Two Worlds, One Ledger: How States Are Building Crypto Rails to Bypass Dollar Settlement
Two Worlds, One Ledger: How States Are Building Crypto Rails to Bypass Dollar Settlement A new survey documents the seven live programs reshaping cross-border finance, from Russia's July 2026 law to a Chinese-led CBDC platform settling $55 billion in digital yuan The Finding Two parallel financial architectures are being built simultaneously, and they are not talking to each other. On one side: a cluster of sanctioned or sanction-adjacent states, using stablecoins, tokenized rubles, and state-directed digital currencies to route commodity payments, oil receipts, and trade invoices outside correspondent banking. On the other: a G7-aligned coalition building tokenized wholesale settlement into…
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