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\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\"><style>#nxe-nr-gcri-editions-xt-11-full.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 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svg{display:none}#nxe-nr-gcri-editions-xt-11-full.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-nr-gcri-editions-xt-11-full.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nr-gcri-editions-xt-11-full.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><div class=\"nrp\"><div class=\"nrp-wrap\"><p class=\"nrj-draft\" data-nrj-shared=\"draft\" role=\"note\"><strong>Draft, not yet released.<\/strong> In stewardship review. Not indexed until the first approved release.<\/p><article class=\"nrp-flow\"><header class=\"nrp-hero\"><div class=\"nrp-hero-grid\"><div><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\">Reports<\/li><li class=\"nf-ui-eyebrow\">Baseline Edition 2026<\/li><li class=\"nf-ui-eyebrow\">Complete edition<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h1 class=\"pp-hero-title nrp-hero-title-l\">Exponential Technology Report 2026: Blockchain and Distributed Ledgers<\/h1><p class=\"nrp-lede\"><\/p><div class=\"nrp-actions\"><button class=\"nf-ui-btn\" data-variant=\"primary\" type=\"button\" data-nrp-act=\"print\" hidden><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M6 18H4a2 2 0 0 1-2-2v-5a2 2 0 0 1 2-2h16a2 2 0 0 1 2 2v5a2 2 0 0 1-2 2h-2\"\/><path d=\"M6 9V3a1 1 0 0 1 1-1h10a1 1 0 0 1 1 1v6\"\/><rect x=\"6\" y=\"14\" width=\"12\" height=\"8\" rx=\"1\"\/><\/svg>Print or save as PDF<\/button><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19 12H5\"\/><path d=\"m12 19-7-7 7-7\"\/><\/svg>Edition home<\/a><\/div><p class=\"nrp-note nrp-noprint\">Choose A4 or Letter in the print dialog; running heads and page numbers are added in print. This is a review copy: the signed PDF with its DOI is issued at release.<\/p><\/div><div><div class=\"nrp-cover\"><div class=\"nrp-cover-top\"><span class=\"nf-ui-eyebrow\">Reports<\/span><span class=\"nf-ui-eyebrow\">XT-11<\/span><\/div><span class=\"nrp-cover-rule\" aria-hidden=\"true\"><\/span><p class=\"nrp-cover-k\">Exponential Technology<\/p><p class=\"nrp-cover-t\">Blockchain and Distributed Ledgers 2026<\/p><p class=\"nrp-cover-s\"><\/p><div class=\"nrp-cover-foot\"><span>Baseline Edition 2026<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><span><abbr title=\"The Global Centre for Risk and Innovation\">GCRI<\/abbr> for the Nexus Consortium<\/span><\/div><\/div><\/div><\/div><\/header><section class=\"nrp-block nrp-imprint\" aria-label=\"Imprint\"><p class=\"nf-ui-eyebrow\">Imprint<\/p><dl class=\"nrp-dl\"><dt>Editor<\/dt><dd>Saeed Valadbaygi, Chief Steward and Managing Editor, the Global Centre for Risk and Innovation (GCRI)<\/dd><dt>Publisher of record<\/dt><dd>The Global Centre for Risk and Innovation (GCRI) for the Nexus Consortium, Toronto<\/dd><dt>Report number<\/dt><dd class=\"nrp-mono\">NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/dd><dt>Evidence close<\/dt><dd>30 September 2026, cut DC-XTECH-DLT-GLOBAL-2026-B0<\/dd><dt>Status<\/dt><dd>Draft under stewardship review; not yet released<\/dd><dt>DOI and UNI<\/dt><dd>Issued at deposit<\/dd><dt>Licence<\/dt><dd>CC BY 4.0 for Nexus-authored text, tables and figures; third-party material keeps its own licence<\/dd><dt>Cite as<\/dt><dd>Valadbaygi, S. (Ed.). (2026). Exponential Technology Report 2026: Blockchain and Distributed Ledgers (Baseline Edition 2026, Report No. NR-XTECH-DLT-GLOBAL-2026-BASELINE) [Draft under review]. The Global Centre for Risk and Innovation (GCRI). https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/<\/dd><\/dl><\/section><section class=\"nrp-block\" aria-label=\"Contents\"><p class=\"nf-ui-eyebrow\">Contents<\/p><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">\u00b7<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-summary\">Executive summary<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">1<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-coupled-system\">Chapter 1. Ledgers are settlement infrastructure and a regulatory subject<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">2<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-findings\">Chapter 2. Key findings<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">3<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-systems-and-sectors\">Chapter 3. Systems and sectors at baseline<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">4<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-risk-and-capability\">Chapter 4. Risks and capability<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">5<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-scenario\">Chapter 5. Large stablecoin base against uneven rules and theft controls<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">6<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-lenses-and-readings\">Chapter 6. Readings from the other desks<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">7<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-agenda\">Chapter 7. The 2027 agenda<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">8<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-systems-in-depth\">Chapter 8. Systems in depth<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">A<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-methodology\">Annex A. Methodology<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">B<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-data\">Annex B. Data appendix<\/a><\/p><\/li><li><span class=\"nrp-rows-i\">C<\/span><p class=\"nrp-rows-t\"><a href=\"#nx-nrp-xt-11-part-references\">Annex C. References and record<\/a><\/p><\/li><\/ol><\/section><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-summary\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-cs-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Executive summary<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Executive summary<\/h2><p class=\"nrp-lede\">The edition on a few pages: the abstract, the key messages, the headline finding and what each steward reads in it.<\/p><p class=\"nrp-chap-meta\"><span>7 min read<\/span><span>1 figure<\/span><span>0 tables<\/span><span>18 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cs-s1\" aria-labelledby=\"nx-nrp-xt-11-cs-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cs-s1-h\"><span class=\"nrp-num\">S.1<\/span><span>Abstract<\/span><\/h2><div class=\"nrp-prose\"><p>Blockchain and distributed ledgers matter to the Nexus programme in two ways. They are a settlement infrastructure that now carries tokenised money, and they are a regulatory subject that governments have started to write into law. The technical base is old and stable. A 2008 paper set out peer-to-peer electronic cash secured by proof of work<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n1\" id=\"nx-nrp-xt-11-cs-r1\" aria-label=\"Note 1\">1<\/a><\/sup>, and NIST describes a blockchain as a tamper-resistant distributed ledger<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n2\" id=\"nx-nrp-xt-11-cs-r2\" aria-label=\"Note 2\">2<\/a><\/sup>. The largest smart-contract network moved to proof of stake on 15 September 2022, and the Ethereum Foundation cites an annual electricity use of 2,601 MWh<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n3\" id=\"nx-nrp-xt-11-cs-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n4\" id=\"nx-nrp-xt-11-cs-r4\" aria-label=\"Note 4\">4<\/a><\/sup>. Money is the fastest-moving part. The Federal Reserve gives a stablecoin market capitalisation of USD 317 billion on 6 April 2026, more than 50% above early 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n17\" id=\"nx-nrp-xt-11-cs-r17\" aria-label=\"Note 17\">17<\/a><\/sup>, while the BIS finds that stablecoins fall short on its three tests for money<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n6\" id=\"nx-nrp-xt-11-cs-r6\" aria-label=\"Note 6\">6<\/a><\/sup>. The GENIUS Act became law on 18 July 2025 and requires reserves of at least 1 to 1<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n13\" id=\"nx-nrp-xt-11-cs-r13\" aria-label=\"Note 13\">13<\/a><\/sup>. MiCA has applied in full in the EU since 30 December 2024<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n14\" id=\"nx-nrp-xt-11-cs-r14\" aria-label=\"Note 14\">14<\/a><\/sup>. Central banks are active: 85 of 93 surveyed in 2024 were exploring a digital currency<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n7\" id=\"nx-nrp-xt-11-cs-r7\" aria-label=\"Note 7\">7<\/a><\/sup>. Security is the weak point. The FBI attributes a theft of about USD 1.5 billion from the Bybit exchange in February 2025 to North Korea<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n19\" id=\"nx-nrp-xt-11-cs-r19\" aria-label=\"Note 19\">19<\/a><\/sup>. Public-key signatures are exposed to a future quantum machine, and the two relevant Bitcoin proposals are still drafts<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n23\" id=\"nx-nrp-xt-11-cs-r23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n24\" id=\"nx-nrp-xt-11-cs-r24\" aria-label=\"Note 24\">24<\/a><\/sup>. This baseline sets out what the evidence supports and where it is thin. It forecasts no price and ranks no asset, country or firm.<\/p><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cs-s2\" aria-labelledby=\"nx-nrp-xt-11-cs-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cs-s2-h\"><span class=\"nrp-num\">S.2<\/span><span>Key messages<\/span><\/h2><p class=\"nrp-stand\">Six readings that frame the distributed ledger baseline, and the eight questions this edition answers, each with its status and source.<\/p><ol class=\"nrp-km\"><li><p class=\"nrp-km-t\">A tamper-resistant distributed ledger kept by a network instead of one party.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>What is a blockchain?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">No. One large network reports 2,601 MWh a year after proof of stake; proof-of-work use is not bound here.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n5\" id=\"nx-nrp-xt-11-cs-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Is the energy question settled?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">In the US, reserves of at least 1 to 1 and no issuer interest; in the EU, authorisation under MiCA.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n15\" id=\"nx-nrp-xt-11-cs-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>What do stablecoin laws require?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">USD 317 billion on 6 April 2026, per the Federal Reserve.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>How large are stablecoins?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">Most are exploring; three retail currencies are listed as launched.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n7\" aria-label=\"Note 7\">7<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n8\" id=\"nx-nrp-xt-11-cs-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>What are central banks doing?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">One theft of about USD 1.5 billion in 2025; vendor totals are higher and weaker.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n20\" id=\"nx-nrp-xt-11-cs-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>How big are thefts?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">Not yet. The FSB found significant gaps and inconsistencies.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n12\" id=\"nx-nrp-xt-11-cs-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><p class=\"nrp-km-m\"><span>Do rules agree?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/p><\/li><li><p class=\"nrp-km-t\">A large stablecoin base against uneven rules and theft controls. SCN-XT11-STB-01<\/p><p class=\"nrp-km-m\"><span>What will 2027 test first?<\/span><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cs-s3\" aria-labelledby=\"nx-nrp-xt-11-cs-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cs-s3-h\"><span class=\"nrp-num\">S.3<\/span><span>Headline finding<\/span><\/h2><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 5<\/span><span class=\"nrp-find-id\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-005<\/span><\/p><p class=\"nrp-km-t\">The GENIUS Act became law on 18 July 2025 and requires payment stablecoin issuers to hold identifiable reserves of at least 1 to 1.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-xt-11-cs-fig1\" aria-labelledby=\"nx-nrp-xt-11-cs-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure S.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-xt-11-cs-fig1-t\">Time limits in the GENIUS Act<\/span><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">Latest default effective date, months after enactment<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"15.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">18<\/td><\/tr><tr><th scope=\"row\">Earlier trigger, days after final regulations<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">120<\/td><\/tr><tr><th scope=\"row\">Days for a regulator to decide a complete application<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">120<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Source: Public Law 119-27, sections 5 and 20<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n13\" aria-label=\"Note 13\">13<\/a><\/sup>. Months and days are different units; each bar shows its own count.<\/p><\/figure><p class=\"nrp-p\">A federal regime for payment stablecoins now exists in statute. Reserves must be held at least 1 to 1 in listed assets, issuers may not pay interest or yield, and the Act takes effect on the earlier of 18 months after enactment or 120 days after final regulations. Implementing rules, not the statute, will set most operating detail<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n13\" aria-label=\"Note 13\">13<\/a><\/sup>.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cs-s4\" aria-labelledby=\"nx-nrp-xt-11-cs-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cs-s4-h\"><span class=\"nrp-num\">S.4<\/span><span>At a glance<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">317<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>stablecoin market capitalisation<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">85<\/span><span class=\"nrp-cell-u\">central banks<\/span><p>exploring, 2024 survey<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">18<\/span><span class=\"nrp-cell-u\">months<\/span><p>GENIUS Act default effective date after enactment<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">30 Dec 2024<\/span><span class=\"nrp-cell-u\">date<\/span><p>MiCA applies in full<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n14\" aria-label=\"Note 14\">14<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">1.5<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>Bybit theft<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">2027<\/span><span class=\"nrp-cell-u\">pilot<\/span><p>digital euro pilot, if EU law passes in 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cs-n48\" id=\"nx-nrp-xt-11-cs-r48\" aria-label=\"Note 48\">48<\/a><\/sup><\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cs-s5\" aria-labelledby=\"nx-nrp-xt-11-cs-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cs-s5-h\"><span class=\"nrp-num\">S.5<\/span><span>What each steward reads in it<\/span><\/h2><div class=\"nrp-cards\" data-n=\"3\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GCRI \u00b7 KEY T<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Technical Truth<\/h3><p>The evidence supports reading distributed ledgers as settlement infrastructure and as a regulatory subject.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\"><abbr title=\"The Global Risks Forum\">GRF<\/abbr> \u00b7 KEY M<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Public Meaning<\/h3><p>For most people the story arrives as a price headline, a theft or an ad for a token.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\"><abbr title=\"The Global Risks Alliance\">GRA<\/abbr> \u00b7 KEY F<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Capital Meaning<\/h3><p>Readiness implications only. Stablecoin supply is large, rules differ by region, and theft losses are lumpy.<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">NEXUS<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Synthesis<\/h3><p>Distributed-ledger technology is well described by statutes and single events and thinly measured as a system.<\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cs-s6\" aria-labelledby=\"nx-nrp-xt-11-cs-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cs-s6-h\"><span class=\"nrp-num\">S.6<\/span><span>What this edition is, and is not<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What this edition is<\/h3><p>A baseline: the 2026 state of blockchain and distributed ledgers as infrastructure and the couplings through which it carries risk into other <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>. It synthesises published evidence and ranks no country, company or asset.<\/p><\/div><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What it is not<\/h3><p>Not a forecast of any asset price, a technology ranking, an endorsement of any token, exchange or protocol, or an assessment of any programme. Licensing, taxation and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/sys\/\" data-txl=\"Systemic and compound events\">sanctions<\/a> are decisions of competent authorities.<\/p><\/div><div class=\"nrp-cell\"><h3 class=\"nf-ui-title\" data-level=\"card\">What comes next<\/h3><p>National, regional and sector evidence feeds the 2027 distributed ledger edition through the federation. Each edition reports what changed against this baseline: observations, source revisions, method changes, scenario updates and corrections.<\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cs-notes\" aria-labelledby=\"nx-nrp-xt-11-cs-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cs-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-cs-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Illes, A., Kosse, A. and Wierts, P., Embracing diversity, advancing together: results of the 2024 BIS survey on central bank digital currencies and crypto, BIS Papers 159 (published 22 August 2025; 93 central banks surveyed; 91% exploring). Bank for International Settlements, Basel. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Cambridge Centre for Alternative Finance (ed.), Cambridge Bitcoin Electricity Consumption Index, landing and methodology pages (hybrid top-down method; landing page values load by script and none was read). University of Cambridge, Cambridge. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n15\"><span class=\"nrp-notes-n\">15<\/span><span>EBA (ed.), Asset-referenced and e-money tokens (MiCA) page (requirements for issuers of ARTs and EMTs apply from 30 June 2024; EBA statement; joint reports). European Banking Authority, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n8\"><span class=\"nrp-notes-n\">8<\/span><span>Atlantic Council (ed.), Central Bank Digital Currency Tracker (page last updated May 2026: 146 countries and currency unions exploring; 3 launched; 41 pilot projects). Atlantic Council, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n12\"><span class=\"nrp-notes-n\">12<\/span><span>FSB (ed.), Thematic review on the FSB Global Regulatory Framework for Crypto-asset Activities (publication page; October 2025; information as of August 2025; significant gaps and inconsistencies; eight recommendations). Financial Stability Board, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cs-n48\"><span class=\"nrp-notes-n\">48<\/span><span>European Central Bank (ed.), Eurosystem moving to next phase of digital euro project (press release of 30 October 2025; a pilot exercise and initial transactions could take place as of mid-2027 if the Regulation is adopted in 2026; readiness for a potential first issuance during 2029; the decision to issue is taken only once the legislation is adopted). ECB, Frankfurt. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cs-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-coupled-system\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-c1-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 1<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Ledgers are settlement infrastructure and a regulatory subject<\/h2><p class=\"nrp-lede\">Part I describes systems and their couplings. It ranks no country or operator and assesses no authority.<\/p><p class=\"nrp-chap-meta\"><span>7 min read<\/span><span>2 figures<\/span><span>1 table<\/span><span>18 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c1-s1\" aria-labelledby=\"nx-nrp-xt-11-c1-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c1-s1-h\"><span class=\"nrp-num\">1.1<\/span><span>The questions this part answers<\/span><\/h2><h3 class=\"nrp-h3\">Key questions<\/h3><ul class=\"nrp-list\"><li>Where is distributed ledger risk concentrated?<\/li><li>Which couplings carry distributed ledger shocks into other <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>?<\/li><li>Which distributed ledger capabilities hold under compound stress?<\/li><li>What must 2027 evidence measure first?<\/li><\/ul><h3 class=\"nrp-h3\">In this part<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">Narrative<\/li><li class=\"nf-ui-chip\">Headline finding<\/li><li class=\"nf-ui-chip\">Lead figure<\/li><li class=\"nf-ui-chip\">Five footprint and governance chapters<\/li><li class=\"nf-ui-chip\">Twelve-domain reading<\/li><li class=\"nf-ui-chip\">Sector screens<\/li><li class=\"nf-ui-chip\">Dependency matrix<\/li><li class=\"nf-ui-chip\">Risk objects<\/li><li class=\"nf-ui-chip\">Capability ladder<\/li><li class=\"nf-ui-chip\">Scenario<\/li><li class=\"nf-ui-chip\">Three lenses<\/li><li class=\"nf-ui-chip\">Portfolio<\/li><\/ul><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c1-s2\" aria-labelledby=\"nx-nrp-xt-11-c1-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c1-s2-h\"><span class=\"nrp-num\">1.2<\/span><span>The argument<\/span><\/h2><div class=\"nrp-prose\"><p>Distributed ledgers are usually discussed as an asset class. The 2026 evidence reads them as two things at once: a settlement infrastructure that now carries tokenised money, and a regulatory subject that governments and standard setters are writing into law<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n17\" id=\"nx-nrp-xt-11-c1-r17\" aria-label=\"Note 17\">17<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n13\" id=\"nx-nrp-xt-11-c1-r13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n14\" id=\"nx-nrp-xt-11-c1-r14\" aria-label=\"Note 14\">14<\/a><\/sup>.<\/p><p>The technical base is long established. A 2008 paper specified the first network<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n1\" id=\"nx-nrp-xt-11-c1-r1\" aria-label=\"Note 1\">1<\/a><\/sup>, NIST describes the technology in neutral terms<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n2\" id=\"nx-nrp-xt-11-c1-r2\" aria-label=\"Note 2\">2<\/a><\/sup>, and the largest smart-contract network has upgraded its protocol several times since its move to proof of stake in 2022<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n4\" id=\"nx-nrp-xt-11-c1-r4\" aria-label=\"Note 4\">4<\/a><\/sup>. The energy question differs by design: the Ethereum Foundation cites 2,601 MWh a year<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n3\" id=\"nx-nrp-xt-11-c1-r3\" aria-label=\"Note 3\">3<\/a><\/sup>, and the current figure for proof-of-work networks is not bound here<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n5\" id=\"nx-nrp-xt-11-c1-r5\" aria-label=\"Note 5\">5<\/a><\/sup>.<\/p><p>Money is where the evidence is densest. Stablecoins reached USD 317 billion in April 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n17\" aria-label=\"Note 17\">17<\/a><\/sup>, the BIS holds that they fall short as money<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n6\" id=\"nx-nrp-xt-11-c1-r6\" aria-label=\"Note 6\">6<\/a><\/sup>, the US enacted the GENIUS Act<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n13\" aria-label=\"Note 13\">13<\/a><\/sup>, the EU applies MiCA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n15\" id=\"nx-nrp-xt-11-c1-r15\" aria-label=\"Note 15\">15<\/a><\/sup>, and central banks run digital-currency and tokenised-settlement projects<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n7\" id=\"nx-nrp-xt-11-c1-r7\" aria-label=\"Note 7\">7<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n8\" id=\"nx-nrp-xt-11-c1-r8\" aria-label=\"Note 8\">8<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n48\" id=\"nx-nrp-xt-11-c1-r48\" aria-label=\"Note 48\">48<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n10\" id=\"nx-nrp-xt-11-c1-r10\" aria-label=\"Note 10\">10<\/a><\/sup>.<\/p><p>Security is the least settled part. The FBI attributes a theft of about USD 1.5 billion to North Korea<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n19\" id=\"nx-nrp-xt-11-c1-r19\" aria-label=\"Note 19\">19<\/a><\/sup>, a vendor reports far larger illicit flows<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n20\" id=\"nx-nrp-xt-11-c1-r20\" aria-label=\"Note 20\">20<\/a><\/sup>, and ledger signatures are exposed to a future quantum machine while the two main Bitcoin proposals remain drafts<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n23\" id=\"nx-nrp-xt-11-c1-r23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n24\" id=\"nx-nrp-xt-11-c1-r24\" aria-label=\"Note 24\">24<\/a><\/sup>.<\/p><\/div><figure class=\"nrp-fig\" id=\"nx-nrp-xt-11-c1-fig1\" aria-labelledby=\"nx-nrp-xt-11-c1-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 1.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-xt-11-c1-fig1-t\">How large was the Bybit theft against all North Korea-linked theft in 2025? USD billion<\/span><p class=\"nrp-fig-what\">One theft accounts for about three quarters of a vendor estimate of North Korea-linked theft in 2025. The two sources agree on the size of the theft. The vendor total is a lower bound and weak evidence<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n20\" aria-label=\"Note 20\">20<\/a><\/sup>.<\/p><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">North Korea-linked thefts in 2025, vendor estimate<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">2<\/td><\/tr><tr><th scope=\"row\">Bybit theft, February 2025, FBI notice<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"75.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">1.5<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Source: as cited in the note to this figure. Year 2025.<\/p><p class=\"nrp-fig-src\">Figure ID FIG-XTECH-DLT-GLOBAL-2026-BASELINE-01-003<\/p><\/figure><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">1.5<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>Bybit theft, FBI<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">2<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>North Korea-linked thefts, vendor<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n20\" aria-label=\"Note 20\">20<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">154<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>received by illicit addresses, vendor lower bound<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n20\" aria-label=\"Note 20\">20<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">&lt;1<\/span><span class=\"nrp-cell-u\">%<\/span><p>illicit share of attributed volume, vendor<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n20\" aria-label=\"Note 20\">20<\/a><\/sup><\/p><\/div><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c1-s3\" aria-labelledby=\"nx-nrp-xt-11-c1-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c1-s3-h\"><span class=\"nrp-num\">1.3<\/span><span>Twenty couplings between five systems<\/span><\/h2><p class=\"nrp-stand\">The distributed ledger-centred matrix types the twenty couplings between the five core <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, read for their distributed ledger content. Strengths are Nexus estimates (ESTIMATED) from the cited evidence and analogue events; they set the graph that 2027 evidence will test.