and other ledgers now run reliably, but governance and neutral coordination matter. * Asset: tokenization is real (bonds, fund shares, money-like instruments), yet standards beyond ERC-20 remain fragmented. * Service: the hard part—DvP/DvD, cross-ledger settlement, secondary markets, and payment legs (central bank money, tokenized deposits, stablecoins). Progress is tangible (e.g., Eurosystem trials, Pontus Track), but consolidation is key. * Access: institutions want convenient, custody-driven access; UX should hide the blockchain while preserving its benefits. We discuss why convergence and consolidation are finally happening (industry coalitions, neutral shared utilities, and big-tent moves like ledger interoperability) and how Swiat’s Regulated Layer 1 aims to provide a credibly neutral meeting place for European finance—so competition can move to assets and services, not base infrastructure. Ivica shares a pragmatic roadmap: finish the payment leg across money types, enable liquid secondary markets under the Pilot Regime, and achieve eligibility so tokenized assets are first-class collateral. Long view? Success is when no one talks about wallets or chains—just better, safer markets. ASAP: A Conceptual Model for Digital Asset Platforms [https://www.imf.org/en/Publications/WP/Issues/2024/02/02/ASAP-A-Conceptual-Model-for-Digital-Asset-Platforms-544387] SWIAT Research [https://www.swiat.io/solutions/research/] Ivica Aračić’s Newsletter [https://www.linkedin.com/newsletters/7160391757283684352/] Ivica Aračić at LinkedIn [https://www.linkedin.com/in/ivicaa/] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

National digital currencies in practice

What we can learn from global national digital currency initiatives from a leading practitioner In this compelling episode of Bitcoin, Fiat & Rock’n’Roll (BFRR), co-host Jonas welcomes Tristan Thoma, a digital currency expert who helped lead El Salvador’s historic move to adopt Bitcoin as legal tender. With a decade of hands-on experience across national digital currency projects and a lifestyle that embodies the borderless ethos of the crypto world, Tristan joins to discuss how digital money is reshaping economies — and why its real impact goes far beyond price charts. The conversation dives deep into the human and geopolitical dimensions of digital currencies. Tristan reflects on his work in El Salvador, explaining how the initiative wasn’t about “Bitcoin to the moon,” but about financial inclusion — bringing millions of unbanked citizens into the formal economy. He recounts how access to digital wallets doubled financial participation within months, boosting GDP and enabling a more transparent, data-driven view of the country’s economic health. From there, the discussion moves to Bolivia, where Tristan is now advising on new digital finance strategies amid a monetary crisis. He describes how blockchain and stablecoins could become lifelines in regions where access to money is as vital as oxygen — enabling people to safeguard savings, transact globally, and reclaim economic sovereignty. Beyond the technology, the episode explores freedom, education, and resilience: the right to self-custody, the balance between regulation and privacy, and the need to empower people with knowledge about how money truly works. Tristan’s insights bridge continents — connecting the lessons of the Global South with the policy debates unfolding in Europe and the U.S. Ultimately, this episode is about redesigning money for people. Whether you’re a policymaker, a crypto enthusiast, or simply curious about the future of finance, Tristan’s story is a masterclass in how digital currencies can empower nations — and individuals — to breathe new life into the global economy. LinkedIn Tristan Thoma [https://www.linkedin.com/in/tristanthoma/] Website Tristan Thoma / Impera Strategy [https://imperastrategy.com/] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

A journey through the era of digital money with Rod Garratt

From retail to wholesale CBDCs, tokenized deposits and Stablecoins In this episode, Manuel and Rod Garratt discuss the evolution of digital money, focusing on central bank digital currencies (CBDCs), stablecoins, and tokenized deposits. Rod shares his journey into the world of digital currencies, starting from his time at the New York Fed and his involvement in Project Jasper. The conversation delves into the distinctions between wholesale and retail CBDCs, the implications of privacy, and the political landscape surrounding these innovations. They also explore the future of tokenized deposits and deposit tokens, the role of stablecoins, and the potential for collaboration between different forms of payment systems – bearer-like money forms and account-based forms of money. LinkedIn Rod Garratt [https://www.linkedin.com/in/rod-garratt-a397299/] Website Rod Garratt [https://rodgarratt.com/] Website BIS Publications of Rod Garratt [https://www.bis.org/author/rodney_garratt.htm] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!