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  <title>Anchoring trust in a digital era – tokenisation, stablecoins and the two‑tier system</title>
  <description>Frank Smets and Gaston Gelos discuss how digital innovation can be harnessed to modernise the financial system, as long as trust in money is preserved. Read more:&amp;amp;nbsp;https://bis.org/publ/arpdf/ar2026e3.htm </description>
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