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-xt-11-c1-fig2\" aria-labelledby=\"nx-nrp-xt-11-c1-fig2-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 1.2<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-xt-11-c1-fig2-t\">Couplings between the five systems<\/span><p class=\"nrp-fig-what\">Each line is one coupling from one system to another, drawn by the strength the edition assigns. Strengths are Nexus estimates from the cited evidence and analogue events.<\/p><\/figcaption><svg class=\"nrp-svg nrp-ring\" viewBox=\"0 0 340 340\" role=\"img\" aria-label=\"Coupling ring: 20 typed couplings between water, energy, food, health and biodiversity. The matrix in the next table carries every value.\" data-nx-z=\"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\"><\/svg><ul class=\"nrp-legend\"><li><span class=\"nrp-key\" data-w=\"STRONG\"><\/span>Strong<\/li><li><span class=\"nrp-key\" data-w=\"MODERATE\"><\/span>Moderate<\/li><li><span class=\"nrp-key\" data-w=\"WEAK\"><\/span>Weak<\/li><\/ul><p class=\"nrp-fig-src\">Source: this edition&#8217;s coupling matrix (Table 1.1); status Estimated.<\/p><\/figure><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c1-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 1.1<\/span><span class=\"nrp-tbl-t\">Coupling matrix: from the row system to the column system<\/span><\/caption><thead><tr><th scope=\"col\">From, to<\/th><th scope=\"col\">WAT<\/th><th scope=\"col\">ENE<\/th><th scope=\"col\">FOO<\/th><th scope=\"col\">HLT<\/th><th scope=\"col\">BIO<\/th><\/tr><\/thead><tbody><tr><td><b>WAT<\/b> Water<\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><\/tr><tr><td><b>ENE<\/b> Energy<\/td><td>WEAK<br><span class=\"nrp-cell-u\">mining water use, press-covered<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><\/tr><tr><td><b>FOO<\/b> Food<\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><\/tr><tr><td><b>HLT<\/b> Health<\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><\/tr><tr><td><b>BIO<\/b> Biodiversity<\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td>WEAK<br><span class=\"nrp-cell-u\">no documented link<\/span><\/td><td><span aria-label=\"same system\">\u00b7<\/span><\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"6\">Strength: strong, moderate or weak; a Nexus estimate (status Estimated) from cited evidence and analogue events. The scale is defined in Annex A.<\/td><\/tr><\/tfoot><\/table><\/div><h3 class=\"nrp-h3\">Transmission paths<\/h3><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-t\">FIN \u2192 INF<\/p><p class=\"nrp-rows-x\">Stablecoin growth moves settlement onto public ledgers.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> USD 317 billion in April 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-t\">DAT \u2192 FIN<\/p><p class=\"nrp-rows-x\">Theft and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h118\" data-tc=\"NHS-1 soc.crime.illicit-finance\" data-tk=\"Society, conflict and economy \u00b7 Organised crime and illicit economies\" data-td=\"Movement of criminal, corrupt or untaxed money across borders through shell firms, trade fraud and digital assets, draining public revenue and shielding abuse.\" data-ts=\"NRS-H118\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/soc\/\" data-txl=\"Society, conflict and economy\">sanctions evasion<\/a> erode trust in custody and issuers.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> Bybit theft and vendor estimates<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n20\" aria-label=\"Note 20\">20<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-t\">INF \u2192 DAT<\/p><p class=\"nrp-rows-x\">A capable quantum machine would expose keys that have revealed a public key.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> draft proposals and exposure claims<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n24\" aria-label=\"Note 24\">24<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-t\">ENE \u2192 INF<\/p><p class=\"nrp-rows-x\">Electricity cost and supply shape where mining is sited.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> methodology of the electricity index<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n5\" aria-label=\"Note 5\">5<\/a><\/sup><\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-t\">GOV \u2192 FIN<\/p><p class=\"nrp-rows-x\">Statutes set reserve and authorisation rules for issuers.<\/p><p class=\"nrp-rows-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> GENIUS Act and MiCA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c1-n14\" aria-label=\"Note 14\">14<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c1-notes\" aria-labelledby=\"nx-nrp-xt-11-c1-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c1-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-c1-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Cambridge Centre for Alternative Finance (ed.), Cambridge Bitcoin Electricity Consumption Index, landing and methodology pages (hybrid top-down method; landing page values load by script and none was read). University of Cambridge, Cambridge. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n15\"><span class=\"nrp-notes-n\">15<\/span><span>EBA (ed.), Asset-referenced and e-money tokens (MiCA) page (requirements for issuers of ARTs and EMTs apply from 30 June 2024; EBA statement; joint reports). European Banking Authority, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Illes, A., Kosse, A. and Wierts, P., Embracing diversity, advancing together: results of the 2024 BIS survey on central bank digital currencies and crypto, BIS Papers 159 (published 22 August 2025; 93 central banks surveyed; 91% exploring). Bank for International Settlements, Basel. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n8\"><span class=\"nrp-notes-n\">8<\/span><span>Atlantic Council (ed.), Central Bank Digital Currency Tracker (page last updated May 2026: 146 countries and currency unions exploring; 3 launched; 41 pilot projects). Atlantic Council, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n48\"><span class=\"nrp-notes-n\">48<\/span><span>European Central Bank (ed.), Eurosystem moving to next phase of digital euro project (press release of 30 October 2025; a pilot exercise and initial transactions could take place as of mid-2027 if the Regulation is adopted in 2026; readiness for a potential first issuance during 2029; the decision to issue is taken only once the legislation is adopted). ECB, Frankfurt. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n10\"><span class=\"nrp-notes-n\">10<\/span><span>BIS Innovation Hub (ed.), Project Agor\u00e1 (page last updated 27 May 2026: eight central banks and over 40 financial institutions testing tokenised cross-border settlement). Bank for International Settlements, Basel. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c1-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c1-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-findings\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-c2-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 2<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Key findings<\/h2><p class=\"nrp-lede\">Twelve findings carry the distributed ledger baseline. They are grouped by coupling and never ranked. Each resolves to its source or, where Nexus analysis is involved, to its stated method.<\/p><p class=\"nrp-chap-meta\"><span>7 min read<\/span><span>1 figure<\/span><span>0 tables<\/span><span>20 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c2-s1\" aria-labelledby=\"nx-nrp-xt-11-c2-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c2-s1-h\"><span class=\"nrp-num\">2.1<\/span><span>Headline finding<\/span><\/h2><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 5<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-005\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-005<\/a><\/p><p class=\"nrp-km-t\">The GENIUS Act became law on 18 July 2025 and requires payment stablecoin issuers to hold identifiable reserves of at least 1 to 1.<\/p><figure class=\"nrp-fig\" id=\"nx-nrp-xt-11-c2-fig1\" aria-labelledby=\"nx-nrp-xt-11-c2-fig1-t\"><figcaption class=\"nrp-figcap\"><span class=\"nf-ui-eyebrow\">Figure 2.1<\/span><span class=\"nf-ui-title\" data-level=\"card\" id=\"nx-nrp-xt-11-c2-fig1-t\">Time limits in the GENIUS Act<\/span><\/figcaption><div class=\"nrp-tblw\"><table class=\"nrp-tbl nrp-bars\"><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\"><span class=\"nrp-sr\">Bar, scaled to the largest value<\/span><\/th><th scope=\"col\">Value<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">Latest default effective date, months after enactment<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"15.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">18<\/td><\/tr><tr><th scope=\"row\">Earlier trigger, days after final regulations<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">120<\/td><\/tr><tr><th scope=\"row\">Days for a regulator to decide a complete application<\/th><td class=\"nrp-barc\"><svg class=\"nrp-svg nrp-barsvg\" viewBox=\"0 0 100 8\" preserveAspectRatio=\"none\" aria-hidden=\"true\" focusable=\"false\"><rect class=\"nrp-track\" x=\"0\" y=\"0\" width=\"100\" height=\"8\"\/><rect class=\"nrp-bar\" x=\"0\" y=\"0\" width=\"100.0\" height=\"8\"\/><\/svg><\/td><td class=\"nrp-mono\">120<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nrp-fig-src\">Source: Public Law 119-27, sections 5 and 20<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n13\" id=\"nx-nrp-xt-11-c2-r13\" aria-label=\"Note 13\">13<\/a><\/sup>. Months and days are different units; each bar shows its own count.<\/p><\/figure><h3 class=\"nrp-h3\">Implication<\/h3><p class=\"nrp-p\">A federal regime for payment stablecoins now exists in statute. Reserves must be held at least 1 to 1 in listed assets, issuers may not pay interest or yield, and the Act takes effect on the earlier of 18 months after enactment or 120 days after final regulations. Implementing rules, not the statute, will set most operating detail<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n13\" aria-label=\"Note 13\">13<\/a><\/sup>.<\/p><h3 class=\"nrp-h3\">What would move it<\/h3><p class=\"nrp-p\">Final regulations, the effective date, state-regime review and issuer authorisations would each move this finding.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c2-s2\" aria-labelledby=\"nx-nrp-xt-11-c2-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c2-s2-h\"><span class=\"nrp-num\">2.2<\/span><span>Infrastructure<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-INF-001\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-INF-001\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-INF-001<\/a><\/p><p class=\"nrp-find-t\">The Ethereum Foundation cites an annual electricity use of 2,601 MWh for the network after its move to proof of stake on 15 September 2022, a cut of more than 99.988% by an estimate from the Crypto Carbon Ratings Institute. Its roadmap page gives 99.95%.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n3\" id=\"nx-nrp-xt-11-c2-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n4\" id=\"nx-nrp-xt-11-c2-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c2-s3\" aria-labelledby=\"nx-nrp-xt-11-c2-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c2-s3-h\"><span class=\"nrp-num\">2.3<\/span><span>CRY<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-002\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-002\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-002<\/a><\/p><p class=\"nrp-find-t\">A 2008 paper specified peer-to-peer electronic cash secured by chained proof of work, and NIST describes a blockchain as a tamper-resistant distributed ledger in which published transactions cannot normally be changed.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n1\" id=\"nx-nrp-xt-11-c2-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n2\" id=\"nx-nrp-xt-11-c2-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-003\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-003\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-003<\/a><\/p><p class=\"nrp-find-t\">Bitcoin improvement proposal 360 (Pay-to-Merkle-Root) and proposal 361 (migration and sunset of legacy signatures) both carry draft status. Proposal 360 resists only long exposure attacks.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n23\" id=\"nx-nrp-xt-11-c2-r23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n24\" id=\"nx-nrp-xt-11-c2-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-004\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 1<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-004\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-CRY-004<\/a><\/p><p class=\"nrp-find-t\">The text of proposal 361 states that over 34% of all bitcoin had revealed a public key on-chain on 1 March 2026. Secondary summaries of two analyses give about 9.6% and about 25% on different definitions.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n24\" aria-label=\"Note 24\">24<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n30\" id=\"nx-nrp-xt-11-c2-r30\" aria-label=\"Note 30\">30<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n31\" id=\"nx-nrp-xt-11-c2-r31\" aria-label=\"Note 31\">31<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c2-s4\" aria-labelledby=\"nx-nrp-xt-11-c2-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c2-s4-h\"><span class=\"nrp-num\">2.4<\/span><span>Governance<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-005\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 5<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-005\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-005<\/a><\/p><p class=\"nrp-find-t\">The GENIUS Act became law on 18 July 2025. It requires identifiable reserves of at least 1 to 1, bars issuers from paying interest or yield, and takes effect on the earlier of 18 months after enactment or 120 days after final regulations.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-006\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-006\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-006<\/a><\/p><p class=\"nrp-find-t\">MiCA applies in full in the EU from 30 December 2024, with rules for asset-referenced and e-money tokens from 30 June 2024 and the grandfathering period under Article 143(3) ending on 1 July 2026 at the latest.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n14\" id=\"nx-nrp-xt-11-c2-r14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n15\" id=\"nx-nrp-xt-11-c2-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-007\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-007\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-GOV-007<\/a><\/p><p class=\"nrp-find-t\">The FSB review published in October 2025, based on information as of August 2025, found significant gaps and inconsistencies in the implementation of its 2023 framework and made eight recommendations.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n11\" id=\"nx-nrp-xt-11-c2-r11\" aria-label=\"Note 11\">11<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n12\" id=\"nx-nrp-xt-11-c2-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c2-s5\" aria-labelledby=\"nx-nrp-xt-11-c2-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c2-s5-h\"><span class=\"nrp-num\">2.5<\/span><span>Finance<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-FIN-008\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-FIN-008\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-FIN-008<\/a><\/p><p class=\"nrp-find-t\">The Federal Reserve gives a stablecoin market capitalisation of USD 317 billion on 6 April 2026, more than 50% above early 2025. The BIS finds that stablecoins fall short on its three tests for money and that over 99% are denominated in US dollars.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n17\" id=\"nx-nrp-xt-11-c2-r17\" aria-label=\"Note 17\">17<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n6\" id=\"nx-nrp-xt-11-c2-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-FIN-009\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-FIN-009\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-FIN-009<\/a><\/p><p class=\"nrp-find-t\">In the 2024 BIS survey 85 of 93 central banks were exploring a digital currency. A tracker lists 146 countries and currency unions exploring, 3 launched and 41 pilot projects in May 2026, and in October 2025 the ECB tied a digital euro pilot from mid-2027 to EU legislation in 2026.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n7\" id=\"nx-nrp-xt-11-c2-r7\" aria-label=\"Note 7\">7<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n8\" id=\"nx-nrp-xt-11-c2-r8\" aria-label=\"Note 8\">8<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n48\" id=\"nx-nrp-xt-11-c2-r48\" aria-label=\"Note 48\">48<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c2-s6\" aria-labelledby=\"nx-nrp-xt-11-c2-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c2-s6-h\"><span class=\"nrp-num\">2.6<\/span><span>Data and digital<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-DAT-010\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 5<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-DAT-010\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-DAT-010<\/a><\/p><p class=\"nrp-find-t\">The FBI states that about USD 1.5 billion in virtual assets was stolen from the Bybit exchange on or about 21 February 2025 and attributes the theft to North Korea.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n19\" id=\"nx-nrp-xt-11-c2-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/p><\/li><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-DAT-011\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-DAT-011\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-DAT-011<\/a><\/p><p class=\"nrp-find-t\">A security vendor reports that illicit addresses received at least USD 154 billion in 2025, up 162% on 2024 and below 1% of attributed volume, with North Korea-linked thefts of USD 2 billion. This is a vendor estimate and a lower bound.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c2-n20\" id=\"nx-nrp-xt-11-c2-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c2-s7\" aria-labelledby=\"nx-nrp-xt-11-c2-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c2-s7-h\"><span class=\"nrp-num\">2.7<\/span><span>Systemic<\/span><\/h2><ol class=\"nrp-find\"><li id=\"nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-SYS-012\"><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><a class=\"nrp-find-id\" href=\"#nx-NRF-XTECH-DLT-GLOBAL-2026-BASELINE-SYS-012\">NRF-XTECH-DLT-GLOBAL-2026-BASELINE-SYS-012<\/a><\/p><p class=\"nrp-find-t\">The leading compound pathway for 2027 testing is a large stablecoin base that grows faster than uniform rules, reserve disclosure and theft controls. \u00a7 scenario<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c2-notes\" aria-labelledby=\"nx-nrp-xt-11-c2-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c2-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-c2-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: Glassnode (ed.), analysis of bitcoin supply structurally exposed to quantum risk (about 9.6%), taken from a news summary. Glassnode, Singapore. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r30\" aria-label=\"Back to the first call of note 30\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: Citi Institute (ed.), report of 16 May 2026 on quantum risk to bitcoin (about 25% of supply with exposed public keys), taken from a news summary. Citi, New York. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r31\" aria-label=\"Back to the first call of note 31\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n15\"><span class=\"nrp-notes-n\">15<\/span><span>EBA (ed.), Asset-referenced and e-money tokens (MiCA) page (requirements for issuers of ARTs and EMTs apply from 30 June 2024; EBA statement; joint reports). European Banking Authority, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FSB (ed.), FSB Global Regulatory Framework for Crypto-asset Activities (publication page; final report of 17 July 2023). Financial Stability Board, Basel. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n12\"><span class=\"nrp-notes-n\">12<\/span><span>FSB (ed.), Thematic review on the FSB Global Regulatory Framework for Crypto-asset Activities (publication page; October 2025; information as of August 2025; significant gaps and inconsistencies; eight recommendations). Financial Stability Board, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Illes, A., Kosse, A. and Wierts, P., Embracing diversity, advancing together: results of the 2024 BIS survey on central bank digital currencies and crypto, BIS Papers 159 (published 22 August 2025; 93 central banks surveyed; 91% exploring). Bank for International Settlements, Basel. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n8\"><span class=\"nrp-notes-n\">8<\/span><span>Atlantic Council (ed.), Central Bank Digital Currency Tracker (page last updated May 2026: 146 countries and currency unions exploring; 3 launched; 41 pilot projects). Atlantic Council, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n48\"><span class=\"nrp-notes-n\">48<\/span><span>European Central Bank (ed.), Eurosystem moving to next phase of digital euro project (press release of 30 October 2025; a pilot exercise and initial transactions could take place as of mid-2027 if the Regulation is adopted in 2026; readiness for a potential first issuance during 2029; the decision to issue is taken only once the legislation is adopted). ECB, Frankfurt. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c2-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c2-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-systems-and-sectors\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-c3-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 3<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Systems and sectors at baseline<\/h2><p class=\"nrp-chap-meta\"><span>5 min read<\/span><span>0 figures<\/span><span>2 tables<\/span><span>12 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c3-s1\" aria-labelledby=\"nx-nrp-xt-11-c3-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c3-s1-h\"><span class=\"nrp-num\">3.1<\/span><span>Where each system stood at evidence close<\/span><\/h2><div class=\"pp-cells nrp-cells-3\"><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">FIN \u00b7 Stablecoins<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Stablecoin market capitalisation<\/h3><span class=\"pp-metric\">317<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>more than 50% above early 2025.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2026<\/span><span>Federal Reserve<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n17\" id=\"nx-nrp-xt-11-c3-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">FIN \u00b7 Law<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">GENIUS Act reserve minimum<\/h3><span class=\"pp-metric\">1 to 1<\/span><span class=\"nrp-cell-u\">reserve backing<\/span><p>identifiable reserves; no interest or yield from issuers.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2025<\/span><span>Public Law 119-27<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n13\" id=\"nx-nrp-xt-11-c3-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">INF \u00b7 Energy<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Ethereum annual electricity use after proof of stake<\/h3><span class=\"pp-metric\">2,601<\/span><span class=\"nrp-cell-u\">MWh per year<\/span><p>a project-published estimate, weak evidence.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2026<\/span><span>Ethereum Foundation<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n3\" id=\"nx-nrp-xt-11-c3-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">FIN \u00b7 Central banks<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Countries and currency unions exploring a digital currency<\/h3><span class=\"pp-metric\">146<\/span><span class=\"nrp-cell-u\">jurisdictions<\/span><p>3 launched; 41 pilot projects.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2026<\/span><span>Atlantic Council<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n8\" id=\"nx-nrp-xt-11-c3-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">DAT \u00b7 Security<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Bybit theft attributed to North Korea<\/h3><span class=\"pp-metric\">1.5<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>on or about 21 February 2025.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2025<\/span><span>FBI<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n19\" id=\"nx-nrp-xt-11-c3-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/span><\/p><\/article><article class=\"nrp-cell\"><p class=\"nf-ui-eyebrow\">DAT \u00b7 Cryptography<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Bitcoin with a public key revealed on-chain<\/h3><span class=\"pp-metric\">&gt;34<\/span><span class=\"nrp-cell-u\">percent<\/span><p>a claim in a draft proposal text; other estimates differ.<\/p><p class=\"nrp-cell-foot\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><span>2026<\/span><span>BIP-361<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n24\" id=\"nx-nrp-xt-11-c3-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/span><\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c3-s2\" aria-labelledby=\"nx-nrp-xt-11-c3-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c3-s2-h\"><span class=\"nrp-num\">3.2<\/span><span>Domain posture<\/span><\/h2><p class=\"nrp-stand\">Each of the twelve coupled domains is read through distributed ledger, in words, not scored. The coupling column names the dependency that carries distributed ledger risk into each domain.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c3-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 3.1<\/span><span class=\"nrp-tbl-t\">Each domain read in words, not scored<\/span><\/caption><thead><tr><th scope=\"col\">Domain<\/th><th scope=\"col\">Posture at baseline<\/th><th scope=\"col\">Coupling<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">WAT<\/span><\/td><td>Cooling-water use of mining is estimated in a press-covered study not read at source.<\/td><td><span class=\"nrp-mono\">ENE \u2192 WAT<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 1<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">ENE<\/span><\/td><td>Network electricity use differs by design; the proof-of-stake figure is a project estimate and the proof-of-work figure is not bound.<\/td><td><span class=\"nrp-mono\">ENE \u2194 INF<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">FOO<\/span><\/td><td>No documented coupling at baseline; supply-chain tracing claims are not evidenced here.<\/td><td><span class=\"nrp-mono\">none documented<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 1<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">HLT<\/span><\/td><td>No documented coupling at baseline; health-record ledger claims are not evidenced here.<\/td><td><span class=\"nrp-mono\">none documented<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 1<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">BIO<\/span><\/td><td>No documented coupling at baseline.<\/td><td><span class=\"nrp-mono\">none documented<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 1<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">CLI<\/span><\/td><td>Electricity demand matters for emissions; no figure bound.<\/td><td><span class=\"nrp-mono\">INF \u2192 CLI<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 1<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">INF<\/span><\/td><td>The core system: a stable protocol base, repeated upgrades, and settlement projects of central banks.