A rabbit hole on bank grade stablecoins

This week I have talked to a few people about aspects of Clearing and Settlement, it led me down a rabbit hole on why there are no “bank grade” stablecoins. What it even means to have a stablecoin that has a use beyond payments. Why banks are not using this technology everywhere.

Then the Fed published a paper and it thought I should dive in see if it lined up to my views. It didn’t cover most of the issues. So here they are, hopefully in a consumable manner.

This first appeared on LinkedIn on 10 February 2026. If you want to comment or discuss, that’s the place.