BIS said the next-generation monetary and financial system should incorporate tokenization technology into a two-tier financial system underpinned by central and commercial banks, while addressing weaknesses in existing stablecoin architectures. BIS noted that current stablecoin designs have shortcomings in the singleness of money, redeemability, and interoperability across ledgers, while widespread adoption could also affect bank funding, credit supply, and financial stability. The report proposed using a unified ledger to integrate different forms of tokenized money, and presented Project Agorá as a cross-border wholesale payments prototype involving eight central banks and more than 40 regulated institutions.
推荐理由：BIS places stablecoin redeemability, financial stability risks, and the unified ledger solution within the same policy framework, and uses Project Agorá to illustrate the application potential of cross-border wholesale payments.
Mastercard will gradually replace Trace ID with the unique Transaction Link Identifier (TLID). Merchants must transmit TLID in economic transactions from October 2026 and retain this 36-character field for every transaction. Mastercard will generate the relevant TLIDs in June 2026 and begin assessing non-compliance fees from January 2027; Checkout.com recommends that merchants retain and transmit both Trace ID and TLID during the transition period.
推荐理由：The article outlines Mastercard’s timeline and integration requirements for replacing Trace ID with TLID, helping merchants plan changes to storage, transmission, and transaction lifecycle tracking.
Checkout.com said it processed more than $300 billion in total payments in 2025, up 64% year on year, while net revenue grew by more than 30% for the second consecutive year and the company returned to full-year EBITDA profitability. Transaction processing availability reached 99.999% for the year, with 95% of nearly 10 billion transactions completed within 1 second. In December, Checkout.com processed its first transaction on Microsoft Azure, shifting toward a multi-region, multi-cloud model.
推荐理由：The annual letter provides updates on payment processing volume, the return to profitability, and progress on multi-cloud infrastructure, helping assess Checkout.com's operating quality and expansion path in the enterprise merchant market.
Checkout.com achieved 40% overall net revenue growth in 2024, while its Commerce and Fintech business grew 45%, and ended the year profitably; the company expects to be profitable for the full year in 2025.
推荐理由：This annual letter puts Checkout.com's growth, profitability, global acquiring expansion, and product metrics in the same framework, making it easier to observe the company's business progress from payment performance to treasury management.
Checkout.com has launched Issuing, offering card issuance, processing, and management capabilities for virtual and physical cards, allowing businesses to manage card programs through a single API. The product can use acquiring balances to fund cards in real time, and configure MCCs, spending limits, and authorization decisions; Checkout.com says businesses can also share in the interchange fee revenue from each card transaction.
推荐理由：Checkout.com brings card issuance, card processing, card program management, and acquiring balances together through a single API, while the materials also show specific paths for managing funds, authorization, and interchange fees.