<\/td><td><span class=\"nrp-mono\">the core system<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">FIN<\/span><\/td><td>Stablecoins at USD 317 billion; statutes in the US and EU; BIS doubts about their role as money.<\/td><td><span class=\"nrp-mono\">FIN \u2192 INF<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">DAT<\/span><\/td><td>Theft and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h118\" data-tc=\"NHS-1 soc.crime.illicit-finance\" data-tk=\"Society, conflict and economy \u00b7 Organised crime and illicit economies\" data-td=\"Movement of criminal, corrupt or untaxed money across borders through shell firms, trade fraud and digital assets, draining public revenue and shielding abuse.\" data-ts=\"NRS-H118\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/soc\/\" data-txl=\"Society, conflict and economy\">sanctions evasion<\/a> are documented; signature exposure to quantum attack is a drafted-proposal topic.<\/td><td><span class=\"nrp-mono\">INF \u2192 DAT<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 4<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">AIC<\/span><\/td><td>No documented coupling to other compute platforms at baseline.<\/td><td><span class=\"nrp-mono\">none documented<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 1<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">MIN<\/span><\/td><td>Mining hardware depends on semiconductor supply; no figure bound.<\/td><td><span class=\"nrp-mono\">MIN \u2192 INF<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 1<\/span><\/td><\/tr><tr><td><span class=\"nrp-mono\">TRD<\/span><\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/sys\/\" data-txl=\"Systemic and compound events\">Sanctions<\/a>, cross-border payments and remittance costs shape use; the cost series was not read.<\/td><td><span class=\"nrp-mono\">INF \u2194 TRD<\/span><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span> <span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c3-s3\" aria-labelledby=\"nx-nrp-xt-11-c3-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c3-s3-h\"><span class=\"nrp-num\">3.3<\/span><span>Sector screens<\/span><\/h2><p class=\"nrp-stand\">All sixteen sectors are screened for their dependence on distributed ledger, on the same grammar as every national edition. The evidence column describes coverage of the baseline evidence, not the performance of the sector.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c3-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 3.2<\/span><span class=\"nrp-tbl-t\">Sectors: baseline evidence and the exposure to watch<\/span><\/caption><thead><tr><th scope=\"col\">Code<\/th><th scope=\"col\">Sector<\/th><th scope=\"col\">Baseline evidence<\/th><th scope=\"col\">Exposure to watch<\/th><th scope=\"col\">Evidence coverage<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">GS-00<\/span><\/td><td>Cross-system<\/td><td>ledgers couple to finance, security and electricity<\/td><td>stablecoin stress<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-01<\/span><\/td><td>Water<\/td><td>mining water use not read at source<\/td><td>facility siting<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-02<\/span><\/td><td>Energy<\/td><td>proof-of-stake estimate only<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td>load from mining sites<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-03<\/span><\/td><td>Food<\/td><td>no documented coupling<\/td><td>none documented<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-04<\/span><\/td><td>Health<\/td><td>no documented coupling<\/td><td>none documented<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-05<\/span><\/td><td>Finance<\/td><td>USD 317 billion of stablecoins<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td>reserve and redemption risk<\/td><td>GOOD<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-06<\/span><\/td><td>Development<\/td><td>remittance cost series not read<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n27\" id=\"nx-nrp-xt-11-c3-r27\" aria-label=\"Note 27\">27<\/a><\/sup><\/td><td>widening gaps<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-07<\/span><\/td><td>Climate<\/td><td>footprint of proof-of-work not bound<\/td><td>electricity demand<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-08<\/span><\/td><td>Disaster<\/td><td>no documented coupling<\/td><td>none documented<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-09<\/span><\/td><td>Infrastructure<\/td><td>settlement projects of central banks<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n10\" id=\"nx-nrp-xt-11-c3-r10\" aria-label=\"Note 10\">10<\/a><\/sup><\/td><td>single-platform dependence<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-10<\/span><\/td><td>Cities<\/td><td>no documented coupling<\/td><td>none documented<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-11<\/span><\/td><td>Biodiversity<\/td><td>no documented coupling<\/td><td>none documented<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-12<\/span><\/td><td>Earth observation<\/td><td>no documented coupling<\/td><td>none documented<\/td><td>THIN<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-13<\/span><\/td><td>Cyber and digital<\/td><td>theft and signature exposure<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><td>key compromise<\/td><td>PARTIAL<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-14<\/span><\/td><td>Policy<\/td><td>GENIUS Act, MiCA and FSB review<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n12\" id=\"nx-nrp-xt-11-c3-r12\" aria-label=\"Note 12\">12<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n14\" id=\"nx-nrp-xt-11-c3-r14\" aria-label=\"Note 14\">14<\/a><\/sup><\/td><td>rule divergence<\/td><td>GOOD<\/td><\/tr><tr><td><span class=\"nrp-mono\">GS-15<\/span><\/td><td>Science<\/td><td>foundational papers and NIST overview<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n1\" id=\"nx-nrp-xt-11-c3-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c3-n2\" id=\"nx-nrp-xt-11-c3-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>common measurement<\/td><td>PARTIAL<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c3-notes\" aria-labelledby=\"nx-nrp-xt-11-c3-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c3-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-c3-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n8\"><span class=\"nrp-notes-n\">8<\/span><span>Atlantic Council (ed.), Central Bank Digital Currency Tracker (page last updated May 2026: 146 countries and currency unions exploring; 3 launched; 41 pilot projects). Atlantic Council, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: World Bank (ed.), Remittance Prices Worldwide (page blocked automated access; cited from memory without figures). World Bank, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r27\" aria-label=\"Back to the first call of note 27\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n10\"><span class=\"nrp-notes-n\">10<\/span><span>BIS Innovation Hub (ed.), Project Agor\u00e1 (page last updated 27 May 2026: eight central banks and over 40 financial institutions testing tokenised cross-border settlement). Bank for International Settlements, Basel. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n12\"><span class=\"nrp-notes-n\">12<\/span><span>FSB (ed.), Thematic review on the FSB Global Regulatory Framework for Crypto-asset Activities (publication page; October 2025; information as of August 2025; significant gaps and inconsistencies; eight recommendations). Financial Stability Board, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c3-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c3-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-risk-and-capability\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-c4-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 4<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Risks and capability<\/h2><p class=\"nrp-lede\">Four distributed ledger risk objects open the portfolio. Order carries no rank. Each is read across driver, exposure, vulnerability, capacity, cascade and consequence.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>0 figures<\/span><span>1 table<\/span><span>22 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c4-s1\" aria-labelledby=\"nx-nrp-xt-11-c4-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c4-s1-h\"><span class=\"nrp-num\">4.1<\/span><span>Risk objects<\/span><\/h2><p class=\"nrp-stand\">Each risk is read across the chain from hazard to consequence, with its status and evidence-quality level.<\/p><ol class=\"nrp-find\"><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">RSK-XT11-FIN-001<\/span><\/p><h3 class=\"nrp-h4\">Stablecoin reserve and redemption stress<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>rapid growth against uneven reserve rules<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n6\" id=\"nx-nrp-xt-11-c4-r6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n17\" id=\"nx-nrp-xt-11-c4-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>holders of the largest stablecoins; short-term funding markets<\/dd><dt>Vulnerability<\/dt><dd>reserve composition not read from attestations<\/dd><dt>Capacity<\/dt><dd>GENIUS Act and MiCA reserve rules<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n13\" id=\"nx-nrp-xt-11-c4-r13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n14\" id=\"nx-nrp-xt-11-c4-r14\" aria-label=\"Note 14\">14<\/a><\/sup><\/dd><dt>Cascade<\/dt><dd>FIN \u2192 DAT, TRD<\/dd><dt>Horizon<\/dt><dd>1 to 5 years<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">RSK-XT11-DAT-002<\/span><\/p><h3 class=\"nrp-h4\">Theft and sanctions evasion<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>large single thefts and illicit flows<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n19\" id=\"nx-nrp-xt-11-c4-r19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n20\" id=\"nx-nrp-xt-11-c4-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>exchanges, bridges and custodians<\/dd><dt>Vulnerability<\/dt><dd>key compromise; weak controls at service providers<\/dd><dt>Capacity<\/dt><dd>FBI attribution; <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/sys\/\" data-txl=\"Systemic and compound events\">sanctions<\/a> policy; supervisory rules<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n21\" id=\"nx-nrp-xt-11-c4-r21\" aria-label=\"Note 21\">21<\/a><\/sup><\/dd><dt>Cascade<\/dt><dd>DAT \u2192 FIN<\/dd><dt>Horizon<\/dt><dd>1 to 3 years<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 2<\/span><span class=\"nrp-find-id\">RSK-XT11-CRY-003<\/span><\/p><h3 class=\"nrp-h4\">Signature exposure to quantum attack<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>exposed public keys and falling quantum resource estimates<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n22\" id=\"nx-nrp-xt-11-c4-r22\" aria-label=\"Note 22\">22<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n24\" id=\"nx-nrp-xt-11-c4-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>outputs that have revealed a public key<\/dd><dt>Vulnerability<\/dt><dd>no activated post-quantum output type<\/dd><dt>Capacity<\/dt><dd>draft proposals and NIST standards<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n22\" aria-label=\"Note 22\">22<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n23\" id=\"nx-nrp-xt-11-c4-r23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n24\" aria-label=\"Note 24\">24<\/a><\/sup><\/dd><dt>Cascade<\/dt><dd>CRY \u2192 DAT \u2192 FIN<\/dd><dt>Horizon<\/dt><dd>5 to 10 years<\/dd><\/dl><\/li><li><p class=\"nrp-find-m\"><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><span class=\"nrp-eql\" title=\"Evidence-quality level, 1 to 5\">EQL 3<\/span><span class=\"nrp-find-id\">RSK-XT11-GOV-004<\/span><\/p><h3 class=\"nrp-h4\">Divergent national rules<\/h3><dl class=\"nrp-dl\"><dt>Driver<\/dt><dd>different statutes and review outcomes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n12\" id=\"nx-nrp-xt-11-c4-r12\" aria-label=\"Note 12\">12<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n16\" id=\"nx-nrp-xt-11-c4-r16\" aria-label=\"Note 16\">16<\/a><\/sup><\/dd><dt>Exposure<\/dt><dd>cross-border issuers and service providers<\/dd><dt>Vulnerability<\/dt><dd>regulatory arbitrage<\/dd><dt>Capacity<\/dt><dd>FSB framework and review<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n11\" id=\"nx-nrp-xt-11-c4-r11\" aria-label=\"Note 11\">11<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n12\" aria-label=\"Note 12\">12<\/a><\/sup><\/dd><dt>Cascade<\/dt><dd>GOV \u2192 FIN<\/dd><dt>Horizon<\/dt><dd>1 to 5 years<\/dd><\/dl><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c4-s2\" aria-labelledby=\"nx-nrp-xt-11-c4-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c4-s2-h\"><span class=\"nrp-num\">4.2<\/span><span>Capability ladder<\/span><\/h2><p class=\"nrp-stand\">Existence is not readiness. Each of the fifteen capability functions is placed on the ladder by the strongest public evidence for distributed ledger at the global level.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c4-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 4.1<\/span><span class=\"nrp-tbl-t\">Capabilities on the ladder of evidence: listed, exists, demonstrated, tested<\/span><\/caption><thead><tr><th scope=\"col\">Function<\/th><th scope=\"col\">Rung<\/th><th scope=\"col\">Level<\/th><th scope=\"col\">Strongest public evidence at baseline<\/th><\/tr><\/thead><tbody><tr><td>Prevention and mitigation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>statutes for stablecoin issuers in the US and EU<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n14\" aria-label=\"Note 14\">14<\/a><\/sup><\/td><\/tr><tr><td>Monitoring and observation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>no common tracker of reserves, theft and illicit use on one basis<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 early-warning\" data-tk=\"Nexus risk vocabulary\" data-td=\"Timely, actionable information about an impending hazard that lets people and institutions act to reduce harm before it occurs.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Early warning<\/a><\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>supervisory monitoring is not consolidated<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><\/tr><tr><td>Preparedness and planning<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>FSB framework and central bank projects<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n48\" id=\"nx-nrp-xt-11-c4-r48\" aria-label=\"Note 48\">48<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n11\" aria-label=\"Note 11\">11<\/a><\/sup><\/td><\/tr><tr><td>Redundancy and reserves<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>reserve requirements of at least 1 to 1 for US issuers<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><\/tr><tr><td>Response<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>no tested response to a run on a large stablecoin<\/td><\/tr><tr><td>Continuity of critical services<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>settlement continuity of tokenised money not reported<\/td><\/tr><tr><td>Recovery<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>recovery of stolen funds not read<\/td><\/tr><tr><td>Adaptation<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>post-quantum output types are drafts<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 social-protection\" data-tk=\"Nexus risk vocabulary\" data-td=\"Public policies and programmes that help people manage risk and reduce poverty and vulnerability across their lives.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Social protection<\/a><\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>not applicable at baseline<\/td><\/tr><tr><td>Finance and insurance<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>no insurance data read<\/td><\/tr><tr><td>Institutional coordination<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>standard setters and supervisory authorities<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n11\" aria-label=\"Note 11\">11<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n12\" aria-label=\"Note 12\">12<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n15\" id=\"nx-nrp-xt-11-c4-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/td><\/tr><tr><td>Technical infrastructure<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i data-on=\"true\"><\/i><i><\/i><i><\/i><\/span><\/td><td>EXISTS<\/td><td>mature protocols and upgrade processes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n4\" id=\"nx-nrp-xt-11-c4-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><\/tr><tr><td>Workforce<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i data-on=\"true\"><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>LISTED<\/td><td>skills gaps not read; no figure bound<\/td><\/tr><tr><td>Research capacity<\/td><td><span class=\"nrp-ladder\" aria-hidden=\"true\"><i><\/i><i><\/i><i><\/i><i><\/i><\/span><\/td><td>ADEQUATE<\/td><td>foundational papers and public specifications<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n1\" id=\"nx-nrp-xt-11-c4-r1\" aria-label=\"Note 1\">1<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n2\" id=\"nx-nrp-xt-11-c4-r2\" aria-label=\"Note 2\">2<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n36\" id=\"nx-nrp-xt-11-c4-r36\" aria-label=\"Note 36\">36<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n37\" id=\"nx-nrp-xt-11-c4-r37\" aria-label=\"Note 37\">37<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n38\" id=\"nx-nrp-xt-11-c4-r38\" aria-label=\"Note 38\">38<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c4-n39\" id=\"nx-nrp-xt-11-c4-r39\" aria-label=\"Note 39\">39<\/a><\/sup><\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"4\">A capability listed in policy is not a tested one; each rung is the strongest public evidence at baseline.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c4-notes\" aria-labelledby=\"nx-nrp-xt-11-c4-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c4-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-c4-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n21\"><span class=\"nrp-notes-n\">21<\/span><span>US Department of the Treasury (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h1\" data-tc=\"NHS-1 atmo.convective.tornado\" data-tk=\"Atmosphere and weather \u00b7 Convective storms\" data-td=\"A violently rotating column of air in contact with the ground, leaving a narrow and intense damage path.\" data-ts=\"NRS-H1\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">Tornado<\/a> Cash Delisting (press release of 21 March 2025). Treasury, Washington. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r21\" aria-label=\"Back to the first call of note 21\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n22\"><span class=\"nrp-notes-n\">22<\/span><span>NIST (ed.), Post-Quantum Cryptography project page (three finalised standards; announcement of 13 August 2024; HQC selected as a backup on 11 March 2025). National Institute of Standards and Technology, Gaithersburg. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n12\"><span class=\"nrp-notes-n\">12<\/span><span>FSB (ed.), Thematic review on the FSB Global Regulatory Framework for Crypto-asset Activities (publication page; October 2025; information as of August 2025; significant gaps and inconsistencies; eight recommendations). Financial Stability Board, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Basel Committee on Banking Supervision (ed.), Prudential treatment of cryptoasset exposures, standard SCO60 (publication page; published 16 December 2022; the page states implementation by 1 January 2025; later date and review known only from search summaries). Bank for International Settlements, Basel. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FSB (ed.), FSB Global Regulatory Framework for Crypto-asset Activities (publication page; final report of 17 July 2023). Financial Stability Board, Basel. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n48\"><span class=\"nrp-notes-n\">48<\/span><span>European Central Bank (ed.), Eurosystem moving to next phase of digital euro project (press release of 30 October 2025; a pilot exercise and initial transactions could take place as of mid-2027 if the Regulation is adopted in 2026; readiness for a potential first issuance during 2029; the decision to issue is taken only once the legislation is adopted). ECB, Frankfurt. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n15\"><span class=\"nrp-notes-n\">15<\/span><span>EBA (ed.), Asset-referenced and e-money tokens (MiCA) page (requirements for issuers of ARTs and EMTs apply from 30 June 2024; EBA statement; joint reports). European Banking Authority, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n36\"><span class=\"nrp-notes-n\">36<\/span><span>UNVERIFIED, not opened: Buterin, V., A Next-Generation Smart Contract and Decentralized Application Platform, white paper, 2014, cited from memory. Observation year 2014. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r36\" aria-label=\"Back to the first call of note 36\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n37\"><span class=\"nrp-notes-n\">37<\/span><span>UNVERIFIED, not opened: Castro, M. and Liskov, B., Practical Byzantine fault tolerance, Proceedings of OSDI, 1999, cited from memory. Observation year 1999. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r37\" aria-label=\"Back to the first call of note 37\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Lamport, L., Shostak, R. and Pease, M., The Byzantine generals problem, ACM Transactions on Programming Languages and <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> 4(3), 382 to 401, 1982, cited from memory. Observation year 1982. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c4-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Haber, S. and Stornetta, W.S., How to time-stamp a digital document, Journal of Cryptology 3, 99 to 111, 1991, cited from memory. Observation year 1991. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c4-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-scenario\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-c5-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 5<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Large stablecoin base against uneven rules and theft controls<\/h2><p class=\"nrp-lede\">A conditional statement under stated assumptions, never a prediction.<\/p><p class=\"nrp-chap-meta\"><span>2 min read<\/span><span>0 figures<\/span><span>0 tables<\/span><span>2 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c5-s1\" aria-labelledby=\"nx-nrp-xt-11-c5-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c5-s1-h\"><span class=\"nrp-num\">5.1<\/span><span>Assumptions<\/span><\/h2><p class=\"nrp-stand\">Scenario SCN-XT11-STB-01: what is assumed, and what is held constant.<\/p><dl class=\"nrp-dl\"><dt>Baseline<\/dt><dd>the 2026 reference state in this edition<\/dd><dt>Drivers<\/dt><dd>stablecoin supply keeps growing while national rules take effect at different dates and large thefts continue<\/dd><dt>Analogues<\/dt><dd>the 2025 Bybit theft; the BIS tests for money<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c5-n6\" id=\"nx-nrp-xt-11-c5-r6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c5-n19\" id=\"nx-nrp-xt-11-c5-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/dd><dt>Interventions<\/dt><dd>none modelled: the specification describes the unmitigated case<\/dd><dt>Run state<\/dt><dd>narrative specification; quantified run scheduled for 2027<\/dd><\/dl><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c5-s2\" aria-labelledby=\"nx-nrp-xt-11-c5-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c5-s2-h\"><span class=\"nrp-num\">5.2<\/span><span>The cascade, step by step<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">1<\/span><p class=\"nrp-rows-t\">FIN \u2192 INF<\/p><p class=\"nrp-rows-x\">stablecoin supply grows and settlement moves onto public ledgers<\/p><p class=\"nrp-rows-m\">2026<\/p><\/li><li><span class=\"nrp-rows-i\">2<\/span><p class=\"nrp-rows-t\">DAT \u2192 FIN<\/p><p class=\"nrp-rows-x\">a large theft or issuer failure shakes confidence in custody<\/p><p class=\"nrp-rows-m\">2025<\/p><\/li><li><span class=\"nrp-rows-i\">3<\/span><p class=\"nrp-rows-t\">FIN \u2192 FIN<\/p><p class=\"nrp-rows-x\">redemptions press on the reserve assets of an issuer<\/p><p class=\"nrp-rows-m\">2026<\/p><\/li><li><span class=\"nrp-rows-i\">4<\/span><p class=\"nrp-rows-t\">GOV \u2192 FIN<\/p><p class=\"nrp-rows-x\">national rules take effect at different dates<\/p><p class=\"nrp-rows-m\">2026<\/p><\/li><li><span class=\"nrp-rows-i\">5<\/span><p class=\"nrp-rows-t\">TRD \u2192 DAT<\/p><p class=\"nrp-rows-x\">illicit flows shift to the least regulated venues<\/p><p class=\"nrp-rows-m\">2025<\/p><\/li><li><span class=\"nrp-rows-i\">6<\/span><p class=\"nrp-rows-t\">GOV \u2192 INF<\/p><p class=\"nrp-rows-x\">central banks accelerate their own settlement projects<\/p><p class=\"nrp-rows-m\">2026<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c5-s3\" aria-labelledby=\"nx-nrp-xt-11-c5-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c5-s3-h\"><span class=\"nrp-num\">5.3<\/span><span>The scenario as a table of steps<\/span><\/h2><p class=\"nx-p\">How the shock in scenario SCN-XT11-STB-01 would travel through Blockchain and Distributed Ledgers&#8217;s coupled <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, step by step, under the assumptions the edition states.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Step\">01 Finance to infrastructure<\/td><td data-label=\"What happens\">Stablecoin supply grows and settlement moves onto public ledgers. Analogue or source: 2026.<\/td><td data-label=\"Source\">Edition XT-11, scenario SCN-XT11-STB-01, step 1<\/td><\/tr><tr><td data-label=\"Step\">02 DAT to finance<\/td><td data-label=\"What happens\">A large theft or issuer failure shakes confidence in custody. Analogue or source: 2025.<\/td><td data-label=\"Source\">Edition XT-11, scenario SCN-XT11-STB-01, step 2<\/td><\/tr><tr><td data-label=\"Step\">03 Finance to finance<\/td><td data-label=\"What happens\">Redemptions press on the reserve assets of an issuer. Analogue or source: 2026.<\/td><td data-label=\"Source\">Edition XT-11, scenario SCN-XT11-STB-01, step 3<\/td><\/tr><tr><td data-label=\"Step\">04 Governance to finance<\/td><td data-label=\"What happens\">National rules take effect at different dates. Analogue or source: 2026.<\/td><td data-label=\"Source\">Edition XT-11, scenario SCN-XT11-STB-01, step 4<\/td><\/tr><tr><td data-label=\"Step\">05 Trade to dat<\/td><td data-label=\"What happens\">Illicit flows shift to the least regulated venues. Analogue or source: 2025.<\/td><td data-label=\"Source\">Edition XT-11, scenario SCN-XT11-STB-01, step 5<\/td><\/tr><tr><td data-label=\"Step\">06 Governance to infrastructure<\/td><td data-label=\"What happens\">Central banks accelerate their own settlement projects. Analogue or source: 2026.<\/td><td data-label=\"Source\">Edition XT-11, scenario SCN-XT11-STB-01, step 6<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-2\">A teaching model of a conditional scenario under the edition&#8217;s stated assumptions: not a forecast, not a prediction and not a warning. Sources: <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/scenario\/\" rel=\"noopener\">Blockchain and Distributed Ledgers 2026, scenario SCN-XT11-STB-01<\/a> (2026); Blockchain and Distributed Ledgers 2026, references (NR-CIT-1) (2026).