The 2027 agenda
Eight bounded questions open the 2027 distributed ledger agenda. Each comes from a baseline finding, names the initiative that will carry it and the first output due in the 2027 distributed ledger edition.
Contents
- ·Edition home
- ·Executive summary
- 1Ledgers are settlement infrastructure and a regulatory subject
- 2Key findings
- 3Systems and sectors at baseline
- 4Risks and capability
- 5Large stablecoin base against uneven rules and theft controls
- 6Readings from the other desks
- 7The 2027 agenda
- 8Systems in depth
- AMethodology
- BData appendix
- CReferences and record
- ·Complete edition, for print
7.1Questions for the operational series
- L-01
How large and how liquid are stablecoin reserves, and how would a run on the largest issuers pass into short-term funding markets?
INI-XT11-STB-01 · reserves and redemption; first output: reserve and redemption register.
- L-02
What do proof-of-work and proof-of-stake networks use in electricity, and where is mining sited?
INI-XT11-ENE-02 · energy footprint; first output: footprint estimates by network.
- L-03
How much value is held in keys that expose a public key, and how fast can signatures migrate?
INI-XT11-SIG-03 · signature exposure and migration; first output: exposure and migration table.
- L-04
Which losses come from theft, which from fraud, and how are they measured on a common basis?
INI-XT11-SEC-04 · theft and illicit use; first output: loss table on a common basis.
- L-05
How far do national stablecoin and crypto-asset rules agree on reserves, custody and disclosure?
INI-XT11-REG-05 · rule comparison; first output: rule comparison table.
- L-06
Which central bank projects have reached issuance, and which remain pilots?
To be admitted in 2027; first output: project status overlay.
- L-07
What workforce exists for protocol engineering, custody and supervision?
To be admitted in 2027; first output: scoping note.
- L-08
Which readiness capabilities have been tested in real incidents, and which are only planned?
Readiness capability register; first output: rung evidence for 15 functions.
7.2Portfolio proposed for the Q1 2027 alignment
Five initiatives and one Universe mission candidate are proposed for the 2027 ledger portfolio. They are programme objects: no partner, funder or member is attached to them in this edition.
| ID | Object | Kind | Question | State |
|---|---|---|---|---|
| INI-XT11-STB-01 | Reserves and redemption | Initiative | L-01 | PROPOSED |
| INI-XT11-ENE-02 | Energy footprint | Initiative | L-02 | PROPOSED |
| INI-XT11-SIG-03 | Signature exposure and migration | Initiative | L-03 | PROPOSED |
| INI-XT11-SEC-04 | Theft and illicit use | Initiative | L-04 | PROPOSED |
| INI-XT11-REG-05 | Rule comparison | Initiative | L-05 | PROPOSED |
| MSN-XT11-2027-01 | Stablecoin stress Universe mission | Mission | L-01 | Candidate |
7.3The pathway
The ledger edition reads national readiness chapters, the coupled sector reports on finance, cyber and energy, and the global edition through one governed evidence graph. At baseline the federation is designed; the global energy and lifeline editions are drafted. This page states what exists today and what comes next.
- 01
National readiness chapters
payments, stablecoin and digital-currency readiness in each national edition
IN PREPARATION · national baselines
- 02
Sector couplings
GS-05 finance · GS-13 cyber and digital · XT-10 cryptography
GS-02 DRAFTED · sector baselines
- 03
Technology system model
protocols, energy, hardware, payments, security, governance
v0 SPECIFIED · v1 with federation evidence
- 04
Strategic links
SR-05 sovereign and financial resilience · SR-10 digital public infrastructure
PLANNED · strategic baselines
- 05
Universe
annual proving environment
CANDIDATE MISSION · mandate in 2027
- 06
XT-11 report
this series
BASELINE DRAFT · 2027 annual edition
- 07
Evidence and correction
one graph, many projections
OPEN · first correction cycle in 2027
7.4Universe 2027: evidence pack for the distributed ledger candidate mission
- 01
Mandate
- 02
Core Build · 1 month
- 03
Action · 1 week
- 04
Evidence seal
- 05
Portfolio correction
- 06
Next mandate
| Item | Record | State | Timing |
|---|---|---|---|
| F1 | Annual mandate record | PLANNED | after the Q2 2027 alignment |
| F2 | Core Build record | PLANNED | one month before the exercise |
| F3 | Exercise evidence | PLANNED | during the Action week |
| F4 | Decision packets | PLANNED | exercise state only |
| F5 | Proof receipts | PLANNED | scoped to each recorded check |
| F6 | After-action report | PLANNED | within one quarter |
| F7 | Upgrade docket | PLANNED | routed to the Portfolio |
| F8 | Portfolio renewal | PLANNED | 2027 global annual edition |
| F9 | Public synthesis | PLANNED | public-safe extracts only |
Mission
- ID
- MSN-XT11-2027-01 · Stablecoin stress Universe mission
- Role spine
- Leadership sponsor · Institutional anchor · Mission lead: drawn from national pathways
- Receiving actors
- to be identified with the mandate
7.5Handoffs and routing
Where the baseline’s findings go next. A handoff routes a finding for awareness, review or work; it transfers no authority.
