Stablecoins in Europe: Consortia Bulls vs. Central Bank Bears | Monthly Briefing

Stablecoins in Europe: Consortia Bulls vs. Central Bank Bears | Monthly Briefing

Europe’s stablecoin race, Lagarde’s doubts, and Washington’s Clarity Act push. Stablecoins are no longer a niche topic in digital finance. They are rapidly becoming a strategic question for banks, regulators and technology providers on both sides of the Atlantic. In this BFRR news episode, the hosts are joined once again by Maximilian Vargas from Blockstories to examine the most important developments of May. The discussion begins in Europe, where the Qivalis banking consortium has expanded significantly. With 37 participating banks from 15 countries, the initiative combines institutional credibility, distribution power and substantial funding. But can a large banking consortium turn these advantages into a widely used euro stablecoin, or will governance, licensing and go-to-market challenges slow it down? The episode also explores AllUnity’s multi-currency strategy and its move into agentic payments. As AI agents begin to transact autonomously, programmable and regulated stablecoins could become an important bridge between machine-to-machine commerce and the traditional financial system. Across the Atlantic, Circle is pursuing a different path. Its Arc blockchain signals a push toward vertical integration: instead of relying solely on third-party rails, the stablecoin issuer wants to build infrastructure for a tokenized financial economy. The hosts discuss what this means for Circle, Coinbase and the wider race to own the payment layer of the internet. The debate then turns to regulation. Christine Lagarde’s critical remarks highlight concerns around financial stability and monetary policy transmission, while the European Commission’s MiCA consultation opens the door to potential improvements. In the United States, the Clarity Act is gaining momentum but remains far from a done deal. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Knowledge Bite Michael: IMF paper “Making Stablecoins Stable” [https://www.imf.org/en/publications/wp/issues/2026/04/10/making-stablecoins-stable-575348?utm_source=newsletter&utm_medium=email&utm_term=2026-04-29&utm_campaign=Digital+Euro+Association+News] Knowledge Bite Jonas: ECB LinkedIn Post [https://www.linkedin.com/posts/grossjonas_ecb-digitaleuro-share-7463114751989080065-iXIJ?utm_source=share&utm_medium=member_desktop&rcm=ACoAACrbu_EBW7M4BlvfP26crTAy7pLCSNYfCMg] Knowledge Bite Max: Institutional Crypto Lending Report [https://docsend.com/view/mfdsmswg6d54cgbb] Knowledge Bite Max: Spanish Digital Assets Ecosystem Report [https://docsend.com/view/9cwh7dckekn8tz63] ---------------------------------------- Point Zero Forum: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177]. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. 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!

The Convergence of Capital Markets and Blockchain

How Clearstream Sees the Future of Financial Infrastructure In this episode of Bitcoin, Fiat & Rock’n’Roll, Stefan Grasmann speaks with Thilo Derenbach, Head of Sales & Business Development Digital Securities Services at Clearstream, about how financial market infrastructure is evolving through digitisation, tokenisation, and blockchain technology. The conversation offers a rare inside perspective from one of Europe’s most important post-trade infrastructure providers and explores how traditional financial institutions are preparing for a hybrid future between legacy and on-chain markets. Thilo explains the role of Deutsche Börse Group, Clearstream, D7, Crypto Finance, 360X and related initiatives, outlining how the group is building digital-first but hybrid infrastructure for both traditional and blockchain-native market participants. The discussion covers the growing convergence between TradFi and Web3, including Deutsche Börse’s investment into Kraken, partnerships with Ondo and stablecoin issuers, and the broader strategic shift towards interoperable digital capital markets. Stefan and Thilo also discuss recent industry developments such as DTCC’s tokenisation initiative and Bullish acquiring Equiniti for USD 4.2 billion. A major focus of the episode is collateral mobility and the future reuse of assets across digital markets. Thilo explains why institutional clients increasingly demand more efficient collateral usage, why tokenised securities alone are not enough, and how blockchain technology could fundamentally improve the movement and mobilisation of assets across trading, settlement and custody environments. The episode concludes with a forward-looking discussion on hybrid infrastructure, 24/7 markets, AI-driven financial systems and why the next years may represent a decisive phase in the digitisation of global financial markets. Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Co-host LinkedIn profile [https://www.linkedin.com/in/sgrasmann/] Guest LinkedIn profile [https://www.linkedin.com/in/thilo-derenbach-2102031/] ---------------------------------------- Point Zero Forum*: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177]. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. 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!