<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c5-notes\" aria-labelledby=\"nx-nrp-xt-11-c5-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c5-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-c5-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c5-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c5-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c5-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-lenses-and-readings\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-c6-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 6<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Readings from the other desks<\/h2><p class=\"nrp-lede\">The distributed ledger baseline is read through each steward\u2019s lens, then once as a whole. Each lens is a projection of reviewed findings, not a separate argument. The other desks&#8217; own editions of this subject are listed first, as cross-references, not copies.<\/p><p class=\"nrp-chap-meta\"><span>15 min read<\/span><span>0 figures<\/span><span>8 tables<\/span><span>37 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-s1\" aria-labelledby=\"nx-nrp-xt-11-c6-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-s1-h\"><span class=\"nrp-num\">6.1<\/span><span>The other desks&#8217; editions of this subject<\/span><\/h2><p class=\"nrp-stand\">Federation: each desk writes its own edition for the subjects in its remit. Until a desk releases, its edition shows its frame and the reading this edition printed for it.<\/p><div class=\"nrp-tblw\"><table class=\"nrp-tbl\"><thead><tr><th scope=\"col\">Desk<\/th><th scope=\"col\">Edition<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Identifier<\/th><\/tr><\/thead><tbody><tr data-host=\"true\"><th scope=\"row\">GCRI Systems Evidence<\/th><td>No edition of this subject at this desk in the 2026 Baseline cycle<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in this cycle<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">GRF Public Deliberation<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">GRA Capital Readiness<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Standards Progress<\/th><td>No edition of this subject at this desk in the 2026 Baseline cycle<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in this cycle<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Academy Capability<\/th><td>No edition of this subject at this desk in the 2026 Baseline cycle<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in this cycle<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><tr><th scope=\"row\">Index Measurement<\/th><td>Outside this desk&#8217;s remit<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Not in remit<\/span><\/td><td class=\"nrp-mono\"><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-s2\" aria-labelledby=\"nx-nrp-xt-11-c6-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-s2-h\"><span class=\"nrp-num\">6.2<\/span><span>Three lenses<\/span><\/h2><p class=\"nrp-stand\">One edition, read by each steward. The lens of this site comes first.<\/p><div class=\"nrp-cards\" data-n=\"3\"><article class=\"nf-ui-card nrp-card\" data-host=\"true\"><p class=\"nf-ui-eyebrow\">GCRI \u00b7 KEY T<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Technical Truth<\/h3><p>The evidence supports reading distributed ledgers as settlement infrastructure and as a regulatory subject. Statutes and supervisory pages are strong evidence. Energy, reserve composition and illicit share are weak, and vendor figures are labelled as such.<\/p><p class=\"nrp-note\">GOV-005 \u00b7 FIN-008 \u00b7 DAT-010 \u00b7 SYS-012<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GRF \u00b7 KEY M<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Public Meaning<\/h3><p>For most people the story arrives as a price headline, a theft or an ad for a token. The baseline asks that public debate separate statutes, project claims and vendor reports, and keep the protection of ordinary holders in view.<\/p><p class=\"nrp-note\">GOV-005 \u00b7 DAT-010 \u00b7 DAT-011<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">GRA \u00b7 KEY F<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Capital Meaning<\/h3><p>Readiness implications only. Stablecoin supply is large, rules differ by region, and theft losses are lumpy<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n17\" id=\"nx-nrp-xt-11-c6-r17\" aria-label=\"Note 17\">17<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n19\" id=\"nx-nrp-xt-11-c6-r19\" aria-label=\"Note 19\">19<\/a><\/sup>. These show where finance-readiness evidence will matter. Nothing here is advice, a rating or an approval.<\/p><p class=\"nrp-note\">FIN-008 \u00b7 GOV-005<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">NEXUS<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">Synthesis<\/h3><p>Distributed-ledger technology is well described by statutes and single events and thinly measured as a system. The 2027 programme should bind reserve composition, publish a comparable footprint and test the stablecoin stress pathway before the next large event.<\/p><p class=\"nrp-note\">SYS-012 \u00b7 L-01 \u00b7 L-02<\/p><\/article><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-s3\" aria-labelledby=\"nx-nrp-xt-11-c6-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-s3-h\"><span class=\"nrp-num\">6.3<\/span><span>Standards, Academy and steward contributions<\/span><\/h2><p class=\"nrp-stand\">How the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> drafts, the Risk Academy and the three stewards feed each quarterly edition for distributed ledger. The standards are a preparatory working draft (2026) and are cited as drafts, never as adopted standards.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c6-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.1<\/span><span class=\"nrp-tbl-t\">The quarterly rhythm every edition follows<\/span><\/caption><thead><tr><th scope=\"col\">Quarter<\/th><th scope=\"col\">Edition<\/th><th scope=\"col\">Question<\/th><th scope=\"col\">Boundary<\/th><\/tr><\/thead><tbody><tr><td>Q1<\/td><td>State and Agenda<\/td><td>What matters this year, and what is the starting position?<\/td><td>observed baseline stays distinct from planned work<\/td><\/tr><tr><td>Q2<\/td><td>Evidence and Build<\/td><td>What new evidence and capability exist?<\/td><td>a configured capability is not a validated result<\/td><\/tr><tr><td>Q3<\/td><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 stress-test\" data-tk=\"Nexus risk vocabulary\" data-td=\"An assessment of how a system, portfolio or institution would perform under severe but plausible adverse scenarios, to find weaknesses before they are revealed by events.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Stress Test<\/a> and Readiness<\/td><td>What do scenarios and tests show?<\/td><td>simulated loss or performance is not observed impact<\/td><\/tr><tr><td>Q4<\/td><td>Annual Synthesis and Renewal<\/td><td>What changed in the year, and what renews?<\/td><td>release follows review, not event publicity deadlines<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c6-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.2<\/span><span class=\"nrp-tbl-t\">Who contributes what each quarter<\/span><\/caption><thead><tr><th scope=\"col\">Steward or body<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Contribution route<\/th><\/tr><\/thead><tbody><tr><td>GCRI Canada<\/td><td>Lead Institution and Consortium Secretariat; publisher of record; technical truth (key T)<\/td><td>science and practice communities \u00b7 GCRI gateway<\/td><\/tr><tr><td>The Global Risks Forum (GRF)<\/td><td>leadership, dialogue and the <a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/universe\">Universe<\/a> programme; public meaning (key M)<\/td><td>policy, Universe and national adoption \u00b7 GRF gateway<\/td><\/tr><tr><td>The Global Risks Alliance (GRA)<\/td><td>finance, insurance and development readiness; capital meaning (key F)<\/td><td>finance and insurance \u00b7 GRA gateway<\/td><\/tr><tr><td>Nexus Standards<\/td><td>preparatory drafts on vocabulary, hazards, indicators and methods<\/td><td>Standards site \u00b7 working groups HAZ, IND, MTH, FIN, AI<\/td><\/tr><tr><td>Risk Academy<\/td><td>learning pathways tied to the agenda questions<\/td><td>Academy gateway \u00b7 learning by review<\/td><\/tr><tr><td>Nexus Standards and Academy<\/td><td>technology chapter inputs: GCRI evidence, NXS standards, RA capability<\/td><td>technology editorial board<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Standards drafts used in this edition<\/h3><ul class=\"nrp-list\"><li>Risk vocabulary NRS-C1 (424 terms) for terms in the glossary<\/li><li>Hazard atlas NHS-1 1.1.0 (905 hazards in 120 families) for risk objects<\/li><li>Seven risk classes: global, catastrophic, existential, emerging, planetary, exponential, frontier-tech<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Standards calendar to watch<\/h3><ul class=\"nrp-list\"><li>Founding calls from 20 October 2026; working groups meet from 5 November 2026<\/li><li>Inaugural Global Standards Council session, 12 January 2027<\/li><li>Quarterly reviews in March, June, September and December, aligned with each edition<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Nothing here certifies. A Nexus attestation records an evaluation under a mandate; it confers no certification, endorsement or approval. Adoption of any standard is a decision of the competent standards body.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-s4\" aria-labelledby=\"nx-nrp-xt-11-c6-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-s4-h\"><span class=\"nrp-num\">6.4<\/span><span>GCRI reading: the model card<\/span><\/h2><p class=\"nrp-p\">GCRI&#8217;s reading of this edition is its model card: what the national model is, what it computes and where it stops. It is printed in full in Annex A, with the methods it belongs to. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/methodology\/\">Annex A, methodology<\/a><\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-s5\" aria-labelledby=\"nx-nrp-xt-11-c6-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-s5-h\"><span class=\"nrp-num\">6.5<\/span><span>Global Risks Forum reading: editorial essays<\/span><\/h2><p class=\"nrp-stand\">Four signed essays by the <a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\">Reports<\/a> editorial team set out the positions this edition takes. They are interpretation, labelled as such; the evidence they draw on is in the findings register.<\/p><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Distributed ledgers are a protocol base and a regulatory subject. The first changes slowly through documented upgrades. The second is changing fast in statute. Keeping them apart avoids both hype and dismissal.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 01<\/h3><p>Two stories, one technology<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">A statute, a project page and a vendor report carry different weight. This edition labels each, and asks for a common basis before illicit and theft totals are compared.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 02<\/h3><p>Separate statutes, project claims and vendor reports<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Electricity use depends on the consensus design and on how hardware is assumed. A published method is needed before totals are compared across networks.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 03<\/h3><p>The footprint is a method question<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Statutes now set reserve and authorisation rules while reserve composition, redemption behaviour and illicit share remain thinly measured. The next year should close that gap.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EDITORIAL ESSAY \u00b7 04<\/h3><p>Rules arrive before evidence<\/p><\/article><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Essays are signed views of the editorial team. Contributed articles from regional consortia, national pathways and invited experts begin with the 2027 global edition, each with its own review route and disclosures.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-s6\" aria-labelledby=\"nx-nrp-xt-11-c6-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-s6-h\"><span class=\"nrp-num\">6.6<\/span><span>Global Risks Alliance reading: 2027 distributed ledger readiness pack<\/span><\/h2><p class=\"nrp-stand\">The registers that open the 2027 global cycle. At baseline each is initialised from this edition.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c6-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.3<\/span><span class=\"nrp-tbl-t\">2027 distributed ledger readiness pack<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Register<\/th><th scope=\"col\">State at baseline<\/th><th scope=\"col\">First 2027 entry<\/th><\/tr><\/thead><tbody><tr><td>E1<\/td><td>Distributed Ledger risk state delta<\/td><td>baseline set by this edition<\/td><td>changes against the baseline<\/td><\/tr><tr><td>E2<\/td><td>WEFH+B state delta<\/td><td>five global system readings set<\/td><td>indicator updates and freshness<\/td><\/tr><tr><td>E3<\/td><td>Agenda and Portfolio movement<\/td><td>eight agenda items \u00b7 6 proposed objects<\/td><td>admission decisions<\/td><\/tr><tr><td>E4<\/td><td>Federation delivery register<\/td><td>national chapters in preparation<\/td><td>national chapters<\/td><\/tr><tr><td>E5<\/td><td>Consortium capability register<\/td><td>national consortia forming<\/td><td>first contributions<\/td><\/tr><tr><td>E6<\/td><td>Leadership questions and challenges<\/td><td>none yet<\/td><td>first challenge log<\/td><\/tr><tr><td>E7<\/td><td>Foundry technical state<\/td><td>national environments prepared<\/td><td>first federation cut<\/td><\/tr><tr><td>E8<\/td><td>Publication candidates<\/td><td>twelve findings carried forward<\/td><td>PUBLISH \u00b7 HOLD dispositions<\/td><\/tr><tr><td>E9<\/td><td>Universe readiness<\/td><td>one candidate mission<\/td><td>admission and role spine<\/td><\/tr><tr><td>E10<\/td><td>Correction register<\/td><td>none<\/td><td>first federation-wide cycle<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Publication dispositions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">Publish<\/li><li class=\"nf-ui-chip\">Hold<\/li><li class=\"nf-ui-chip\">Needs evidence<\/li><li class=\"nf-ui-chip\">Restricted<\/li><li class=\"nf-ui-chip\">Superseded<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Programme progress is not real-world risk improvement. These registers record the work of the Nexus programme; they report on no state or organisation.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-s7\" aria-labelledby=\"nx-nrp-xt-11-c6-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-s7-h\"><span class=\"nrp-num\">6.7<\/span><span>Nexus Standards reading: standards and regulatory watch<\/span><\/h2><p class=\"nrp-stand\">Instruments and published guidance that shape the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> in this edition, by status on the retrieval date. The edition assesses no one\u2019s compliance.<\/p><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">IN FORCE<\/li><li class=\"nf-ui-chip\">PUBLISHED<\/li><li class=\"nf-ui-chip\">DRAFT<\/li><li class=\"nf-ui-chip\">PUBLISHED \u00b7 VOLUNTARY<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c6-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.4<\/span><span class=\"nrp-tbl-t\">Standards and regulatory watch<\/span><\/caption><thead><tr><th scope=\"col\">Instrument<\/th><th scope=\"col\">Body<\/th><th scope=\"col\">Scope<\/th><th scope=\"col\">Status<\/th><th scope=\"col\">Relevance<\/th><\/tr><\/thead><tbody><tr><td>GENIUS Act, Public Law 119-27<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n13\" id=\"nx-nrp-xt-11-c6-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><td>US Congress<\/td><td>US<\/td><td>IN FORCE 2025 \u00b7 EFFECTIVE DATE PENDING<\/td><td>payment stablecoins<\/td><\/tr><tr><td>MiCA, Regulation (EU) 2023\/1114<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n14\" id=\"nx-nrp-xt-11-c6-r14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n34\" id=\"nx-nrp-xt-11-c6-r34\" aria-label=\"Note 34\">34<\/a><\/sup><\/td><td>EU legislators<\/td><td>EU<\/td><td>IN FORCE 2024<\/td><td>crypto-asset markets<\/td><\/tr><tr><td>MiCA rules for ART and EMT issuers<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n15\" id=\"nx-nrp-xt-11-c6-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/td><td>EBA<\/td><td>EU<\/td><td>APPLIED FROM 30 JUNE 2024<\/td><td>token issuers<\/td><\/tr><tr><td>Transfer of Funds Regulation<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n35\" id=\"nx-nrp-xt-11-c6-r35\" aria-label=\"Note 35\">35<\/a><\/sup><\/td><td>EU legislators<\/td><td>EU<\/td><td>IN FORCE<\/td><td>travel rule<\/td><\/tr><tr><td>FSB framework for crypto-asset activities<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n11\" id=\"nx-nrp-xt-11-c6-r11\" aria-label=\"Note 11\">11<\/a><\/sup><\/td><td>FSB<\/td><td>global<\/td><td>PUBLISHED 2023<\/td><td>regulatory framework<\/td><\/tr><tr><td>Basel crypto-asset standard SCO60<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n16\" id=\"nx-nrp-xt-11-c6-r16\" aria-label=\"Note 16\">16<\/a><\/sup><\/td><td>Basel Committee<\/td><td>global<\/td><td>PUBLISHED 2022 \u00b7 UNDER REVIEW<\/td><td>bank exposures<\/td><\/tr><tr><td>FATF standards on virtual assets<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n26\" id=\"nx-nrp-xt-11-c6-r26\" aria-label=\"Note 26\">26<\/a><\/sup><\/td><td>FATF<\/td><td>global<\/td><td>PUBLISHED<\/td><td>illicit finance controls<\/td><\/tr><tr><td>ISO\/TC 307 on blockchain<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n32\" id=\"nx-nrp-xt-11-c6-r32\" aria-label=\"Note 32\">32<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n33\" id=\"nx-nrp-xt-11-c6-r33\" aria-label=\"Note 33\">33<\/a><\/sup><\/td><td>ISO<\/td><td>global<\/td><td>COMMITTEE ACTIVE<\/td><td>terminology and standards<\/td><\/tr><tr><td>NIST post-quantum standards<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n22\" id=\"nx-nrp-xt-11-c6-r22\" aria-label=\"Note 22\">22<\/a><\/sup><\/td><td>NIST<\/td><td>US, used globally<\/td><td>PUBLISHED 2024<\/td><td>signature algorithms<\/td><\/tr><tr><td>NIST IR 8202<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n2\" id=\"nx-nrp-xt-11-c6-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>NIST<\/td><td>US<\/td><td>PUBLISHED \u00b7 VOLUNTARY<\/td><td>technology overview<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Changed since 2024<\/h3><ul class=\"nrp-list\"><li>The MiCA grandfathering period under Article 143(3) ended on 1 July 2026 at the latest<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n14\" aria-label=\"Note 14\">14<\/a><\/sup><\/li><li>The Basel Committee set its crypto-asset standard in December 2022<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n16\" aria-label=\"Note 16\">16<\/a><\/sup><\/li><li>The GENIUS Act was enacted on 18 July 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">To watch in 2027<\/h3><ul class=\"nrp-list\"><li>Final regulations under the GENIUS Act<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/li><li>Outcome of the Basel Committee review of its crypto-asset standard<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n16\" aria-label=\"Note 16\">16<\/a><\/sup><\/li><li>Follow-up to the FSB review of 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n12\" id=\"nx-nrp-xt-11-c6-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Status is read from the issuing body on the retrieval date. Instruments open for signature or awaiting ratification are labelled as such; a change in status opens a review task for every finding that relies on the instrument.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-s8\" aria-labelledby=\"nx-nrp-xt-11-c6-s8-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-s8-h\"><span class=\"nrp-num\">6.8<\/span><span>Risk Academy reading: literature and evidence review, science and assessments<\/span><\/h2><p class=\"nrp-stand\">The review behind this edition covers distributed ledger assessments, peer-reviewed science and the institutional reports that bind its findings. Systematic reviews for each agenda item begin in 2027.<\/p><h3 class=\"nrp-h3\">Review protocol<\/h3><dl class=\"nrp-dl\"><dt>Question<\/dt><dd>What does the published evidence establish about blockchain and distributed ledgers as infrastructure and its couplings?<\/dd><dt>Sources searched<\/dt><dd>foundational papers; standard setters and central banks; statutes and supervisory pages; protocol pages and security reports<\/dd><dt>Window<\/dt><dd>releases available at evidence close, 30 September 2026<\/dd><dt>Selection<\/dt><dd>sources that bind or contextualise a finding in this edition<\/dd><dt>Next step<\/dt><dd>systematic reviews for agenda items 01 to 05 in 2027<\/dd><\/dl><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c6-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.5<\/span><span class=\"nrp-tbl-t\">Foundations and peer-reviewed papers<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Type<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Nakamoto<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n1\" id=\"nx-nrp-xt-11-c6-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td>white paper<\/td><td>2008<\/td><td>framework<\/td><td>peer-to-peer electronic cash<\/td><\/tr><tr><td>NIST IR 8202<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>NIST report<\/td><td>2018<\/td><td>framework<\/td><td>neutral overview<\/td><\/tr><tr><td>Haber and Stornetta<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n39\" id=\"nx-nrp-xt-11-c6-r39\" aria-label=\"Note 39\">39<\/a><\/sup><\/td><td>journal article<\/td><td>1991<\/td><td>framework<\/td><td>time-stamping<\/td><\/tr><tr><td>Lamport, Shostak and Pease<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n38\" id=\"nx-nrp-xt-11-c6-r38\" aria-label=\"Note 38\">38<\/a><\/sup><\/td><td>journal article<\/td><td>1982<\/td><td>framework<\/td><td>Byzantine agreement<\/td><\/tr><tr><td>Castro and Liskov<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n37\" id=\"nx-nrp-xt-11-c6-r37\" aria-label=\"Note 37\">37<\/a><\/sup><\/td><td>conference paper<\/td><td>1999<\/td><td>framework<\/td><td>practical Byzantine fault tolerance<\/td><\/tr><tr><td>Buterin<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n36\" id=\"nx-nrp-xt-11-c6-r36\" aria-label=\"Note 36\">36<\/a><\/sup><\/td><td>white paper<\/td><td>2014<\/td><td>framework<\/td><td>smart-contract platform<\/td><\/tr><tr><td>Eyal and Sirer<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n40\" id=\"nx-nrp-xt-11-c6-r40\" aria-label=\"Note 40\">40<\/a><\/sup><\/td><td>conference paper<\/td><td>2014<\/td><td>context<\/td><td>selfish mining<\/td><\/tr><tr><td>Daian et al.<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n41\" id=\"nx-nrp-xt-11-c6-r41\" aria-label=\"Note 41\">41<\/a><\/sup><\/td><td>conference paper<\/td><td>2020<\/td><td>context<\/td><td>transaction ordering and extraction<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c6-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.6<\/span><span class=\"nrp-tbl-t\">Institutional flagships<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Makarov and Schoar<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n42\" id=\"nx-nrp-xt-11-c6-r42\" aria-label=\"Note 42\">42<\/a><\/sup><\/td><td>journal article<\/td><td>2020<\/td><td>context<\/td><td>arbitrage across exchanges<\/td><\/tr><tr><td>de Vries<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n29\" id=\"nx-nrp-xt-11-c6-r29\" aria-label=\"Note 29\">29<\/a><\/sup><\/td><td>journal article<\/td><td>2023<\/td><td>context<\/td><td>water footprint estimate<\/td><\/tr><tr><td>Digiconomist index<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n47\" id=\"nx-nrp-xt-11-c6-r47\" aria-label=\"Note 47\">47<\/a><\/sup><\/td><td>index page<\/td><td>2026<\/td><td>context<\/td><td>competing energy estimate<\/td><\/tr><tr><td>Cambridge index method<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n5\" id=\"nx-nrp-xt-11-c6-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td>methodology page<\/td><td>2026<\/td><td>supports<\/td><td>method for electricity estimate<\/td><\/tr><tr><td>Electric Capital developer report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n25\" id=\"nx-nrp-xt-11-c6-r25\" aria-label=\"Note 25\">25<\/a><\/sup><\/td><td>industry report<\/td><td>2026<\/td><td>context<\/td><td>developer activity<\/td><\/tr><tr><td>Glassnode analysis<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n30\" id=\"nx-nrp-xt-11-c6-r30\" aria-label=\"Note 30\">30<\/a><\/sup><\/td><td>vendor analysis<\/td><td>2026<\/td><td>context<\/td><td>exposed supply estimate<\/td><\/tr><tr><td>Citi Institute analysis<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n31\" id=\"nx-nrp-xt-11-c6-r31\" aria-label=\"Note 31\">31<\/a><\/sup><\/td><td>bank research<\/td><td>2026<\/td><td>context<\/td><td>exposed supply estimate<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c6-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.7<\/span><span class=\"nrp-tbl-t\">Law, standards and supervisory work<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>BIS Annual Economic Report chapter<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n6\" id=\"nx-nrp-xt-11-c6-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><td>BIS<\/td><td>2025<\/td><td>supports<\/td><td>tests for money<\/td><\/tr><tr><td>BIS survey of central banks<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n7\" id=\"nx-nrp-xt-11-c6-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td>BIS<\/td><td>2025<\/td><td>supports<\/td><td>digital-currency work<\/td><\/tr><tr><td>FSB framework and review<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n11\" aria-label=\"Note 11\">11<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><td>FSB<\/td><td>2023 to 2025<\/td><td>supports<\/td><td>rule consistency<\/td><\/tr><tr><td>GENIUS Act<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><td>US Congress<\/td><td>2025<\/td><td>supports<\/td><td>stablecoin statute<\/td><\/tr><tr><td>MiCA pages<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n15\" aria-label=\"Note 15\">15<\/a><\/sup><\/td><td>ESMA and EBA<\/td><td>2024 to 2025<\/td><td>supports<\/td><td>EU regime<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c6-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 6.8<\/span><span class=\"nrp-tbl-t\">Protocols, security and field data<\/span><\/caption><thead><tr><th scope=\"col\">Reference<\/th><th scope=\"col\">Issuer<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Used for<\/th><\/tr><\/thead><tbody><tr><td>Ethereum Foundation energy page<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n3\" id=\"nx-nrp-xt-11-c6-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><td>project body<\/td><td>2026<\/td><td>context<\/td><td>weak, project-published<\/td><\/tr><tr><td>Ethereum roadmap page<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n4\" id=\"nx-nrp-xt-11-c6-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td>project body<\/td><td>2025<\/td><td>context<\/td><td>upgrade dates<\/td><\/tr><tr><td>Bitcoin proposals 360 and 361<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n23\" id=\"nx-nrp-xt-11-c6-r23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n24\" id=\"nx-nrp-xt-11-c6-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><td>draft specifications<\/td><td>2026<\/td><td>context<\/td><td>quantum exposure<\/td><\/tr><tr><td>Chainalysis report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n20\" id=\"nx-nrp-xt-11-c6-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/td><td>security vendor<\/td><td>2025<\/td><td>context<\/td><td>weak, vendor estimate<\/td><\/tr><tr><td>FBI notice<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><td>law enforcement<\/td><td>2025<\/td><td>supports<\/td><td>attribution of a theft<\/td><\/tr><tr><td>Federal Reserve note<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td>central bank<\/td><td>2026<\/td><td>supports<\/td><td>stablecoin size<\/td><\/tr><tr><td>Atlantic Council tracker<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n8\" id=\"nx-nrp-xt-11-c6-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td>think tank<\/td><td>2026<\/td><td>context<\/td><td>digital-currency counts<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Where the evidence agrees<\/h3><ul class=\"nrp-list\"><li>Stablecoins have grown fast and are now a policy subject<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n6\" aria-label=\"Note 6\">6<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/li><li>Statutes in the US and EU set reserve and authorisation rules<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n13\" aria-label=\"Note 13\">13<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n14\" aria-label=\"Note 14\">14<\/a><\/sup><\/li><li>Large thefts are attributed to state-linked actors by law enforcement<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Where it is unsettled<\/h3><ul class=\"nrp-list\"><li>How large the illicit share of volume is on a common basis<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n20\" aria-label=\"Note 20\">20<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n26\" aria-label=\"Note 26\">26<\/a><\/sup><\/li><li>How far national rules agree in practice<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n12\" aria-label=\"Note 12\">12<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n16\" aria-label=\"Note 16\">16<\/a><\/sup><\/li><li>How soon ledger signatures need to migrate to post-quantum schemes<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n22\" aria-label=\"Note 22\">22<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n24\" aria-label=\"Note 24\">24<\/a><\/sup><\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">PREPRINTS<\/p><p>Three sources<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n24\" aria-label=\"Note 24\">24<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n25\" aria-label=\"Note 25\">25<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c6-n26\" aria-label=\"Note 26\">26<\/a><\/sup> are preprints and are labelled as not peer-reviewed. They contextualise findings; none binds a finding on its own.