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Research
Aug 12, 2026

Open USD, Kinexys and the Future of Programmable Finance

Ridipt Singh

In this paper, we discuss:

  • How Open USD and JPMorgan Kinexys represent two competing models of programmable money: stablecoins and tokenised deposits;
  • Why the competition is shifting from blockchain adoption toward control over the architecture and governance of digital money;
  • How stablecoins favour interoperability and cross-border use, while tokenised deposits prioritise regulated institutional settlement;
  • How stablecoins and tokenised deposits are likely to coexist and converge, with today’s standards shaping the future of programmable finance.

Download the PDF: Programmable Finance – August 2026

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