| Finding | Routed to | Purpose | Class |
|---|---|---|---|
| INF-001 · energy estimate | INI-XT11-ENE-02 | energy footprint | PUBLIC |
| CRY-003 · draft proposals | INI-XT11-SIG-03 | signature exposure and migration | PUBLIC |
| CRY-004 · exposure estimates | INI-XT11-SIG-03 | signature exposure and migration | PUBLIC |
| GOV-005 · GENIUS Act | INI-XT11-REG-05 | rule comparison | PUBLIC |
| GOV-006 · MiCA | regional consortia | rule comparison | PUBLIC |
| FIN-008 · stablecoins | INI-XT11-STB-01 · key F review | reserves and redemption | PUBLIC |
| DAT-010 · theft | INI-XT11-SEC-04 | theft and illicit use | PUBLIC |
| SYS-012 · compound pathway | MSN-XT11-2027-01 | Universe candidate | CONSORTIUM |
| Class | Where it goes | Who can see it |
|---|---|---|
| PUBLIC | the published edition and its evidence bundle | anyone |
| CONSORTIUM | governed rooms of the federation | consortium members under agreement |
| CONTROLLED | need-to-know channels | named competent actors only |
7.6Feeds and signal register
| Feed | Producer | Latency | Feeds into |
|---|---|---|---|
| Project upgrade pages and specification repositories | protocol projects | per release | INF-001 |
| BIS and FSB publications | BIS and FSB | per release | FIN-008 |
| Federal Register and Congress pages | US government | per release | GOV-005 |
| ESMA and EBA pages on MiCA | European authorities | per release | GOV-006 |
| Central bank project pages | central banks | per event | FIN-009 |
| Law-enforcement notices | FBI and Treasury | per event | DAT-010 |
| Security vendor crime reports | security vendors | annual | DAT-011 |
Escalation routes
- none · keep monitoring
- research question
- project
- risk object
- annual publication
- signal report
| ID | Signal | Corroboration | Systems | Route |
|---|---|---|---|---|
| SIG-XT11-001 | Stablecoin market capitalisation reached USD 317 billion17 | CORROBORATED | FIN | research question L-01 |
| SIG-XT11-002 | Bybit theft of about USD 1.5 billion in February 20251920 | CORROBORATED | DAT | research question L-04 |
| SIG-XT11-003 | Bitcoin quantum proposals remain drafts2324 | PARTIAL | CRY · DAT | initiative L-03 |
Notes
Numbers are the edition’s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. Annex C, references
- 17Board of Governors of the Federal Reserve System (ed.), Stablecoins in 2025: Developments and Financial Stability Implications, FEDS Notes, 8 April 2026 (market capitalisation USD 317 billion on 6 April 2026; more than 50% above early 2025). Federal Reserve Board, Washington. Observation year 2026. Accessed 2026-11-03.back
- 19Federal Bureau of Investigation (ed.), Public service announcement on the Bybit theft (about USD 1.5 billion in virtual assets stolen on or about 21 February 2025; attributed to North Korea). FBI Internet Crime Complaint Center, Washington. Observation year 2025. Accessed 2026-11-03.back
- 20Chainalysis (ed.), 2026 Crypto Crime Report introduction (illicit addresses received at least USD 154 billion in 2025, up 162%; sanctioned-entity value up 694%; North Korea-linked thefts USD 2 billion; Bybit nearly USD 1.5 billion; illicit share below 1%; stablecoins 84% of illicit volume). A security-vendor report and a lower-bound estimate, weak evidence. Chainalysis, New York. Observation year 2025. Accessed 2026-11-03.back
- 23Beast, H., Heilman, E. and Duke, I.F., BIP 360: Pay-to-Merkle-Root (P2MR), Bitcoin improvement proposal, status Draft, version 0.12.1 (resists long exposure attacks only). Bitcoin improvement proposals repository. Observation year 2026. Accessed 2026-11-03.back
- 24Lopp, J. et al., BIP 361: Post Quantum Migration and Legacy Signature Sunset, Bitcoin improvement proposal, status Draft, assigned 11 February 2026 (states that over 34% of all bitcoin had revealed a public key on-chain on 1 March 2026). Bitcoin improvement proposals repository. Observation year 2026. Accessed 2026-11-03.back
