We present an automated market-making (AMM) cross-settlement mechanism for digital assets on interoperable blockchains, focusing central bank currencies (CBDCs) and stable coins. develop innovative approach generating fair exchange rates on-chain consistent with traditional off-chain markets. illustrate the efficacy of our realized FX G-10 currencies.

Cryptocurrencies and decentralized finance have grown considerably since the publication of white paper on bitcoin in 2009. This article presents an overview cryptocurrencies, blockchain technology, their applications, explaining spirit enterprise how it compares with traditional operations.

1* Atomicity is a necessary element for reliable transactions (Financial Service Technology Consortium, 1995; Camp, Sirbu and Tygar, 1995; Tygar, 1996). Anonymity is also an issue of great importance not only to designers of commerce systems, (Chaum, 1982; Chaum, 1989; Chaum, Fiat & Naor, 1988; Medvinski, 1993), but also to those concerned with the societal effects of information technologies (...

Payment channels emerged recently as an efficient method for performing cheap micropayment transactions in cryptographic currencies. In contrast to the traditional on-chain transactions, payment channels have the advantage that they allow nearly unlimited number of transactions between parties without involving the blockchain. In this work, we introduce Perun, a new system for payment and state...

THE GEOGRAPHY of money is changing. Once upon a time it was not inaccurate to think of monetary spaces in simple territorial terms. Many currencies existed, but for the most part each circulated separately within the political frontiers of a single nation-state. Each government was in charge of its own sanctioned money. Today, however, the world’s monetary landscape is being rapidly transformed...

A country’s rise to economic dominance tends to be accompanied by its currency becoming a reference point, with other currencies tracking it implicitly or explicitly. For a sample comprising emerging market economies, we show that in the last two years, the renminbi (RMB) has increasingly become a reference currency which we define as one which exhibits a high degree of co-movement (CMC) with o...

Emerging technologies, particularly the synthesis of cryptographic software and tamperresistant smart card hardware into the electronic purse, will make the cost of entry into the currency issuing 'market' quite small. Many organisations may then wish to enter this market, for example as a means of supplying credit (as envisaged by Frederick Hayek), of raising finance, or of encouraging custome...

It appears likely that the number of currencies in the world, having proliferated along with the number of countries over the past 50 years, will decline sharply over the next two decades. The question I plan to pose here is: where, from an economic point of view, should we aim for this process to stop? Should there be a single world currency, as Richard Cooper (1984) boldly envisioned? Should ...

It has been proposed that some wind-pollinated plants have the necessary conditions for an optimal sex allocation that is male biased, though there are few data that address this prediction. We determined that two prairie grass species (Andropogon gerardii and Sorghastrum nutans) had reproductive characteristics that theoretically would result in a male-biased allocation: both species were self...

This paper investigates the emerging influence of the Chinese renminbi on the exchange rate movements of East Asian currencies. China stopped pegging her currency to the US dollar and moved into a managed floating exchange rate system on July 21, 2005. The change in China’s exchange rate regime opens a window of opportunity to investigate the influence of renminbi on the exchange rate movements...