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c6-notes\" aria-labelledby=\"nx-nrp-xt-11-c6-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c6-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-c6-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n34\"><span class=\"nrp-notes-n\">34<\/span><span>UNVERIFIED, not opened: European Parliament and Council, Regulation (EU) 2023\/1114 on markets in crypto-assets, Official Journal, 2023 (the text did not load; dates taken from the ESMA page), cited from memory. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r34\" aria-label=\"Back to the first call of note 34\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n15\"><span class=\"nrp-notes-n\">15<\/span><span>EBA (ed.), Asset-referenced and e-money tokens (MiCA) page (requirements for issuers of ARTs and EMTs apply from 30 June 2024; EBA statement; joint reports). European Banking Authority, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n35\"><span class=\"nrp-notes-n\">35<\/span><span>UNVERIFIED, not opened: European Parliament and Council, Regulation (EU) 2023\/1113 on information accompanying transfers of funds and certain crypto-assets, 2023, cited from memory. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r35\" aria-label=\"Back to the first call of note 35\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FSB (ed.), FSB Global Regulatory Framework for Crypto-asset Activities (publication page; final report of 17 July 2023). Financial Stability Board, Basel. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Basel Committee on Banking Supervision (ed.), Prudential treatment of cryptoasset exposures, standard SCO60 (publication page; published 16 December 2022; the page states implementation by 1 January 2025; later date and review known only from search summaries). Bank for International Settlements, Basel. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: FATF (ed.), Targeted update on implementation of the FATF Standards on virtual assets and virtual asset service providers, 2025 (page blocked automated access; cited from memory without figures). Financial Action Task Force, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r26\" aria-label=\"Back to the first call of note 26\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n32\"><span class=\"nrp-notes-n\">32<\/span><span>UNVERIFIED, not opened: ISO (ed.), ISO\/TC 307 Blockchain and distributed ledger technologies (committee page blocked automated access; cited from memory). International Organization for Standardization, Geneva. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r32\" aria-label=\"Back to the first call of note 32\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n33\"><span class=\"nrp-notes-n\">33<\/span><span>UNVERIFIED, not opened: ISO (ed.), ISO 22739, Blockchain and distributed ledger technologies, Vocabulary, cited from memory. International Organization for Standardization, Geneva. Observation year 2020. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r33\" aria-label=\"Back to the first call of note 33\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n22\"><span class=\"nrp-notes-n\">22<\/span><span>NIST (ed.), Post-Quantum Cryptography project page (three finalised standards; announcement of 13 August 2024; HQC selected as a backup on 11 March 2025). National Institute of Standards and Technology, Gaithersburg. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n12\"><span class=\"nrp-notes-n\">12<\/span><span>FSB (ed.), Thematic review on the FSB Global Regulatory Framework for Crypto-asset Activities (publication page; October 2025; information as of August 2025; significant gaps and inconsistencies; eight recommendations). Financial Stability Board, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Haber, S. and Stornetta, W.S., How to time-stamp a digital document, Journal of Cryptology 3, 99 to 111, 1991, cited from memory. Observation year 1991. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r39\" aria-label=\"Back to the first call of note 39\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Lamport, L., Shostak, R. and Pease, M., The Byzantine generals problem, ACM Transactions on Programming Languages and <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> 4(3), 382 to 401, 1982, cited from memory. Observation year 1982. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n37\"><span class=\"nrp-notes-n\">37<\/span><span>UNVERIFIED, not opened: Castro, M. and Liskov, B., Practical Byzantine fault tolerance, Proceedings of OSDI, 1999, cited from memory. Observation year 1999. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r37\" aria-label=\"Back to the first call of note 37\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n36\"><span class=\"nrp-notes-n\">36<\/span><span>UNVERIFIED, not opened: Buterin, V., A Next-Generation Smart Contract and Decentralized Application Platform, white paper, 2014, cited from memory. Observation year 2014. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r36\" aria-label=\"Back to the first call of note 36\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: Eyal, I. and Sirer, E.G., Majority is not enough: Bitcoin mining is vulnerable, Financial Cryptography, 2014, cited from memory. Observation year 2014. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r40\" aria-label=\"Back to the first call of note 40\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n41\"><span class=\"nrp-notes-n\">41<\/span><span>UNVERIFIED, not opened: Daian, P. et al., Flash Boys 2.0: frontrunning in decentralised exchanges, miner extractable value, and consensus instability, IEEE Symposium on Security and Privacy, 2020, cited from memory. Observation year 2020. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r41\" aria-label=\"Back to the first call of note 41\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n42\"><span class=\"nrp-notes-n\">42<\/span><span>UNVERIFIED, not opened: Makarov, I. and Schoar, A., Trading and arbitrage in cryptocurrency markets, Journal of Financial Economics 135(2), 293 to 319, 2020, cited from memory. Observation year 2020. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r42\" aria-label=\"Back to the first call of note 42\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: de Vries, A., Bitcoin\u2019s growing water footprint, Cell Reports Sustainability, 2023, known from press coverage only; no figure used. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r29\" aria-label=\"Back to the first call of note 29\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n47\"><span class=\"nrp-notes-n\">47<\/span><span>UNVERIFIED, not opened: Digiconomist (ed.), Bitcoin Energy Consumption Index, cited from memory without figures. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r47\" aria-label=\"Back to the first call of note 47\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Cambridge Centre for Alternative Finance (ed.), Cambridge Bitcoin Electricity Consumption Index, landing and methodology pages (hybrid top-down method; landing page values load by script and none was read). University of Cambridge, Cambridge. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n25\"><span class=\"nrp-notes-n\">25<\/span><span>Electric Capital (ed.), Crypto developer report and dashboard (page read; figures load by script and none was read). Electric Capital, San Francisco. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r25\" aria-label=\"Back to the first call of note 25\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: Glassnode (ed.), analysis of bitcoin supply structurally exposed to quantum risk (about 9.6%), taken from a news summary. Glassnode, Singapore. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r30\" aria-label=\"Back to the first call of note 30\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: Citi Institute (ed.), report of 16 May 2026 on quantum risk to bitcoin (about 25% of supply with exposed public keys), taken from a news summary. Citi, New York. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r31\" aria-label=\"Back to the first call of note 31\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Illes, A., Kosse, A. and Wierts, P., Embracing diversity, advancing together: results of the 2024 BIS survey on central bank digital currencies and crypto, BIS Papers 159 (published 22 August 2025; 93 central banks surveyed; 91% exploring). Bank for International Settlements, Basel. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c6-n8\"><span class=\"nrp-notes-n\">8<\/span><span>Atlantic Council (ed.), Central Bank Digital Currency Tracker (page last updated May 2026: 146 countries and currency unions exploring; 3 launched; 41 pilot projects). Atlantic Council, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c6-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-agenda\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-c7-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 7<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">The 2027 agenda<\/h2><p class=\"nrp-lede\">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.<\/p><p class=\"nrp-chap-meta\"><span>6 min read<\/span><span>0 figures<\/span><span>6 tables<\/span><span>5 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c7-s1\" aria-labelledby=\"nx-nrp-xt-11-c7-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c7-s1-h\"><span class=\"nrp-num\">7.1<\/span><span>Questions for the operational series<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">L-01<\/span><p class=\"nrp-rows-t\">How large and how liquid are stablecoin reserves, and how would a run on the largest issuers pass into short-term funding markets?<\/p><p class=\"nrp-rows-m\">INI-XT11-STB-01 \u00b7 reserves and redemption; first output: reserve and redemption register.<\/p><\/li><li><span class=\"nrp-rows-i\">L-02<\/span><p class=\"nrp-rows-t\">What do proof-of-work and proof-of-stake networks use in electricity, and where is mining sited?<\/p><p class=\"nrp-rows-m\">INI-XT11-ENE-02 \u00b7 energy footprint; first output: footprint estimates by network.<\/p><\/li><li><span class=\"nrp-rows-i\">L-03<\/span><p class=\"nrp-rows-t\">How much value is held in keys that expose a public key, and how fast can signatures migrate?<\/p><p class=\"nrp-rows-m\">INI-XT11-SIG-03 \u00b7 signature exposure and migration; first output: exposure and migration table.<\/p><\/li><li><span class=\"nrp-rows-i\">L-04<\/span><p class=\"nrp-rows-t\">Which losses come from theft, which from fraud, and how are they measured on a common basis?<\/p><p class=\"nrp-rows-m\">INI-XT11-SEC-04 \u00b7 theft and illicit use; first output: loss table on a common basis.<\/p><\/li><li><span class=\"nrp-rows-i\">L-05<\/span><p class=\"nrp-rows-t\">How far do national stablecoin and crypto-asset rules agree on reserves, custody and disclosure?<\/p><p class=\"nrp-rows-m\">INI-XT11-REG-05 \u00b7 rule comparison; first output: rule comparison table.<\/p><\/li><li><span class=\"nrp-rows-i\">L-06<\/span><p class=\"nrp-rows-t\">Which central bank projects have reached issuance, and which remain pilots?<\/p><p class=\"nrp-rows-m\">To be admitted in 2027; first output: project status overlay.<\/p><\/li><li><span class=\"nrp-rows-i\">L-07<\/span><p class=\"nrp-rows-t\">What workforce exists for protocol engineering, custody and supervision?<\/p><p class=\"nrp-rows-m\">To be admitted in 2027; first output: scoping note.<\/p><\/li><li><span class=\"nrp-rows-i\">L-08<\/span><p class=\"nrp-rows-t\">Which readiness capabilities have been tested in real incidents, and which are only planned?<\/p><p class=\"nrp-rows-m\">Readiness capability register; first output: rung evidence for 15 functions.<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c7-s2\" aria-labelledby=\"nx-nrp-xt-11-c7-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c7-s2-h\"><span class=\"nrp-num\">7.2<\/span><span>Portfolio proposed for the Q1 2027 alignment<\/span><\/h2><p class=\"nrp-stand\">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.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c7-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.1<\/span><span class=\"nrp-tbl-t\">Objects proposed for the first operational quarter<\/span><\/caption><thead><tr><th scope=\"col\">ID<\/th><th scope=\"col\">Object<\/th><th scope=\"col\">Kind<\/th><th scope=\"col\">Question<\/th><th scope=\"col\">State<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-mono\">INI-XT11-STB-01<\/span><\/td><td>Reserves and redemption<\/td><td>Initiative<\/td><td>L-01<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-XT11-ENE-02<\/span><\/td><td>Energy footprint<\/td><td>Initiative<\/td><td>L-02<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-XT11-SIG-03<\/span><\/td><td>Signature exposure and migration<\/td><td>Initiative<\/td><td>L-03<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-XT11-SEC-04<\/span><\/td><td>Theft and illicit use<\/td><td>Initiative<\/td><td>L-04<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">INI-XT11-REG-05<\/span><\/td><td>Rule comparison<\/td><td>Initiative<\/td><td>L-05<\/td><td>PROPOSED<\/td><\/tr><tr><td><span class=\"nrp-mono\">MSN-XT11-2027-01<\/span><\/td><td>Stablecoin stress Universe mission<\/td><td>Mission<\/td><td>L-01<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Candidate<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c7-s3\" aria-labelledby=\"nx-nrp-xt-11-c7-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c7-s3-h\"><span class=\"nrp-num\">7.3<\/span><span>The pathway<\/span><\/h2><p class=\"nrp-stand\">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.<\/p><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-t\">National readiness chapters<\/p><p class=\"nrp-rows-x\">payments, stablecoin and digital-currency readiness in each national edition<\/p><p class=\"nrp-rows-m\">IN PREPARATION \u00b7 national baselines<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-t\">Sector couplings<\/p><p class=\"nrp-rows-x\">GS-05 finance \u00b7 GS-13 cyber and digital \u00b7 XT-10 cryptography<\/p><p class=\"nrp-rows-m\">GS-02 DRAFTED \u00b7 sector baselines<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-t\">Technology system model<\/p><p class=\"nrp-rows-x\">protocols, energy, hardware, payments, security, governance<\/p><p class=\"nrp-rows-m\">v0 SPECIFIED \u00b7 v1 with federation evidence<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-t\">Strategic links<\/p><p class=\"nrp-rows-x\">SR-05 sovereign and financial resilience \u00b7 SR-10 digital public infrastructure<\/p><p class=\"nrp-rows-m\">PLANNED \u00b7 strategic baselines<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-t\">Universe<\/p><p class=\"nrp-rows-x\">annual proving environment<\/p><p class=\"nrp-rows-m\">CANDIDATE MISSION \u00b7 mandate in 2027<\/p><\/li><li><span class=\"nrp-rows-i\">06<\/span><p class=\"nrp-rows-t\">XT-11 report<\/p><p class=\"nrp-rows-x\">this series<\/p><p class=\"nrp-rows-m\">BASELINE DRAFT \u00b7 2027 annual edition<\/p><\/li><li><span class=\"nrp-rows-i\">07<\/span><p class=\"nrp-rows-t\">Evidence and correction<\/p><p class=\"nrp-rows-x\">one graph, many projections<\/p><p class=\"nrp-rows-m\">OPEN \u00b7 first correction cycle in 2027<\/p><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c7-s4\" aria-labelledby=\"nx-nrp-xt-11-c7-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c7-s4-h\"><span class=\"nrp-num\">7.4<\/span><span>Universe 2027: evidence pack for the distributed ledger candidate mission<\/span><\/h2><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-x\">Mandate<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-x\">Core Build \u00b7 1 month<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-x\">Action \u00b7 1 week<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-x\">Evidence seal<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-x\">Portfolio correction<\/p><\/li><li><span class=\"nrp-rows-i\">06<\/span><p class=\"nrp-rows-x\">Next mandate<\/p><\/li><\/ol><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c7-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.2<\/span><span class=\"nrp-tbl-t\">Universe 2027: evidence pack for the distributed ledger candidate mission<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Record<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Timing<\/th><\/tr><\/thead><tbody><tr><td>F1<\/td><td>Annual mandate record<\/td><td>PLANNED<\/td><td>after the Q2 2027 alignment<\/td><\/tr><tr><td>F2<\/td><td>Core Build record<\/td><td>PLANNED<\/td><td>one month before the exercise<\/td><\/tr><tr><td>F3<\/td><td>Exercise evidence<\/td><td>PLANNED<\/td><td>during the Action week<\/td><\/tr><tr><td>F4<\/td><td>Decision packets<\/td><td>PLANNED<\/td><td>exercise state only<\/td><\/tr><tr><td>F5<\/td><td>Proof receipts<\/td><td>PLANNED<\/td><td>scoped to each recorded check<\/td><\/tr><tr><td>F6<\/td><td>After-action report<\/td><td>PLANNED<\/td><td>within one quarter<\/td><\/tr><tr><td>F7<\/td><td>Upgrade docket<\/td><td>PLANNED<\/td><td>routed to the Portfolio<\/td><\/tr><tr><td>F8<\/td><td>Portfolio renewal<\/td><td>PLANNED<\/td><td>2027 global annual edition<\/td><\/tr><tr><td>F9<\/td><td>Public synthesis<\/td><td>PLANNED<\/td><td>public-safe extracts only<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Mission<\/h3><dl class=\"nrp-dl\"><dt>ID<\/dt><dd>MSN-XT11-2027-01 \u00b7 Stablecoin stress Universe mission<\/dd><dt>Role spine<\/dt><dd>Leadership sponsor \u00b7 Institutional anchor \u00b7 Mission lead: drawn from national pathways<\/dd><dt>Receiving actors<\/dt><dd>to be identified with the mandate<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Simulation success is not deployment approval; demonstration is not certification; finance readiness is not financing secured.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c7-s5\" aria-labelledby=\"nx-nrp-xt-11-c7-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c7-s5-h\"><span class=\"nrp-num\">7.5<\/span><span>Handoffs and routing<\/span><\/h2><p class=\"nrp-stand\">Where the baseline\u2019s findings go next. A handoff routes a finding for awareness, review or work; it transfers no authority.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c7-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.3<\/span><span class=\"nrp-tbl-t\">Handoffs and routing<\/span><\/caption><thead><tr><th scope=\"col\">Finding<\/th><th scope=\"col\">Routed to<\/th><th scope=\"col\">Purpose<\/th><th scope=\"col\">Class<\/th><\/tr><\/thead><tbody><tr><td>INF-001 \u00b7 energy estimate<\/td><td>INI-XT11-ENE-02<\/td><td>energy footprint<\/td><td>PUBLIC<\/td><\/tr><tr><td>CRY-003 \u00b7 draft proposals<\/td><td>INI-XT11-SIG-03<\/td><td>signature exposure and migration<\/td><td>PUBLIC<\/td><\/tr><tr><td>CRY-004 \u00b7 exposure estimates<\/td><td>INI-XT11-SIG-03<\/td><td>signature exposure and migration<\/td><td>PUBLIC<\/td><\/tr><tr><td>GOV-005 \u00b7 GENIUS Act<\/td><td>INI-XT11-REG-05<\/td><td>rule comparison<\/td><td>PUBLIC<\/td><\/tr><tr><td>GOV-006 \u00b7 MiCA<\/td><td>regional consortia<\/td><td>rule comparison<\/td><td>PUBLIC<\/td><\/tr><tr><td>FIN-008 \u00b7 stablecoins<\/td><td>INI-XT11-STB-01 \u00b7 key F review<\/td><td>reserves and redemption<\/td><td>PUBLIC<\/td><\/tr><tr><td>DAT-010 \u00b7 theft<\/td><td>INI-XT11-SEC-04<\/td><td>theft and illicit use<\/td><td>PUBLIC<\/td><\/tr><tr><td>SYS-012 \u00b7 compound pathway<\/td><td>MSN-XT11-2027-01<\/td><td>Universe candidate<\/td><td>CONSORTIUM<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c7-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.4<\/span><span class=\"nrp-tbl-t\">Routing rules by publication class<\/span><\/caption><thead><tr><th scope=\"col\">Class<\/th><th scope=\"col\">Where it goes<\/th><th scope=\"col\">Who can see it<\/th><\/tr><\/thead><tbody><tr><td>PUBLIC<\/td><td>the published edition and its evidence bundle<\/td><td>anyone<\/td><\/tr><tr><td>CONSORTIUM<\/td><td>governed rooms of the federation<\/td><td>consortium members under agreement<\/td><\/tr><tr><td>CONTROLLED<\/td><td>need-to-know channels<\/td><td>named competent actors only<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">CODES ARE NOT JOINS<\/p><p>Series codes in this edition (XT-11 and its relatives) are Reports codes. Codes in other indices can look alike. This edition makes no join on a code alone: a join needs a registry record that names both subjects.<\/p><\/aside><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Handoffs carry findings to Nexus programme objects and steward reviews. States and organisations receive public editions as published; nothing here instructs them.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c7-s6\" aria-labelledby=\"nx-nrp-xt-11-c7-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c7-s6-h\"><span class=\"nrp-num\">7.6<\/span><span>Feeds and signal register<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c7-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.5<\/span><span class=\"nrp-tbl-t\">Feeds watched from 2027<\/span><\/caption><thead><tr><th scope=\"col\">Feed<\/th><th scope=\"col\">Producer<\/th><th scope=\"col\">Latency<\/th><th scope=\"col\">Feeds into<\/th><\/tr><\/thead><tbody><tr><td>Project upgrade pages and specification repositories<\/td><td>protocol projects<\/td><td>per release<\/td><td>INF-001<\/td><\/tr><tr><td>BIS and FSB publications<\/td><td>BIS and FSB<\/td><td>per release<\/td><td>FIN-008<\/td><\/tr><tr><td>Federal Register and Congress pages<\/td><td>US government<\/td><td>per release<\/td><td>GOV-005<\/td><\/tr><tr><td>ESMA and EBA pages on MiCA<\/td><td>European authorities<\/td><td>per release<\/td><td>GOV-006<\/td><\/tr><tr><td>Central bank project pages<\/td><td>central banks<\/td><td>per event<\/td><td>FIN-009<\/td><\/tr><tr><td>Law-enforcement notices<\/td><td>FBI and Treasury<\/td><td>per event<\/td><td>DAT-010<\/td><\/tr><tr><td>Security vendor crime reports<\/td><td>security vendors<\/td><td>annual<\/td><td>DAT-011<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Escalation routes<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">none \u00b7 keep monitoring<\/li><li class=\"nf-ui-chip\">research question<\/li><li class=\"nf-ui-chip\">project<\/li><li class=\"nf-ui-chip\">risk object<\/li><li class=\"nf-ui-chip\">annual publication<\/li><li class=\"nf-ui-chip\">signal report<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c7-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 7.6<\/span><span class=\"nrp-tbl-t\">Signals at baseline<\/span><\/caption><thead><tr><th scope=\"col\">ID<\/th><th scope=\"col\">Signal<\/th><th scope=\"col\">Corroboration<\/th><th scope=\"col\">Systems<\/th><th scope=\"col\">Route<\/th><\/tr><\/thead><tbody><tr><td>SIG-XT11-001<\/td><td>Stablecoin market capitalisation reached USD 317 billion<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c7-n17\" id=\"nx-nrp-xt-11-c7-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td>CORROBORATED<\/td><td>FIN<\/td><td>research question L-01<\/td><\/tr><tr><td>SIG-XT11-002<\/td><td>Bybit theft of about USD 1.5 billion in February 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c7-n19\" id=\"nx-nrp-xt-11-c7-r19\" aria-label=\"Note 19\">19<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c7-n20\" id=\"nx-nrp-xt-11-c7-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/td><td>CORROBORATED<\/td><td>DAT<\/td><td>research question L-04<\/td><\/tr><tr><td>SIG-XT11-003<\/td><td>Bitcoin quantum proposals remain drafts<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c7-n23\" id=\"nx-nrp-xt-11-c7-r23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c7-n24\" id=\"nx-nrp-xt-11-c7-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><td>PARTIAL<\/td><td>CRY \u00b7 DAT<\/td><td>initiative L-03<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>A signal is not a warning. Signal records never substitute for official alerting or early-warning authorities, and they bypass no publication control.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c7-notes\" aria-labelledby=\"nx-nrp-xt-11-c7-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c7-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-c7-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c7-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c7-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c7-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c7-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c7-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c7-n23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c7-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c7-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c7-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-systems-in-depth\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-c8-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Chapter 8<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Systems in depth<\/h2><p class=\"nrp-lede\">One section per system: its state at evidence close, its exposures and what the operational series will watch.<\/p><p class=\"nrp-chap-meta\"><span>10 min read<\/span><span>0 figures<\/span><span>5 tables<\/span><span>31 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c8-s1\" aria-labelledby=\"nx-nrp-xt-11-c8-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c8-s1-h\"><span class=\"nrp-num\">8.1<\/span><span>Protocols and ledger platforms<\/span><\/h2><p class=\"nrp-stand\">Distributed ledgers run on a small set of mature protocols. Evidence is strongest for documented specifications and upgrade dates, and weakest where it rests on project statements.