From Libra to Legitimacy: Circle's Stablecoin R(e)volution

The journey from Libra via MiCA to AI agents and open financial infrastructure In this episode of BFRR, Jonas and guest host Jonathan Koll welcome back one of the most influential voices in digital money: Dante Disparte, Head of Strategy and Global Policy at Circle. Four years after his last appearance on the show, Dante returns for a wide-ranging conversation on how stablecoins moved from regulatory controversy to the core of the global financial system. The discussion begins with Dante’s personal path into crypto: from cyber risk and financial resilience to the early blockchain debates, the Libra project, and the hard lessons learned when big ideas collide with politics, regulation and public trust. Looking back, Dante argues that Libra may have been controversial, but it also accelerated the global conversation around digital money and helped pave the way for today’s regulatory clarity. From there, the conversation turns to Circle’s evolution. Once mainly known as the issuer of USDC, Circle is now positioning itself as a full-stack financial infrastructure company. Dante explains the role of USDC as a regulated digital dollar, EURC as the leading euro-denominated stablecoin, USYC as a tokenized money market fund, and Circle’s broader technology stack, including the Circle Payments Network and the upcoming ARK blockchain. The episode also explores the changing stablecoin use cases: from crypto trading and decentralized finance to cross-border payments, capital markets collateral, store-of-value demand in unstable economies and even agentic commerce, where AI systems may increasingly transact with each other using programmable money. Regulation is another major theme. Dante compares Europe’s MiCA framework with the U.S. GENIUS Act, discusses the search for international harmonization, and reflects on the United Kingdom’s opportunity to define its own digital asset regime. The conversation also touches on digital identity, financial inclusion, and why open standards may be essential to bring billions of people into the formal economy. A sharp, thoughtful and occasionally funny episode about stablecoins, regulation, institutional adoption and the future of money — with one of the few people who has been at the center of the debate from Libra to Circle. Dante Disparte LinkedIn [https://www.linkedin.com/in/dantedisparte/] Dante Disparte X [https://twitter.com/ddisparte] Circle Website [www.circle.com] Article Korea Herald [https://www.koreaherald.com/article/10654592] Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Point Zero Forum: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177]. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. 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!

How Europe Is Rewriting Financial Rules for DLT: MISP overview

Will DLT finally be part of EU Financial Regulation? In this episode of BFRR – Bitcoin, Fiat & Rock’n’Roll, host Manuel welcomes back Dr. Anika Patz, partner at YPOG and one of Germany’s leading legal experts on digital assets, digital money and financial market regulation. Together they unpack a regulatory development for Europe’s capital markets: the Market Integration and Supervision Package, or MISP. Anika explains how MISP is designed to simplify and harmonize European capital market rules, reduce fragmentation across EU member states and give ESMA a much stronger supervisory role. The conversation then zooms in on the DLT Pilot Regime, Europe’s framework for blockchain-based trading and settlement infrastructures. While the regime was meant to enable real-life experimentation with tokenized securities, DLT settlement systems and combined trading-and-settlement models, uptake has remained limited due to product restrictions, volume caps, time limits and a heavy licensing burden. The episode explores how MISP could change that. Proposed reforms would raise volume thresholds, remove product limitations and make DLT-based infrastructure a more permanent, scalable option for the market. Anika also discusses how the Central Securities Depositories Regulation may recognize DLT systems and stablecoin-based settlement, why e-money tokens and tokenized money market funds could become relevant for collateral, and where EMIR, MiFIR and MiCA may need alignment. Beyond the legal details, Manuel and Anika reflect on the implications for Europe. Can the EU move quickly enough to remain competitive with the US and Asian markets? Should parts of the DLT Pilot Regime be carved out and accelerated? And will European supervision help create an integrated capital market, or add complexity for firms navigating crypto and securities regulation? Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Point Zero Forum: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177]. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. 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!

Satoshi Unmasked, Bhutan's Bitcoin Exit & Europe's Stablecoin Push | Monthly Briefing

Does new evidence identify Satoshi Nakamoto? In this April news episode of Bitcoin, Fiat & Rock’n’Roll, Michael Blaschke is joined by Jonas and Dr. Lidia Kurt, CEO of Seturion and BX Digital, to discuss the key developments shaping institutional blockchain, digital money and tokenized capital markets. The episode begins with a market overview after a stronger month for crypto. Bitcoin, Ethereum and crypto ETFs regained momentum, while ETF assets under management rose sharply — a signal that institutional allocators are once again moving into the asset class. The discussion also looks at Bhutan’s Bitcoin strategy and why its reported reduction in holdings may be less a loss of conviction than disciplined sovereign treasury management. A major part of the episode is dedicated to the renewed debate around Satoshi Nakamoto. From Nick Szabo, Hal Finney and Dorian Nakamoto to Len Sassaman, Craig Wright and Adam Back, the hosts explore the latest theories, including John Carreyrou’s New York Times investigation. Yet the conclusion is clear: Bitcoin’s lack of a known founder may be one of its most powerful design features, especially for institutions assessing founder risk. The stablecoin section turns to some of the most important stories of the month. Crédit Agricole is reportedly preparing a euro stablecoin, following earlier moves by Société Générale via SG-FORGE, Banking Circle and ODDO BHF. The hosts discuss why internal treasury may be the ideal first use case, how MiCA shapes the distinction between stablecoins and tokenized deposits, and why Europe needs stronger use cases and liquidity. The episode also covers the Swiss franc stablecoin sandbox involving UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV and Swiss Stablecoin AG, Tether’s move toward a full Big Four audit, and the US debate around the GENIUS Act, the CLARITY Act and stablecoin yield. Finally, the conversation moves to institutional tokenization and TradFi market infrastructure: Deutsche Börse Group’s strategic stake in Payward, the parent company of Kraken, the Ondo, Clearstream and 360X partnership, and KfW’s next DLT-based bond using Cashlink, DekaBank, Regulated Layer One and Pontes. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Knowledge Bite Michaell [https://www.nytimes.com/2026/04/08/business/bitcoin-satoshi-nakamoto-identity-adam-back.html] Knowledge Bite Jonas [https://www.ecb.europa.eu/paym/html/payments_strategy.en.html] Knowledge Bite Lidia Raoul Pal [https://open.spotify.com/episode/3feBPKhQu2168islVmXHFF] Knowledge Bite Lidia Vitalik Buterin [https://vitalik.eth.limo/general/2026/04/02/secure_llms.html] ---------------------------------------- Point Zero Forum*: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177]. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. 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!