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">2008<\/span><span class=\"nrp-cell-u\">year<\/span><p>white paper that specified the first network<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n1\" id=\"nx-nrp-xt-11-c8-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">2022<\/span><span class=\"nrp-cell-u\">year<\/span><p>move of the largest smart-contract network to proof of stake<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n4\" id=\"nx-nrp-xt-11-c8-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">3<\/span><span class=\"nrp-cell-u\">upgrades<\/span><p>Dencun, Pectra and Fusaka, 2024 to 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c8-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.1<\/span><span class=\"nrp-tbl-t\">State at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Component<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Proof-of-work networks<\/td><td>specified in a 2008 paper; chained hash-based proof of work<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Proof-of-stake networks<\/td><td>Ethereum moved on 15 September 2022; Dencun 13 March 2024, Pectra 7 May 2025, Fusaka 3 December 2025<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Consensus theory<\/td><td>Byzantine agreement and fault-tolerance papers underlie permissioned designs<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n37\" id=\"nx-nrp-xt-11-c8-r37\" aria-label=\"Note 37\">37<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n38\" id=\"nx-nrp-xt-11-c8-r38\" aria-label=\"Note 38\">38<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><tr><td>Technology overview<\/td><td>NIST describes tamper-resistant distributed ledgers<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n2\" id=\"nx-nrp-xt-11-c8-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Couplings<\/h3><ul class=\"nrp-list\"><li>INF \u2194 FIN settlement and funding<\/li><li>INF \u2192 DAT key and signature exposure<\/li><li>ENE \u2194 INF electricity<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>activity and usage on a common basis<\/li><li>delivered upgrades against plans<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Protocol upgrades; client releases; proposal status changes.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-13 Cyber and Digital Systems<\/li><li class=\"nf-ui-chip\">XT-02 Quantum Technologies<\/li><li class=\"nf-ui-chip\">XT-10 Cybersecurity and Advanced Cryptography<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes published specifications and project pages. It endorses no protocol and forecasts no price.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c8-s2\" aria-labelledby=\"nx-nrp-xt-11-c8-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c8-s2-h\"><span class=\"nrp-num\">8.2<\/span><span>Energy, mining and hardware<\/span><\/h2><p class=\"nrp-stand\">Electricity use depends on the consensus design. A project estimate exists for one proof-of-stake network. The current value for proof-of-work networks is not bound here.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">2,601<\/span><span class=\"nrp-cell-u\">MWh per year<\/span><p>Ethereum electricity use, project estimate<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n3\" id=\"nx-nrp-xt-11-c8-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">&gt;99.988<\/span><span class=\"nrp-cell-u\">%<\/span><p>cut cited by the project after proof of stake<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">99.95<\/span><span class=\"nrp-cell-u\">%<\/span><p>cut cited on the project roadmap page<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c8-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.2<\/span><span class=\"nrp-tbl-t\">State at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Component<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Proof of stake<\/td><td>the project cites 2,601 MWh a year; two pages give two cut percentages<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Proof of work<\/td><td>the Cambridge index method is a hybrid top-down model; the live value was not read<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n5\" id=\"nx-nrp-xt-11-c8-r5\" aria-label=\"Note 5\">5<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><\/tr><tr><td>Mining water use<\/td><td>estimated in a study known from press coverage only<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n29\" id=\"nx-nrp-xt-11-c8-r29\" aria-label=\"Note 29\">29<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><\/tr><tr><td>Mining hardware<\/td><td>specialised chips; supply not read<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n28\" id=\"nx-nrp-xt-11-c8-r28\" aria-label=\"Note 28\">28<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Couplings<\/h3><ul class=\"nrp-list\"><li>ENE \u2194 INF electricity demand<\/li><li>WAT \u2192 INF cooling water<\/li><li>MIN \u2192 INF hardware<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>proof-of-work electricity use from the primary index<\/li><li>mining water and hardware footprint<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>The Cambridge index; independent carbon-ratings studies; siting of mining.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-13 Cyber and Digital Systems<\/li><li class=\"nf-ui-chip\">XT-02 Quantum Technologies<\/li><li class=\"nf-ui-chip\">XT-10 Cybersecurity and Advanced Cryptography<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes physical dependencies. It assesses no network or operator.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c8-s3\" aria-labelledby=\"nx-nrp-xt-11-c8-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c8-s3-h\"><span class=\"nrp-num\">8.3<\/span><span>Custody, security and sanctions<\/span><\/h2><p class=\"nrp-stand\">Security depends on how keys are held and on the services that hold them. Large thefts show the exposure of custodians and exchanges.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">1.5<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>Bybit theft, February 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n19\" id=\"nx-nrp-xt-11-c8-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">2<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>North Korea-linked thefts in 2025, vendor<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n20\" id=\"nx-nrp-xt-11-c8-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">21<\/span><span class=\"nrp-cell-u\">March 2025<\/span><p>US Treasury delisting of <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h1\" data-tc=\"NHS-1 atmo.convective.tornado\" data-tk=\"Atmosphere and weather \u00b7 Convective storms\" data-td=\"A violently rotating column of air in contact with the ground, leaving a narrow and intense damage path.\" data-ts=\"NRS-H1\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">Tornado<\/a> Cash<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n21\" id=\"nx-nrp-xt-11-c8-r21\" aria-label=\"Note 21\">21<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c8-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.3<\/span><span class=\"nrp-tbl-t\">State at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Component<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Exchange custody<\/td><td>a theft of about USD 1.5 billion attributed to North Korea<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Vendor totals<\/td><td>at least USD 154 billion received by illicit addresses in 2025; a lower bound; other vendor and monitoring-team reports were not opened<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n20\" aria-label=\"Note 20\">20<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n45\" id=\"nx-nrp-xt-11-c8-r45\" aria-label=\"Note 45\">45<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n46\" id=\"nx-nrp-xt-11-c8-r46\" aria-label=\"Note 46\">46<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/sys\/\" data-txl=\"Systemic and compound events\">Sanctions<\/a> policy<\/td><td>the US removed sanctions against Tornado Cash on 21 March 2025<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n21\" aria-label=\"Note 21\">21<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Transaction ordering<\/td><td>extraction of value from ordering is documented in research<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n41\" id=\"nx-nrp-xt-11-c8-r41\" aria-label=\"Note 41\">41<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Couplings<\/h3><ul class=\"nrp-list\"><li>DAT \u2192 FIN confidence<\/li><li>TRD \u2192 DAT sanctions<\/li><li>INF \u2192 DAT key compromise<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>loss totals on a common basis<\/li><li>custody concentration<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Law-enforcement notices; supervisory actions; annual vendor reports.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-13 Cyber and Digital Systems<\/li><li class=\"nf-ui-chip\">XT-02 Quantum Technologies<\/li><li class=\"nf-ui-chip\">XT-10 Cybersecurity and Advanced Cryptography<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes security events in public sources. It assesses no exchange, custodian or person.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c8-s4\" aria-labelledby=\"nx-nrp-xt-11-c8-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c8-s4-h\"><span class=\"nrp-num\">8.4<\/span><span>Economy, payments and workforce<\/span><\/h2><p class=\"nrp-stand\">Stablecoins and central bank projects bring ledgers into payments. Reserve composition, remittance cost and workforce numbers are the thin parts of the evidence.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">317<\/span><span class=\"nrp-cell-u\">USD billion<\/span><p>stablecoin market capitalisation, April 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n17\" id=\"nx-nrp-xt-11-c8-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">&gt;99<\/span><span class=\"nrp-cell-u\">%<\/span><p>of stablecoins denominated in US dollars<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n6\" id=\"nx-nrp-xt-11-c8-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">85<\/span><span class=\"nrp-cell-u\">central banks<\/span><p>exploring a digital currency, 2024<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n7\" id=\"nx-nrp-xt-11-c8-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c8-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.4<\/span><span class=\"nrp-tbl-t\">State at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Component<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>Stablecoins<\/td><td>USD 317 billion; more than 50% above early 2025<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>BIS assessment<\/td><td>stablecoins fall short on the tests of singleness, elasticity and integrity<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Central bank projects<\/td><td>146 jurisdictions exploring; 3 launched; 41 pilot projects<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n8\" id=\"nx-nrp-xt-11-c8-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Workforce<\/td><td>developer activity is tracked by an industry report; no figure bound<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n25\" id=\"nx-nrp-xt-11-c8-r25\" aria-label=\"Note 25\">25<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Couplings<\/h3><ul class=\"nrp-list\"><li>FIN \u2192 INF scale-up<\/li><li>FIN \u2192 DAT theft exposure<\/li><li>INF \u2194 TRD payments<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>reserve composition<\/li><li>remittance cost on ledger channels<\/li><li>workforce size<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>The next Federal Reserve and BIS notes; issuer attestations; central bank pilots.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-13 Cyber and Digital Systems<\/li><li class=\"nf-ui-chip\">XT-02 Quantum Technologies<\/li><li class=\"nf-ui-chip\">XT-10 Cybersecurity and Advanced Cryptography<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes markets as reported. It gives no investment advice and endorses no token or issuer.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c8-s5\" aria-labelledby=\"nx-nrp-xt-11-c8-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c8-s5-h\"><span class=\"nrp-num\">8.5<\/span><span>Security, cryptography and governance watch<\/span><\/h2><p class=\"nrp-stand\">Statutes, supervisory pages and standard setters now frame the sector. The nearest cryptographic question is the exposure of ledger signatures to a future quantum machine.<\/p><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">18<\/span><span class=\"nrp-cell-u\">months<\/span><p>GENIUS Act default effective date after enactment<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n13\" id=\"nx-nrp-xt-11-c8-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">30 Dec 2024<\/span><span class=\"nrp-cell-u\">date<\/span><p>MiCA applies in full<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n14\" id=\"nx-nrp-xt-11-c8-r14\" aria-label=\"Note 14\">14<\/a><\/sup><\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">8<\/span><span class=\"nrp-cell-u\">recommendations<\/span><p>in the FSB review of October 2025<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n12\" id=\"nx-nrp-xt-11-c8-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/p><\/div><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-c8-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table 8.5<\/span><span class=\"nrp-tbl-t\">State at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Component<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Evidence<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>US statute<\/td><td>GENIUS Act: reserves at least 1 to 1; no issuer interest or yield<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>EU regime<\/td><td>MiCA applies in full; ART and EMT rules from 30 June 2024; grandfathering to 1 July 2026 at the latest<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n15\" id=\"nx-nrp-xt-11-c8-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Global standards<\/td><td>FSB framework of 2023; review of 2025 found significant gaps; Basel standard of 2022; earlier FSB <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-assessment\" data-tk=\"Nexus risk vocabulary\" data-td=\"The overall process of identifying, analysing and evaluating risk to inform decisions.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/nexustandards.com\/glossary\/risk-assessment\/\" data-tgl=\"Nexus Standards glossary\">risk assessment<\/a> and IOSCO review not opened<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n11\" id=\"nx-nrp-xt-11-c8-r11\" aria-label=\"Note 11\">11<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n12\" aria-label=\"Note 12\">12<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n16\" id=\"nx-nrp-xt-11-c8-r16\" aria-label=\"Note 16\">16<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n43\" id=\"nx-nrp-xt-11-c8-r43\" aria-label=\"Note 43\">43<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n44\" id=\"nx-nrp-xt-11-c8-r44\" aria-label=\"Note 44\">44<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><tr><td>Quantum exposure<\/td><td>proposals 360 and 361 are drafts; NIST finalised signature standards in 2024<\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n22\" id=\"nx-nrp-xt-11-c8-r22\" aria-label=\"Note 22\">22<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n23\" id=\"nx-nrp-xt-11-c8-r23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-c8-n24\" id=\"nx-nrp-xt-11-c8-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Couplings<\/h3><ul class=\"nrp-list\"><li>INF \u2192 DAT cryptographic exposure<\/li><li>GOV \u2192 FIN issuer rules<\/li><li>GOV \u2192 TRD cross-border rules<\/li><\/ul><\/div><div><h3 class=\"nrp-h3\">Evidence to bind in 2027<\/h3><ul class=\"nrp-list\"><li>text of national rules<\/li><li>migration progress of signatures<\/li><\/ul><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">WHAT TO WATCH<\/p><p>Final GENIUS regulations; Basel review; FSB follow-up; status of the Bitcoin proposals.<\/p><\/aside><h3 class=\"nrp-h3\">Related editions<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">GLB Global Systems<\/li><li class=\"nf-ui-chip\">GS-05 Finance and Economy<\/li><li class=\"nf-ui-chip\">GS-13 Cyber and Digital Systems<\/li><li class=\"nf-ui-chip\">XT-02 Quantum Technologies<\/li><li class=\"nf-ui-chip\">XT-10 Cybersecurity and Advanced Cryptography<\/li><li class=\"nf-ui-chip\">SR-05 Sovereign, Fiscal and Financial Resilience<\/li><\/ul><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>This chapter describes statutes and standards in public sources. It confers no approval on any product and assesses no government or company.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-c8-notes\" aria-labelledby=\"nx-nrp-xt-11-c8-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-c8-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-c8-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n37\"><span class=\"nrp-notes-n\">37<\/span><span>UNVERIFIED, not opened: Castro, M. and Liskov, B., Practical Byzantine fault tolerance, Proceedings of OSDI, 1999, cited from memory. Observation year 1999. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r37\" aria-label=\"Back to the first call of note 37\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Lamport, L., Shostak, R. and Pease, M., The Byzantine generals problem, ACM Transactions on Programming Languages and <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> 4(3), 382 to 401, 1982, cited from memory. Observation year 1982. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r38\" aria-label=\"Back to the first call of note 38\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Cambridge Centre for Alternative Finance (ed.), Cambridge Bitcoin Electricity Consumption Index, landing and methodology pages (hybrid top-down method; landing page values load by script and none was read). University of Cambridge, Cambridge. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: de Vries, A., Bitcoin\u2019s growing water footprint, Cell Reports Sustainability, 2023, known from press coverage only; no figure used. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r29\" aria-label=\"Back to the first call of note 29\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n28\"><span class=\"nrp-notes-n\">28<\/span><span>UNVERIFIED, not opened: IEA (ed.), Electricity 2024 (page blocked automated access; cited from memory without figures). International Energy Agency, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r28\" aria-label=\"Back to the first call of note 28\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n21\"><span class=\"nrp-notes-n\">21<\/span><span>US Department of the Treasury (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h1\" data-tc=\"NHS-1 atmo.convective.tornado\" data-tk=\"Atmosphere and weather \u00b7 Convective storms\" data-td=\"A violently rotating column of air in contact with the ground, leaving a narrow and intense damage path.\" data-ts=\"NRS-H1\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">Tornado<\/a> Cash Delisting (press release of 21 March 2025). Treasury, Washington. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r21\" aria-label=\"Back to the first call of note 21\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n45\"><span class=\"nrp-notes-n\">45<\/span><span>UNVERIFIED, not opened: TRM <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/labs\" data-tc=\"Labs\" data-tk=\"Nexus Standards\" data-td=\"The research pillar of the programme, one of six (OR-11, OR-12)\">Labs<\/a> (ed.), 2026 Crypto Crime Report, cited from memory without figures. TRM Labs, San Francisco. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r45\" aria-label=\"Back to the first call of note 45\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n46\"><span class=\"nrp-notes-n\">46<\/span><span>UNVERIFIED, not opened: Multilateral <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/sys\/\" data-txl=\"Systemic and compound events\">Sanctions<\/a> Monitoring Team (ed.), report on North Korea cyber activity, 2025, cited from memory without figures. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r46\" aria-label=\"Back to the first call of note 46\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n41\"><span class=\"nrp-notes-n\">41<\/span><span>UNVERIFIED, not opened: Daian, P. et al., Flash Boys 2.0: frontrunning in decentralised exchanges, miner extractable value, and consensus instability, IEEE Symposium on Security and Privacy, 2020, cited from memory. Observation year 2020. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r41\" aria-label=\"Back to the first call of note 41\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Illes, A., Kosse, A. and Wierts, P., Embracing diversity, advancing together: results of the 2024 BIS survey on central bank digital currencies and crypto, BIS Papers 159 (published 22 August 2025; 93 central banks surveyed; 91% exploring). Bank for International Settlements, Basel. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n8\"><span class=\"nrp-notes-n\">8<\/span><span>Atlantic Council (ed.), Central Bank Digital Currency Tracker (page last updated May 2026: 146 countries and currency unions exploring; 3 launched; 41 pilot projects). Atlantic Council, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n25\"><span class=\"nrp-notes-n\">25<\/span><span>Electric Capital (ed.), Crypto developer report and dashboard (page read; figures load by script and none was read). Electric Capital, San Francisco. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r25\" aria-label=\"Back to the first call of note 25\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n12\"><span class=\"nrp-notes-n\">12<\/span><span>FSB (ed.), Thematic review on the FSB Global Regulatory Framework for Crypto-asset Activities (publication page; October 2025; information as of August 2025; significant gaps and inconsistencies; eight recommendations). Financial Stability Board, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n15\"><span class=\"nrp-notes-n\">15<\/span><span>EBA (ed.), Asset-referenced and e-money tokens (MiCA) page (requirements for issuers of ARTs and EMTs apply from 30 June 2024; EBA statement; joint reports). European Banking Authority, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FSB (ed.), FSB Global Regulatory Framework for Crypto-asset Activities (publication page; final report of 17 July 2023). Financial Stability Board, Basel. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Basel Committee on Banking Supervision (ed.), Prudential treatment of cryptoasset exposures, standard SCO60 (publication page; published 16 December 2022; the page states implementation by 1 January 2025; later date and review known only from search summaries). Bank for International Settlements, Basel. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n43\"><span class=\"nrp-notes-n\">43<\/span><span>UNVERIFIED, not opened: FSB (ed.), Assessment of Risks to Financial Stability from Crypto-assets, February 2022, cited from memory. Financial Stability Board, Basel. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r43\" aria-label=\"Back to the first call of note 43\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n44\"><span class=\"nrp-notes-n\">44<\/span><span>UNVERIFIED, not opened: IOSCO (ed.), thematic review on the implementation of IOSCO crypto-asset recommendations, October 2025, known from the FSB page only. International Organization of Securities Commissions, Madrid. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r44\" aria-label=\"Back to the first call of note 44\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n22\"><span class=\"nrp-notes-n\">22<\/span><span>NIST (ed.), Post-Quantum Cryptography project page (three finalised standards; announcement of 13 August 2024; HQC selected as a backup on 11 March 2025). National Institute of Standards and Technology, Gaithersburg. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r22\" aria-label=\"Back to the first call of note 22\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-c8-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-c8-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-methodology\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-ca-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex A<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Methodology<\/h2><p class=\"nrp-lede\">How the edition was made: methods, the model card, the evidence cut and its age, the acceptance record and the glossary.<\/p><p class=\"nrp-chap-meta\"><span>14 min read<\/span><span>0 figures<\/span><span>13 tables<\/span><span>22 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s1\" aria-labelledby=\"nx-nrp-xt-11-ca-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s1-h\"><span class=\"nrp-num\">A.1<\/span><span>Methods<\/span><\/h2><p class=\"nrp-stand\">The global baseline uses published values and four simple derivations. Each is shown in full so that any reader can reproduce it.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.1<\/span><span class=\"nrp-tbl-t\">Methods<\/span><\/caption><thead><tr><th scope=\"col\">No.<\/th><th scope=\"col\">Derivation<\/th><th scope=\"col\">Calculation<\/th><th scope=\"col\">Result<\/th><\/tr><\/thead><tbody><tr><td>(1)<\/td><td>Implied early-2025 stablecoin capitalisation from growth above 50 percent<\/td><td>317 \u00f7 1.5<\/td><td>under USD 211 billion<\/td><\/tr><tr><td>(2)<\/td><td>Latest default effective date of the GENIUS Act<\/td><td>18 July 2025 plus 18 months<\/td><td>18 January 2027<\/td><\/tr><tr><td>(3)<\/td><td>Share of surveyed central banks exploring a digital currency<\/td><td>85 \u00f7 93<\/td><td>about 91 percent<\/td><\/tr><tr><td>(4)<\/td><td>Bybit share of North Korea-linked thefts in 2025, vendor figures<\/td><td>1.5 \u00f7 2.0<\/td><td>about 75 percent<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab2\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.2<\/span><span class=\"nrp-tbl-t\">Coupling strength scale (matrix and model card)<\/span><\/caption><thead><tr><th scope=\"col\">Strength<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td>STRONG<\/td><td>a disruption in the source system has historically changed the target system\u2019s service or output within one season, in more than one region<\/td><\/tr><tr><td>MODERATE<\/td><td>an effect is documented but buffered or slower<\/td><\/tr><tr><td>WEAK<\/td><td>an effect is plausible but not documented at global scale<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.3<\/span><span class=\"nrp-tbl-t\">Status grammar<\/span><\/caption><thead><tr><th scope=\"col\">Label<\/th><th scope=\"col\">Rule<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td>value as issued by its source, with year<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><td>reasoned from cited evidence; never a measurement<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><td>Nexus analytical value with stated method<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Scenario<\/span><\/td><td>conditional on stated assumptions<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><td>structured editorial judgement awaiting evidence<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s2\" aria-labelledby=\"nx-nrp-xt-11-ca-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s2-h\"><span class=\"nrp-num\">A.2<\/span><span>Model card, Distributed Ledger System Model v0<\/span><\/h2><dl class=\"nrp-dl\"><dt>Model ID<\/dt><dd>MDL-XT11-DLT \u00b7 v0.1<\/dd><dt>Purpose<\/dt><dd>represent distributed ledgers as infrastructure coupled to electricity, mining hardware, finance, payments, security and public-key cryptography<\/dd><dt>Family<\/dt><dd>graph-based system of <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a><\/dd><dt>Inputs<\/dt><dd>the cited sources of this edition; no proprietary data<\/dd><dt>Method<\/dt><dd>expert-specified coupling strengths (STRONG \u00b7 MODERATE \u00b7 WEAK) from assessments and analogue events<\/dd><dt>Validation<\/dt><dd>none yet, first validation against federation evidence in 2027<\/dd><dt>Uncertainty<\/dt><dd>qualitative; strengths are hypotheses, not measurements<\/dd><dt>Domain of validity<\/dt><dd>global scale; not for asset-, site- or country-level use<\/dd><dt>Reproducibility<\/dt><dd>strength table and sources published in this edition<\/dd><\/dl><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">20<\/span><span class=\"nrp-cell-u\">couplings<\/span><p>typed in v0<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">0<\/span><span class=\"nrp-cell-u\">strong<\/span><p>documented within one season<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">0<\/span><span class=\"nrp-cell-u\">moderate<\/span><p>documented, buffered<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">20<\/span><span class=\"nrp-cell-u\">weak<\/span><p>plausible, undocumented<\/p><\/div><\/div><div class=\"nrp-split\"><div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">SUITABLE FOR<\/p><p>framing the 2027 agenda; choosing which couplings to measure first; explaining the two readings of distributed ledgers as settlement infrastructure and as a regulatory subject.<\/p><\/aside><\/div><div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NOT SUITABLE FOR<\/p><p>quantitative loss estimates, country comparisons or rankings, operational decisions, or any claim about a specific asset.<\/p><\/aside><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">VERSIONING<\/p><p>Models are immutable by version. A change to any coupling, rule or weight produces v0.2 with its own card and correction note.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s3\" aria-labelledby=\"nx-nrp-xt-11-ca-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s3-h\"><span class=\"nrp-num\">A.3<\/span><span>The baseline evidence cut<\/span><\/h2><p class=\"nrp-stand\">Every Nexus edition is published from a frozen evidence cut. The global baseline cut is documentary: it pins the exact edition of every source cited. Federation cuts begin with the first national Foundry cuts in 2027.<\/p><dl class=\"nrp-dl\"><dt>Cut ID<\/dt><dd>DC-XTECH-DLT-GLOBAL-2026-B0<\/dd><dt>Type<\/dt><dd>baseline documentary cut<\/dd><dt>Resolution policy<\/dt><dd>pinned \u00b7 as of 30 September 2026<\/dd><dt>Sources pinned<\/dt><dd>48 cited sources, each at the edition and access date in the references<\/dd><dt>Model runs<\/dt><dd>none at baseline, analytical values are stated with their method<\/dd><dt>Digest<\/dt><dd>computed at <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h5\" data-tc=\"NHS-1 atmo.thermal.hard-freeze\" data-tk=\"Atmosphere and weather \u00b7 Thermal extremes\" data-td=\"Air temperature falling well below freezing for hours, killing crops, bursting pipes and stopping water flow.\" data-ts=\"NRS-H5\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">freeze<\/a> and recorded in the publication record<\/dd><dt>Supersedes<\/dt><dd>nothing, first cut of the series<\/dd><dt>Superseded by<\/dt><dd>the 2027 distributed ledger annual cut<\/dd><\/dl><h3 class=\"nrp-h3\">Lineage<\/h3><ol class=\"nrp-rows\"><li><span class=\"nrp-rows-i\">01<\/span><p class=\"nrp-rows-x\">source edition<\/p><\/li><li><span class=\"nrp-rows-i\">02<\/span><p class=\"nrp-rows-x\">pinned citation<\/p><\/li><li><span class=\"nrp-rows-i\">03<\/span><p class=\"nrp-rows-x\">finding<\/p><\/li><li><span class=\"nrp-rows-i\">04<\/span><p class=\"nrp-rows-x\">page<\/p><\/li><li><span class=\"nrp-rows-i\">05<\/span><p class=\"nrp-rows-x\">publication record<\/p><\/li><\/ol><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.4<\/span><span class=\"nrp-tbl-t\">From the baseline cut to the federation cut<\/span><\/caption><thead><tr><th scope=\"col\">Element<\/th><th scope=\"col\">Baseline 2026<\/th><th scope=\"col\">2027 global annual<\/th><\/tr><\/thead><tbody><tr><td>Sources<\/td><td>cited global publications, pinned by edition<\/td><td>national, regional and sector cuts through one graph<\/td><\/tr><tr><td>Analysis<\/td><td>stated methods and editorial estimates<\/td><td>typed analysis specifications<\/td><\/tr><tr><td>Models<\/td><td>Distributed Ledger System Model v0 specification<\/td><td>model runs with receipts<\/td><\/tr><tr><td>Findings<\/td><td>twelve baseline findings<\/td><td>findings re-bound to federation evidence<\/td><\/tr><tr><td>Review<\/td><td>five passes scheduled<\/td><td>five passes on the exact digest<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s4\" aria-labelledby=\"nx-nrp-xt-11-ca-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s4-h\"><span class=\"nrp-num\">A.4<\/span><span>Evidence age and coverage<\/span><\/h2><p class=\"nrp-stand\">A 2026 global edition rests on evidence observed in many different years. This page shows each time base, so that no single year label hides older evidence.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.5<\/span><span class=\"nrp-tbl-t\">Evidence age and coverage<\/span><\/caption><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Observed<\/th><th scope=\"col\">Released<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Next release<\/th><\/tr><\/thead><tbody><tr><td>Stablecoin market capitalisation<\/td><td>2026<\/td><td>April 2026<\/td><td>periodic<\/td><td>next FEDS note<\/td><\/tr><tr><td>GENIUS Act<\/td><td>2025<\/td><td>July 2025<\/td><td>one-off<\/td><td>final regulations<\/td><\/tr><tr><td>MiCA application<\/td><td>2024 to 2026<\/td><td>Dec 2024 \u00b7 Jul 2026<\/td><td>periodic<\/td><td>ESMA register updates<\/td><\/tr><tr><td>FSB review<\/td><td>2025<\/td><td>Oct 2025<\/td><td>periodic<\/td><td>next FSB report<\/td><\/tr><tr><td>Digital-currency counts<\/td><td>2024 \u00b7 2026<\/td><td>survey 2024 \u00b7 tracker May 2026<\/td><td>periodic<\/td><td>next BIS survey<\/td><\/tr><tr><td>Bybit theft<\/td><td>2025<\/td><td>Feb 2025<\/td><td>one-off<\/td><td>later notices<\/td><\/tr><tr><td>Illicit volume estimate<\/td><td>2025<\/td><td>vendor report 2026<\/td><td>annual<\/td><td>next vendor report<\/td><\/tr><tr><td>Bitcoin proposals<\/td><td>2026<\/td><td>Feb to Mar 2026<\/td><td>continuous<\/td><td>status changes<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.6<\/span><span class=\"nrp-tbl-t\">Coverage by system at baseline<\/span><\/caption><thead><tr><th scope=\"col\">System<\/th><th scope=\"col\">Coverage<\/th><th scope=\"col\">Thinnest dimension<\/th><\/tr><\/thead><tbody><tr><td>Protocols<\/td><td>PARTIAL<\/td><td>primary electricity index value<\/td><\/tr><tr><td>Money and law<\/td><td>GOOD<\/td><td>issuer reserve attestations<\/td><\/tr><tr><td>Central banks<\/td><td>PARTIAL<\/td><td>project status by country<\/td><\/tr><tr><td>Security<\/td><td>PARTIAL<\/td><td>common basis for losses<\/td><\/tr><tr><td>Energy<\/td><td>THIN<\/td><td>proof-of-work electricity use<\/td><\/tr><tr><td>Supply<\/td><td>THIN<\/td><td>mining hardware supply<\/td><\/tr><tr><td>Skills<\/td><td>THIN<\/td><td>workforce numbers<\/td><\/tr><tr><td>Tokenised assets<\/td><td>THIN<\/td><td>volume of tokenised real-world assets<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.7<\/span><span class=\"nrp-tbl-t\">Designed empty states: what is not bound, what would fill it and why<\/span><\/caption><thead><tr><th scope=\"col\">Field<\/th><th scope=\"col\">Source that would fill it<\/th><th scope=\"col\">Blocker<\/th><\/tr><\/thead><tbody><tr><td>Current electricity use of proof-of-work networks<\/td><td>Cambridge index landing page, competing indices<\/td><td>the landing page loads its values by script and none was read; the method page was read<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n5\" id=\"nx-nrp-xt-11-ca-r5\" aria-label=\"Note 5\">5<\/a><\/sup>; a competing index was not opened<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n47\" id=\"nx-nrp-xt-11-ca-r47\" aria-label=\"Note 47\">47<\/a><\/sup><\/td><\/tr><tr><td>Ethereum electricity use on a common method<\/td><td>independent carbon-ratings studies<\/td><td>the project pages give 2,601 MWh, more than 99.988% and 99.95% on different pages<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n3\" id=\"nx-nrp-xt-11-ca-r3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n4\" id=\"nx-nrp-xt-11-ca-r4\" aria-label=\"Note 4\">4<\/a><\/sup>; no independent study was read<\/td><\/tr><tr><td>Illicit share of stablecoin volume on a common basis<\/td><td>FATF, Treasury, several vendors<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n20\" id=\"nx-nrp-xt-11-ca-r20\" aria-label=\"Note 20\">20<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n26\" id=\"nx-nrp-xt-11-ca-r26\" aria-label=\"Note 26\">26<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n45\" id=\"nx-nrp-xt-11-ca-r45\" aria-label=\"Note 45\">45<\/a><\/sup><\/td><td>one vendor page was read; the FATF update and a second vendor report were not opened<\/td><\/tr><tr><td>Stablecoin reserve composition from issuer attestations<\/td><td>issuer attestations and supervisory returns<\/td><td>not retrieved; the Federal Reserve note was read for market size only<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n17\" id=\"nx-nrp-xt-11-ca-r17\" aria-label=\"Note 17\">17<\/a><\/sup>, and the IMF stability report page read states nothing on stablecoins<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n18\" id=\"nx-nrp-xt-11-ca-r18\" aria-label=\"Note 18\">18<\/a><\/sup><\/td><\/tr><tr><td>Share of stablecoins by issuer and currency<\/td><td>central bank statistics and market data<\/td><td>the BIS chapter gives over 99% dollar-denominated but no total capitalisation<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n6\" id=\"nx-nrp-xt-11-ca-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><\/tr><tr><td>Basel Committee review outcome<\/td><td>Basel Committee publications<\/td><td>the page read shows the 2022 standard and a 2025 start date; a later date and a review appear only in search summaries<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n16\" id=\"nx-nrp-xt-11-ca-r16\" aria-label=\"Note 16\">16<\/a><\/sup><\/td><\/tr><tr><td>MiCA text and the number of authorised service providers<\/td><td>EUR-Lex and the ESMA register<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n14\" id=\"nx-nrp-xt-11-ca-r14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n34\" id=\"nx-nrp-xt-11-ca-r34\" aria-label=\"Note 34\">34<\/a><\/sup><\/td><td>the regulation text did not load; the ESMA page gives dates but no count<\/td><\/tr><tr><td>Post-quantum migration of ledger signatures<\/td><td>protocol specifications and client releases<\/td><td>two draft proposals read; no activated output type<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n23\" id=\"nx-nrp-xt-11-ca-r23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n24\" id=\"nx-nrp-xt-11-ca-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><\/tr><tr><td>Share of bitcoin with an exposed public key on one definition<\/td><td>on-chain analyses<\/td><td>over 34% in a proposal text, about 9.6% and about 25% in secondary summaries<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n24\" aria-label=\"Note 24\">24<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n30\" id=\"nx-nrp-xt-11-ca-r30\" aria-label=\"Note 30\">30<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n31\" id=\"nx-nrp-xt-11-ca-r31\" aria-label=\"Note 31\">31<\/a><\/sup><\/td><\/tr><tr><td>Tokenised real-world asset volumes<\/td><td>issuer and custodian statistics<\/td><td>not retrieved; no figure used<\/td><\/tr><tr><td>Remittance cost series for ledger-based and traditional channels<\/td><td>World Bank remittance price data<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n27\" id=\"nx-nrp-xt-11-ca-r27\" aria-label=\"Note 27\">27<\/a><\/sup><\/td><td>page blocked automated access<\/td><\/tr><tr><td>Quantum and developer workforce for protocol engineering and supervision<\/td><td>industry surveys, labour statistics<\/td><td>the developer report page loads its figures by script and none was read<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n25\" id=\"nx-nrp-xt-11-ca-r25\" aria-label=\"Note 25\">25<\/a><\/sup><\/td><\/tr><tr><td>Global electricity share of crypto-asset mining<\/td><td>IEA electricity outlook<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n28\" id=\"nx-nrp-xt-11-ca-r28\" aria-label=\"Note 28\">28<\/a><\/sup><\/td><td>page blocked automated access<\/td><\/tr><tr><td>Capability rungs beyond statutes and planning<\/td><td>supervisors, operators, exchanges<\/td><td>not reviewed<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s5\" aria-labelledby=\"nx-nrp-xt-11-ca-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s5-h\"><span class=\"nrp-num\">A.5<\/span><span>Evidence cards, two anchor sources<\/span><\/h2><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Enacted by the United States Congress on 18 July 2025. One-off statute. Role: binds GOV-005 and the reserve tile. Coverage: US payment stablecoin issuers and foreign issuers addressed in the Act.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EVD-XT11-001<\/h3><p>GENIUS Act, Public Law 119-27<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n13\" id=\"nx-nrp-xt-11-ca-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">Issued by the US Federal Bureau of Investigation in February 2025. One-off. Role: binds DAT-010. Coverage: one theft attributed to North Korea.<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">EVD-XT11-002<\/h3><p>FBI notice on the Bybit theft<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n19\" id=\"nx-nrp-xt-11-ca-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/p><\/article><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.8<\/span><span class=\"nrp-tbl-t\">Quality dimensions at baseline<\/span><\/caption><thead><tr><th scope=\"col\">Dimension<\/th><th scope=\"col\">EVD-XT11-001<\/th><th scope=\"col\">EVD-XT11-002<\/th><\/tr><\/thead><tbody><tr><td>Completeness<\/td><td>full statute text read<\/td><td>one theft described<\/td><\/tr><tr><td>Timeliness<\/td><td>effective date pending<\/td><td>issued days after the theft<\/td><\/tr><tr><td>Revision<\/td><td>implementing regulations will follow<\/td><td>later notices possible<\/td><\/tr><tr><td>Method transparency<\/td><td>text public<\/td><td>attribution method not described on the page<\/td><\/tr><tr><td>External validation<\/td><td>legislative process<\/td><td>law-enforcement assessment<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Evidence cards to follow in 2027<\/h3><ul class=\"nrp-list\"><li>GENIUS Act<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n13\" aria-label=\"Note 13\">13<\/a><\/sup>: final regulations and effective date<\/li><li>Federal Reserve<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n17\" aria-label=\"Note 17\">17<\/a><\/sup>: next note on stablecoins<\/li><li>Bitcoin proposals<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n23\" aria-label=\"Note 23\">23<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n24\" aria-label=\"Note 24\">24<\/a><\/sup>: status and activation<\/li><li>Basel Committee<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n16\" aria-label=\"Note 16\">16<\/a><\/sup>: review outcome<\/li><\/ul><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s6\" aria-labelledby=\"nx-nrp-xt-11-ca-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s6-h\"><span class=\"nrp-num\">A.6<\/span><span>Publication acceptance record<\/span><\/h2><p class=\"nrp-stand\">Editorial self-check at evidence close. Every applicable item carries a disposition; the remaining items are review, approval and deposit.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab9\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.9<\/span><span class=\"nrp-tbl-t\">Publication acceptance record<\/span><\/caption><thead><tr><th scope=\"col\">Group<\/th><th scope=\"col\">Area<\/th><th scope=\"col\">Items<\/th><th scope=\"col\">Pass<\/th><th scope=\"col\">N\/A<\/th><th scope=\"col\">Pending<\/th><\/tr><\/thead><tbody><tr><td>D1<\/td><td>Identity and scope<\/td><td>8<\/td><td>8<\/td><td>0<\/td><td>0<\/td><\/tr><tr><td>D2<\/td><td>Source and data<\/td><td>12<\/td><td>9<\/td><td>1<\/td><td>2<\/td><\/tr><tr><td>D3<\/td><td>Analysis and models<\/td><td>12<\/td><td>3<\/td><td>8<\/td><td>1<\/td><\/tr><tr><td>D4<\/td><td>Findings and claims<\/td><td>9<\/td><td>8<\/td><td>0<\/td><td>1<\/td><\/tr><tr><td>D5<\/td><td>Figures, tables, maps<\/td><td>10<\/td><td>6<\/td><td>2<\/td><td>2<\/td><\/tr><tr><td>D6<\/td><td>Editorial and citations<\/td><td>10<\/td><td>8<\/td><td>0<\/td><td>2<\/td><\/tr><tr><td>D7<\/td><td>Review and approval<\/td><td>13<\/td><td>0<\/td><td>0<\/td><td>13<\/td><\/tr><tr><td>D8<\/td><td>Artefact and design<\/td><td>12<\/td><td>7<\/td><td>0<\/td><td>5<\/td><\/tr><tr><td>D9<\/td><td>Registry and release<\/td><td>9<\/td><td>0<\/td><td>0<\/td><td>9<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Publication gate<\/h3><dl class=\"nrp-dl\"><dt>Conditions met<\/dt><dd>14 of 23 at evidence close<\/dd><dt>Blocking problems<\/dt><dd>none recorded<\/dd><dt>Open conditions<\/dt><dd>reviews, approval of the exact digest, deposit, registry pointer<\/dd><\/dl><\/div><div><h3 class=\"nrp-h3\">Not applicable at baseline<\/h3><dl class=\"nrp-dl\"><dt>Model runs<\/dt><dd>first runs in Q1 2027<\/dd><dt>Maps<\/dt><dd>plates in Q2 2027<\/dd><dt>Waivers<\/dt><dd>none<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Dispositions are recorded item by item in the machine-readable checklist. A FAIL on any item blocks release.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s7\" aria-labelledby=\"nx-nrp-xt-11-ca-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s7-h\"><span class=\"nrp-num\">A.7<\/span><span>Status words<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab10\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.10<\/span><span class=\"nrp-tbl-t\">The status every value carries<\/span><\/caption><thead><tr><th scope=\"col\">Status<\/th><th scope=\"col\">What it means<\/th><\/tr><\/thead><tbody><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"positive\" aria-hidden=\"true\"><\/span>Observed<\/span><\/td><td>Measured directly and published by the source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td>Published statistics of an official or institutional source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Declared<\/span><\/td><td>Stated by the body concerned; not independently measured.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Estimated<\/span><\/td><td>A Nexus estimate from cited evidence, with its method in Annex A.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Modelled<\/span><\/td><td>Produced by a stated model from cited inputs.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Inferred<\/span><\/td><td>Reasoned from cited evidence; not measured.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Forecast<\/span><\/td><td>A projection by the cited source.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Simulated<\/span><\/td><td>A simulation result under stated assumptions.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Scenario<\/span><\/td><td>A conditional statement under stated assumptions; never a prediction.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"neutral\" aria-hidden=\"true\"><\/span>Expert input<\/span><\/td><td>Expert judgement, recorded with its basis.<\/td><\/tr><tr><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"caution\" aria-hidden=\"true\"><\/span>Candidate<\/span><\/td><td>Proposed for a later edition; not yet evidence.<\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"2\">Evidence-quality levels (EQL 1 to 5) grade the source behind a value; they are not a score of the subject.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s8\" aria-labelledby=\"nx-nrp-xt-11-ca-s8-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s8-h\"><span class=\"nrp-num\">A.8<\/span><span>How the edition is made, released and corrected<\/span><\/h2><p class=\"nx-p\">Every edition is built from a sealed evidence cut, reviewed under three keys, signed and deposited before any site shows it as published; corrections go to <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> as change proposals and feed the next cut.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Step\">01 Evidence arrives from the pillars<\/td><td data-label=\"What happens\">Foundry seals observations and indicator series, Universe hands over after-action and scenario findings, and contributions are screened at every gateway, including this site&#8217;s.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">02 The cut is sealed<\/td><td data-label=\"What happens\">On the cut date the evidence is pinned under one identifier, so anyone can rebuild the edition from exactly what it was built on.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">03 The edition is assembled<\/td><td data-label=\"What happens\">The edition is drafted from its template and content pack. Agents may draft; they never publish and never decide.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">04 The keys turn<\/td><td data-label=\"What happens\">At the publisher of record the truth key comes first: every value is checked against its source or stated method before the meaning and capital keys turn. No edition moves on until every key has been turned by a named steward.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">05 The gate opens<\/td><td data-label=\"What happens\">A named approver releases one exact digest of the edition; any change after this point is a new version, never a silent edit.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">06 Signed and deposited<\/td><td data-label=\"What happens\">The PDF, the web edition and the data bundle are signed together with a manifest and an RO-Crate description, and deposited on Zenodo with a concept and a version DOI.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">07 Published on its desk&#8217;s site<\/td><td data-label=\"What happens\">Only then does the edition show as published on its desk&#8217;s Reports site, and the Collection lists it as a part.<\/td><td data-label=\"Source\"><\/td><\/tr><tr><td data-label=\"Step\">08 Corrections go to Standards<\/td><td data-label=\"What happens\">Method and correction findings go to Nexus Standards as change proposals; citations, corrections and new contributions feed the next evidence cut.<\/td><td data-label=\"Source\"><\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-2\">A teaching model of the process, not a forecast and not a record of any run; dates and counts on this page come from the programme record. Sources: <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/governance\/\" rel=\"noopener\">Reports governance at GCRI Canada<\/a> (2026); Zenodo, repository of record for Reports deposits (2026).<\/p><p class=\"nrp-note\">Lifecycle, one state at a time: Draft, Computed, Evidence bound, Reviewed, Approved for release, Published, Corrected, Superseded. This edition is a draft.<\/p><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s9\" aria-labelledby=\"nx-nrp-xt-11-ca-s9-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s9-h\"><span class=\"nrp-num\">A.9<\/span><span>Glossary and abbreviations<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab11\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.11<\/span><span class=\"nrp-tbl-t\">Series terms<\/span><\/caption><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Meaning<\/th><\/tr><\/thead><tbody><tr><td>Baseline Edition<\/td><td>the inaugural annual edition that fixes the reference state for the series<\/td><\/tr><tr><td>WEFH+B<\/td><td>water, energy, food, health and biodiversity, the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/governance-in-operation\/national-nexus\" data-tc=\"National Nexus\" data-tk=\"Nexus Standards\" data-td=\"The national model: the NNC, the NLC and the NWG as its three participation pillars, with the National Desk, Model and Portfolio and the NSC as the standards function of the NNC (OR-13)\">national nexus<\/a> core<\/td><\/tr><tr><td>Coupling<\/td><td>a typed dependency through which one system transmits to another<\/td><\/tr><tr><td><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 protection-gap\" data-tk=\"Nexus risk vocabulary\" data-td=\"The difference between total economic losses from hazards and the share covered by insurance or other pre-arranged protection, leaving households, firms and governments to absorb the rest.\" data-ts=\"NRS-C1\" data-tr=\"draft\" data-tg=\"https:\/\/globalriskalliance.com\/glossary\/protection-gap\/\" data-tgl=\"Global Risks Alliance glossary\">Protection gap<\/a><\/td><td>the share of losses not covered by insurance<\/td><\/tr><tr><td>Capability ladder<\/td><td>LISTED \u2192 EXISTS \u2192 ADEQUATE \u2192 TESTED \u2192 DEMONSTRATED<\/td><\/tr><tr><td>EQL<\/td><td>evidence-quality level, 1\u20135<\/td><\/tr><tr><td>Evidence cut<\/td><td>a frozen resolution of exact sources and versions<\/td><\/tr><tr><td>NNC \u00b7 NLC \u00b7 NWG<\/td><td>National Nexus Consortium \u00b7 National Leadership Council \u00b7 National Working Groups<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab12\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.12<\/span><span class=\"nrp-tbl-t\">Abbreviations used in this edition<\/span><\/caption><thead><tr><th scope=\"col\">Abbreviation<\/th><th scope=\"col\">Expansion<\/th><\/tr><\/thead><tbody><tr><td>ART<\/td><td>asset-referenced token<\/td><\/tr><tr><td>BIP<\/td><td>Bitcoin improvement proposal<\/td><\/tr><tr><td>CASP<\/td><td>crypto-asset service provider<\/td><\/tr><tr><td>CBDC<\/td><td>central bank digital currency<\/td><\/tr><tr><td>EBA<\/td><td>European Banking Authority<\/td><\/tr><tr><td>EMT<\/td><td>electronic money token<\/td><\/tr><tr><td>ESMA<\/td><td>European Securities and Markets Authority<\/td><\/tr><tr><td>FATF<\/td><td>Financial Action Task Force<\/td><\/tr><tr><td>FSB<\/td><td>Financial Stability Board<\/td><\/tr><tr><td>MiCA<\/td><td>Markets in Crypto-assets Regulation<\/td><\/tr><tr><td>P2MR<\/td><td>Pay-to-Merkle-Root<\/td><\/tr><tr><td>UTXO<\/td><td>unspent transaction output<\/td><\/tr><\/tbody><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-s10\" aria-labelledby=\"nx-nrp-xt-11-ca-s10-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-s10-h\"><span class=\"nrp-num\">A.10<\/span><span>Technical annex<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-ca-tab13\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table A.13<\/span><span class=\"nrp-tbl-t\">Technical annex<\/span><\/caption><thead><tr><th scope=\"col\">Item<\/th><th scope=\"col\">Annex<\/th><th scope=\"col\">Contents<\/th><th scope=\"col\">Status<\/th><\/tr><\/thead><tbody><tr><td>A.1<\/td><td>Indicator definitions<\/td><td>the global indicator set, with units and sources<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.2<\/td><td>Coupling strengths<\/td><td>the twenty-cell matrix and its rationale<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.3<\/td><td>Scenario specification<\/td><td>SCN-XT11-STB-01 assumptions and signposts<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.4<\/td><td>Capability placements<\/td><td>rung evidence for fifteen functions<\/td><td>IN THIS EDITION<\/td><\/tr><tr><td>A.5<\/td><td>Model diagnostics<\/td><td>first runs and validation<\/td><td>2027<\/td><\/tr><tr><td>A.6<\/td><td>Sensitivity analyses<\/td><td>influence of coupling strengths<\/td><td>2027<\/td><\/tr><tr><td>A.7<\/td><td>Cluster notes<\/td><td>cards for the major ledger and tokenised-settlement clusters<\/td><td>2027<\/td><\/tr><tr><td>A.8<\/td><td>Review statements<\/td><td>pass-by-pass review record<\/td><td>AT RELEASE<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">A.1 \u00b7 indicator definition: stablecoin market capitalisation<\/h3><dl class=\"nrp-dl\"><dt>Construct<\/dt><dd>total value of stablecoins in circulation, valued at the issuer peg<\/dd><dt>Unit<\/dt><dd>USD billion<\/dd><dt>Method<\/dt><dd>sum of circulating supply across issuers as defined in the Federal Reserve note<\/dd><dt>Source<\/dt><dd>Federal Reserve FEDS Note of 8 April 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-ca-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/dd><dt>Uncertainty<\/dt><dd>figures differ by source and definition; the BIS chapter gives none<\/dd><dt>Known limits<\/dt><dd>does not show reserve quality or use for payments<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Annexes carry the same evidence, review and correction rules as the chapters and are versioned with the edition.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-ca-notes\" aria-labelledby=\"nx-nrp-xt-11-ca-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-ca-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-ca-n5\"><span class=\"nrp-notes-n\">5<\/span><span>Cambridge Centre for Alternative Finance (ed.), Cambridge Bitcoin Electricity Consumption Index, landing and methodology pages (hybrid top-down method; landing page values load by script and none was read). University of Cambridge, Cambridge. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r5\" aria-label=\"Back to the first call of note 5\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n47\"><span class=\"nrp-notes-n\">47<\/span><span>UNVERIFIED, not opened: Digiconomist (ed.), Bitcoin Energy Consumption Index, cited from memory without figures. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r47\" aria-label=\"Back to the first call of note 47\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: FATF (ed.), Targeted update on implementation of the FATF Standards on virtual assets and virtual asset service providers, 2025 (page blocked automated access; cited from memory without figures). Financial Action Task Force, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r26\" aria-label=\"Back to the first call of note 26\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n45\"><span class=\"nrp-notes-n\">45<\/span><span>UNVERIFIED, not opened: TRM <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/labs\" data-tc=\"Labs\" data-tk=\"Nexus Standards\" data-td=\"The research pillar of the programme, one of six (OR-11, OR-12)\">Labs<\/a> (ed.), 2026 Crypto Crime Report, cited from memory without figures. TRM Labs, San Francisco. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r45\" aria-label=\"Back to the first call of note 45\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n18\"><span class=\"nrp-notes-n\">18<\/span><span>IMF (ed.), Global Financial Stability Report, April 2026 (publication page, Global Financial Markets Confront the War in the Middle East and Amplification Risks; the page text states nothing on stablecoins or crypto-assets). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r18\" aria-label=\"Back to the first call of note 18\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n16\"><span class=\"nrp-notes-n\">16<\/span><span>Basel Committee on Banking Supervision (ed.), Prudential treatment of cryptoasset exposures, standard SCO60 (publication page; published 16 December 2022; the page states implementation by 1 January 2025; later date and review known only from search summaries). Bank for International Settlements, Basel. Observation year 2022. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r16\" aria-label=\"Back to the first call of note 16\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n34\"><span class=\"nrp-notes-n\">34<\/span><span>UNVERIFIED, not opened: European Parliament and Council, Regulation (EU) 2023\/1114 on markets in crypto-assets, Official Journal, 2023 (the text did not load; dates taken from the ESMA page), cited from memory. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r34\" aria-label=\"Back to the first call of note 34\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r23\" aria-label=\"Back to the first call of note 23\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: Glassnode (ed.), analysis of bitcoin supply structurally exposed to quantum risk (about 9.6%), taken from a news summary. Glassnode, Singapore. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r30\" aria-label=\"Back to the first call of note 30\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: Citi Institute (ed.), report of 16 May 2026 on quantum risk to bitcoin (about 25% of supply with exposed public keys), taken from a news summary. Citi, New York. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r31\" aria-label=\"Back to the first call of note 31\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: World Bank (ed.), Remittance Prices Worldwide (page blocked automated access; cited from memory without figures). World Bank, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r27\" aria-label=\"Back to the first call of note 27\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n25\"><span class=\"nrp-notes-n\">25<\/span><span>Electric Capital (ed.), Crypto developer report and dashboard (page read; figures load by script and none was read). Electric Capital, San Francisco. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r25\" aria-label=\"Back to the first call of note 25\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n28\"><span class=\"nrp-notes-n\">28<\/span><span>UNVERIFIED, not opened: IEA (ed.), Electricity 2024 (page blocked automated access; cited from memory without figures). International Energy Agency, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r28\" aria-label=\"Back to the first call of note 28\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-ca-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-ca-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-data\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-cb-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex B<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">Data appendix<\/h2><p class=\"nrp-lede\">The indicator set with its sources, the source registers, the licences of every kind of material and the formats of the edition.<\/p><p class=\"nrp-chap-meta\"><span>10 min read<\/span><span>0 figures<\/span><span>8 tables<\/span><span>19 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cb-s1\" aria-labelledby=\"nx-nrp-xt-11-cb-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cb-s1-h\"><span class=\"nrp-num\">B.1<\/span><span>The indicator set<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-cb-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.1<\/span><span class=\"nrp-tbl-t\">Global baseline indicator set<\/span><\/caption><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Value<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Year<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td>Stablecoin market capitalisation, 6 April 2026<\/td><td><span class=\"nrp-mono\">317<\/span><\/td><td>USD billion<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n17\" id=\"nx-nrp-xt-11-cb-r17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><\/tr><tr><td>Growth in stablecoin capitalisation since early 2025<\/td><td><span class=\"nrp-mono\">&gt;50<\/span><\/td><td>%<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><\/tr><tr><td>Stablecoins denominated in US dollars<\/td><td><span class=\"nrp-mono\">&gt;99<\/span><\/td><td>%<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n6\" id=\"nx-nrp-xt-11-cb-r6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><\/tr><tr><td>GENIUS Act reserve minimum<\/td><td><span class=\"nrp-mono\">1 to 1<\/span><\/td><td>ratio<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n13\" id=\"nx-nrp-xt-11-cb-r13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><\/tr><tr><td>GENIUS Act default effective date after enactment<\/td><td><span class=\"nrp-mono\">18<\/span><\/td><td>months<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><\/tr><tr><td>Ethereum electricity use, project estimate<\/td><td><span class=\"nrp-mono\">2,601<\/span><\/td><td>MWh per year<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n3\" id=\"nx-nrp-xt-11-cb-r3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><\/tr><tr><td>Ethereum electricity cut after proof of stake, estimate<\/td><td><span class=\"nrp-mono\">&gt;99.988<\/span><\/td><td>%<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup><\/td><\/tr><tr><td>Central banks surveyed<\/td><td><span class=\"nrp-mono\">93<\/span><\/td><td>central banks<\/td><td>2024<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n7\" id=\"nx-nrp-xt-11-cb-r7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><\/tr><tr><td>Central banks exploring a digital currency<\/td><td><span class=\"nrp-mono\">85<\/span><\/td><td>central banks<\/td><td>2024<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><\/tr><tr><td>Countries and currency unions exploring a digital currency<\/td><td><span class=\"nrp-mono\">146<\/span><\/td><td>jurisdictions<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n8\" id=\"nx-nrp-xt-11-cb-r8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>Launched retail digital currencies listed<\/td><td><span class=\"nrp-mono\">3<\/span><\/td><td>jurisdictions<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>Digital-currency pilot projects listed<\/td><td><span class=\"nrp-mono\">41<\/span><\/td><td>projects<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>Bybit theft<\/td><td><span class=\"nrp-mono\">1.5<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n19\" id=\"nx-nrp-xt-11-cb-r19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><\/tr><tr><td>Received by illicit addresses, vendor lower bound<\/td><td><span class=\"nrp-mono\">154<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n20\" id=\"nx-nrp-xt-11-cb-r20\" aria-label=\"Note 20\">20<\/a><\/sup><\/td><\/tr><tr><td>North Korea-linked thefts, vendor<\/td><td><span class=\"nrp-mono\">2<\/span><\/td><td>USD billion<\/td><td>2025<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n20\" aria-label=\"Note 20\">20<\/a><\/sup><\/td><\/tr><tr><td>Bitcoin with a revealed public key, proposal text<\/td><td><span class=\"nrp-mono\">&gt;34<\/span><\/td><td>%<\/td><td>2026<\/td><td><span class=\"nrp-st\"><span class=\"nf-ui-dot\" data-tone=\"info\" aria-hidden=\"true\"><\/span>Reported<\/span><\/td><td><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n24\" id=\"nx-nrp-xt-11-cb-r24\" aria-label=\"Note 24\">24<\/a><\/sup><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-actions nrp-noprint\"><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"data:text\/csv;charset=utf-8,Indicator%2CValue%2CUnit%2CYear%2CState%2CSource%0A%22Stablecoin%20market%20capitalisation%2C%206%20April%202026%22%2C317%2CUSD%20billion%2C2026%2CREPORTED%2C%5B17%5D%0AGrowth%20in%20stablecoin%20capitalisation%20since%20early%202025%2C%3E50%2C%25%2C2026%2CREPORTED%2C%5B17%5D%0AStablecoins%20denominated%20in%20US%20dollars%2C%3E99%2C%25%2C2025%2CREPORTED%2C%5B6%5D%0AGENIUS%20Act%20reserve%20minimum%2C1%20to%201%2Cratio%2C2025%2CREPORTED%2C%5B13%5D%0AGENIUS%20Act%20default%20effective%20date%20after%20enactment%2C18%2Cmonths%2C2025%2CREPORTED%2C%5B13%5D%0A%22Ethereum%20electricity%20use%2C%20project%20estimate%22%2C%222%2C601%22%2CMWh%20per%20year%2C2026%2CREPORTED%2C%5B3%5D%0A%22Ethereum%20electricity%20cut%20after%20proof%20of%20stake%2C%20estimate%22%2C%3E99.988%2C%25%2C2026%2CREPORTED%2C%5B3%5D%0ACentral%20banks%20surveyed%2C93%2Ccentral%20banks%2C2024%2CREPORTED%2C%5B7%5D%0ACentral%20banks%20exploring%20a%20digital%20currency%2C85%2Ccentral%20banks%2C2024%2CREPORTED%2C%5B7%5D%0ACountries%20and%20currency%20unions%20exploring%20a%20digital%20currency%2C146%2Cjurisdictions%2C2026%2CREPORTED%2C%5B8%5D%0ALaunched%20retail%20digital%20currencies%20listed%2C3%2Cjurisdictions%2C2026%2CREPORTED%2C%5B8%5D%0ADigital-currency%20pilot%20projects%20listed%2C41%2Cprojects%2C2026%2CREPORTED%2C%5B8%5D%0ABybit%20theft%2C1.5%2CUSD%20billion%2C2025%2CREPORTED%2C%5B19%5D%0A%22Received%20by%20illicit%20addresses%2C%20vendor%20lower%20bound%22%2C154%2CUSD%20billion%2C2025%2CREPORTED%2C%5B20%5D%0A%22North%20Korea-linked%20thefts%2C%20vendor%22%2C2%2CUSD%20billion%2C2025%2CREPORTED%2C%5B20%5D%0A%22Bitcoin%20with%20a%20revealed%20public%20key%2C%20proposal%20text%22%2C%3E34%2C%25%2C2026%2CREPORTED%2C%5B24%5D%0A\" download=\"NR-XTECH-DLT-GLOBAL-2026-BASELINE-indicators.csv\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 15V3\"\/><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><path d=\"m7 10 5 5 5-5\"\/><\/svg>Indicators, CSV<\/a><a class=\"nf-ui-btn\" data-variant=\"secondary\" href=\"data:application\/json;charset=utf-8,%7B%0A%20%22edition%22%3A%20%22NR-XTECH-DLT-GLOBAL-2026-BASELINE%22%2C%0A%20%22title%22%3A%20%22Exponential%20Technology%20Report%202026%3A%20Blockchain%20and%20Distributed%20Ledgers%22%2C%0A%20%22status%22%3A%20%22Draft%20under%20stewardship%20review%3B%20not%20yet%20released%22%2C%0A%20%22licence%22%3A%20%22CC-BY-4.0%20for%20the%20edition%20table%3B%20each%20value%20keeps%20its%20source's%20licence%22%2C%0A%20%22columns%22%3A%20%5B%0A%20%20%22Indicator%22%2C%0A%20%20%22Value%22%2C%0A%20%20%22Unit%22%2C%0A%20%20%22Year%22%2C%0A%20%20%22State%22%2C%0A%20%20%22Source%22%0A%20%5D%2C%0A%20%22rows%22%3A%20%5B%0A%20%20%5B%0A%20%20%20%22Stablecoin%20market%20capitalisation%2C%206%20April%202026%22%2C%0A%20%20%20%22317%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B17%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Growth%20in%20stablecoin%20capitalisation%20since%20early%202025%22%2C%0A%20%20%20%22%3E50%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B17%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Stablecoins%20denominated%20in%20US%20dollars%22%2C%0A%20%20%20%22%3E99%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B6%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22GENIUS%20Act%20reserve%20minimum%22%2C%0A%20%20%20%221%20to%201%22%2C%0A%20%20%20%22ratio%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B13%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22GENIUS%20Act%20default%20effective%20date%20after%20enactment%22%2C%0A%20%20%20%2218%22%2C%0A%20%20%20%22months%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B13%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Ethereum%20electricity%20use%2C%20project%20estimate%22%2C%0A%20%20%20%222%2C601%22%2C%0A%20%20%20%22MWh%20per%20year%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B3%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Ethereum%20electricity%20cut%20after%20proof%20of%20stake%2C%20estimate%22%2C%0A%20%20%20%22%3E99.988%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B3%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Central%20banks%20surveyed%22%2C%0A%20%20%20%2293%22%2C%0A%20%20%20%22central%20banks%22%2C%0A%20%20%20%222024%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B7%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Central%20banks%20exploring%20a%20digital%20currency%22%2C%0A%20%20%20%2285%22%2C%0A%20%20%20%22central%20banks%22%2C%0A%20%20%20%222024%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B7%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Countries%20and%20currency%20unions%20exploring%20a%20digital%20currency%22%2C%0A%20%20%20%22146%22%2C%0A%20%20%20%22jurisdictions%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B8%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Launched%20retail%20digital%20currencies%20listed%22%2C%0A%20%20%20%223%22%2C%0A%20%20%20%22jurisdictions%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B8%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Digital-currency%20pilot%20projects%20listed%22%2C%0A%20%20%20%2241%22%2C%0A%20%20%20%22projects%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B8%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Bybit%20theft%22%2C%0A%20%20%20%221.5%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B19%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Received%20by%20illicit%20addresses%2C%20vendor%20lower%20bound%22%2C%0A%20%20%20%22154%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B20%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22North%20Korea-linked%20thefts%2C%20vendor%22%2C%0A%20%20%20%222%22%2C%0A%20%20%20%22USD%20billion%22%2C%0A%20%20%20%222025%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B20%5D%22%0A%20%20%5D%2C%0A%20%20%5B%0A%20%20%20%22Bitcoin%20with%20a%20revealed%20public%20key%2C%20proposal%20text%22%2C%0A%20%20%20%22%3E34%22%2C%0A%20%20%20%22%25%22%2C%0A%20%20%20%222026%22%2C%0A%20%20%20%22REPORTED%22%2C%0A%20%20%20%22%5B24%5D%22%0A%20%20%5D%0A%20%5D%0A%7D\" download=\"NR-XTECH-DLT-GLOBAL-2026-BASELINE-indicators.json\"><svg class=\"nrp-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 15V3\"\/><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><path d=\"m7 10 5 5 5-5\"\/><\/svg>Indicators, JSON<\/a><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NOTES<\/p><p>Values are rounded as published. Vendor, project and draft-text values are weak evidence and carry that label in the findings. Values from search summaries carry an UNVERIFIED reference and are listed in the notes. A machine-readable copy of this table is published with the evidence bundle at release.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cb-s2\" aria-labelledby=\"nx-nrp-xt-11-cb-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cb-s2-h\"><span class=\"nrp-num\">B.2<\/span><span>Global source register<\/span><\/h2><p class=\"nrp-stand\">The governed source set behind this edition. Each source keeps its authority, coverage, cadence and role; categories describe origin, not truth.<\/p><h3 class=\"nrp-h3\">Domains bound by the register<\/h3><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">INF<\/li><li class=\"nf-ui-chip\">FIN<\/li><li class=\"nf-ui-chip\">DAT<\/li><li class=\"nf-ui-chip\">ENE<\/li><li class=\"nf-ui-chip\">CRY<\/li><li class=\"nf-ui-chip\">GOV<\/li><li class=\"nf-ui-chip\">TRD<\/li><li class=\"nf-ui-chip\">CLI<\/li><li class=\"nf-ui-chip\">WAT<\/li><li class=\"nf-ui-chip\">MIN<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-cb-tab3\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.3<\/span><span class=\"nrp-tbl-t\">Global source register<\/span><\/caption><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">Category<\/th><th scope=\"col\">Coverage<\/th><th scope=\"col\">Period<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Role<\/th><\/tr><\/thead><tbody><tr><td>Nakamoto white paper<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n1\" id=\"nx-nrp-xt-11-cb-r1\" aria-label=\"Note 1\">1<\/a><\/sup><\/td><td>white paper<\/td><td>protocol<\/td><td>2008<\/td><td>one-off<\/td><td>foundation<\/td><\/tr><tr><td>NIST IR 8202<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n2\" id=\"nx-nrp-xt-11-cb-r2\" aria-label=\"Note 2\">2<\/a><\/sup><\/td><td>national standards body<\/td><td>technology<\/td><td>2018<\/td><td>one-off<\/td><td>overview<\/td><\/tr><tr><td>Ethereum Foundation pages<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n3\" aria-label=\"Note 3\">3<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n4\" id=\"nx-nrp-xt-11-cb-r4\" aria-label=\"Note 4\">4<\/a><\/sup><\/td><td>project body<\/td><td>one network<\/td><td>2025 to 2026<\/td><td>continuous<\/td><td>energy, upgrades<\/td><\/tr><tr><td>BIS Annual Economic Report<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n6\" aria-label=\"Note 6\">6<\/a><\/sup><\/td><td>central bank forum<\/td><td>global<\/td><td>2025<\/td><td>annual<\/td><td>stablecoins<\/td><\/tr><tr><td>BIS survey of central banks<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n7\" aria-label=\"Note 7\">7<\/a><\/sup><\/td><td>central bank forum<\/td><td>global<\/td><td>2024<\/td><td>periodic<\/td><td>digital currency<\/td><\/tr><tr><td>FSB reports<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n11\" id=\"nx-nrp-xt-11-cb-r11\" aria-label=\"Note 11\">11<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n12\" id=\"nx-nrp-xt-11-cb-r12\" aria-label=\"Note 12\">12<\/a><\/sup><\/td><td>standard setter<\/td><td>global<\/td><td>2023 to 2025<\/td><td>periodic<\/td><td>rules<\/td><\/tr><tr><td>GENIUS Act<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n13\" aria-label=\"Note 13\">13<\/a><\/sup><\/td><td>legislature<\/td><td>US<\/td><td>2025<\/td><td>one-off<\/td><td>statute<\/td><\/tr><tr><td>ESMA and EBA pages<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n14\" id=\"nx-nrp-xt-11-cb-r14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n15\" id=\"nx-nrp-xt-11-cb-r15\" aria-label=\"Note 15\">15<\/a><\/sup><\/td><td>EU authorities<\/td><td>EU<\/td><td>2024 to 2025<\/td><td>continuous<\/td><td>MiCA<\/td><\/tr><tr><td>Federal Reserve note<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n17\" aria-label=\"Note 17\">17<\/a><\/sup><\/td><td>central bank<\/td><td>US and global<\/td><td>2026<\/td><td>periodic<\/td><td>stablecoin size<\/td><\/tr><tr><td>FBI notice<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n19\" aria-label=\"Note 19\">19<\/a><\/sup><\/td><td>law enforcement<\/td><td>global<\/td><td>2025<\/td><td>one-off<\/td><td>attribution<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">FIXTURE PROHIBITION<\/p><p>No demonstration or reference-cartographic fixture is used as evidence in this edition. The publication gate checks every binding against this register.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cb-s3\" aria-labelledby=\"nx-nrp-xt-11-cb-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cb-s3-h\"><span class=\"nrp-num\">B.3<\/span><span>Regional reading, distributed ledger across ten clusters<\/span><\/h2><p class=\"nrp-stand\">Regional plates follow with the regional editions. This page gives the regional reading of ledger infrastructure and rules in table form and ranks no region.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-cb-tab4\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.4<\/span><span class=\"nrp-tbl-t\">Regional reading, distributed ledger across ten clusters<\/span><\/caption><thead><tr><th scope=\"col\">Region<\/th><th scope=\"col\">Principal hazards<\/th><th scope=\"col\">Systems most exposed<\/th><th scope=\"col\">Baseline evidence<\/th><\/tr><\/thead><tbody><tr><td>North America<\/td><td>GENIUS Act; Treasury <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/sys\/\" data-txl=\"Systemic and compound events\">sanctions<\/a> policy; exchange theft<\/td><td>law, security<\/td><td>Public Law 119-27<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n13\" aria-label=\"Note 13\">13<\/a><\/sup>; Treasury<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n21\" id=\"nx-nrp-xt-11-cb-r21\" aria-label=\"Note 21\">21<\/a><\/sup><\/td><\/tr><tr><td>South America<\/td><td>national rules and adoption<\/td><td>payments<\/td><td>regional evidence (not bound)<\/td><\/tr><tr><td>Europe<\/td><td>MiCA; digital euro preparation<\/td><td>law, central bank money<\/td><td>ESMA and EBA<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n14\" aria-label=\"Note 14\">14<\/a><\/sup><sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n15\" aria-label=\"Note 15\">15<\/a><\/sup>; ECB<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n48\" id=\"nx-nrp-xt-11-cb-r48\" aria-label=\"Note 48\">48<\/a><\/sup><\/td><\/tr><tr><td>Eurasia<\/td><td>sanctions and payment projects<\/td><td>payments, security<\/td><td>regional evidence (not bound)<\/td><\/tr><tr><td>Middle East and North Africa<\/td><td>regional rules and projects<\/td><td>payments<\/td><td>regional evidence (not bound)<\/td><\/tr><tr><td>Africa<\/td><td>one launched retail currency listed; remittance use<\/td><td>payments, access<\/td><td>Atlantic Council<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n8\" aria-label=\"Note 8\">8<\/a><\/sup><\/td><\/tr><tr><td>South Asia<\/td><td>national programmes<\/td><td>payments<\/td><td>regional evidence (not bound)<\/td><\/tr><tr><td>East Asia<\/td><td>central bank projects; licensing regimes<\/td><td>law, payments<\/td><td>regional evidence (not bound)<\/td><\/tr><tr><td>ASEAN<\/td><td>cross-border settlement projects<\/td><td>payments<\/td><td>regional evidence (not bound)<\/td><\/tr><tr><td>Oceania-Pacific<\/td><td>national rules and projects<\/td><td>law<\/td><td>regional evidence (not bound)<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">MAP PLATES WITH THE REGIONAL EDITIONS<\/p><p>Each plate will carry its boundary source and version, projection, resolution, classification, uncertainty encoding and public-safe transform, with text and table alternatives.<\/p><\/aside><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>Regional readings summarise the cited evidence. They are not risk ratings of any region or country.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cb-s4\" aria-labelledby=\"nx-nrp-xt-11-cb-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cb-s4-h\"><span class=\"nrp-num\">B.4<\/span><span>Cluster card: tokenised settlement between central banks and banks<\/span><\/h2><ul class=\"nrp-chips\"><li class=\"nf-ui-chip\">settlement<\/li><li class=\"nf-ui-chip\">tokenisation<\/li><li class=\"nf-ui-chip\">central bank money<\/li><li class=\"nf-ui-chip\">cross-border<\/li><\/ul><dl class=\"nrp-dl\"><dt>Systems in view<\/dt><dd>central bank reserves, commercial bank deposits, shared platforms<\/dd><dt>Defining events<\/dt><dd>Project Agor\u00e1 led by eight central banks and over 40 financial institutions<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n10\" id=\"nx-nrp-xt-11-cb-r10\" aria-label=\"Note 10\">10<\/a><\/sup><\/dd><dt>Couplings<\/dt><dd>FIN \u2192 INF settlement; GOV \u2192 FIN rules<\/dd><dt>Capability evidence<\/dt><dd>digital euro pilot from mid-2027 if EU law passes in 2026<sup class=\"nrp-fn\"><a href=\"#nx-nrp-xt-11-cb-n48\" aria-label=\"Note 48\">48<\/a><\/sup><\/dd><dt>Gaps<\/dt><dd>live volumes; operating model; legal basis<\/dd><dt>Agenda items<\/dt><dd>L-05 \u00b7 L-06<\/dd><\/dl><div class=\"nrp-cards\"><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">A BIS Innovation Hub project tests a shared programmable platform that records tokenised reserves and deposits for wholesale cross-border payments [10].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">PROJECT<\/h3><p>Agor\u00e1<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">In October 2025 the ECB said a pilot could start from mid-2027 and the Eurosystem could be ready for a potential first issuance during 2029, if EU legislation is adopted in 2026. The decision to issue is taken only after the legislation is adopted [48].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">CENTRAL BANK<\/h3><p>Digital euro<\/p><\/article><article class=\"nf-ui-card nrp-card\"><p class=\"nf-ui-eyebrow\">In the 2024 BIS survey 91% of central banks were exploring a digital currency, and wholesale work was more advanced than retail work [7].<\/p><h3 class=\"nf-ui-title\" data-level=\"card\">SURVEY<\/h3><p>Wide exploration<\/p><\/article><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">evidence<\/p><p>Cluster cards are generated for the major ledger and settlement clusters in 2027. The tokenised settlement cluster is shown first because its design and sponsors are documented.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cb-s5\" aria-labelledby=\"nx-nrp-xt-11-cb-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cb-s5-h\"><span class=\"nrp-num\">B.5<\/span><span>How countries appear in the distributed ledger edition<\/span><\/h2><p class=\"nrp-stand\">Countries enter the ledger edition through the readiness chapters of their own national editions, on one card grammar. They are read against peer distributions and thresholds, never ranked.<\/p><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-cb-tab5\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.5<\/span><span class=\"nrp-tbl-t\">How countries appear in the distributed ledger edition<\/span><\/caption><thead><tr><th scope=\"col\">Card field<\/th><th scope=\"col\">What it shows<\/th><th scope=\"col\">Source<\/th><\/tr><\/thead><tbody><tr><td>WEFH+B state<\/td><td>each core system against peer distribution bands<\/td><td>national edition<\/td><\/tr><tr><td>Couplings<\/td><td>the national dependency matrix<\/td><td>national edition<\/td><\/tr><tr><td>Risk objects<\/td><td>the national risk portfolio<\/td><td>national edition<\/td><\/tr><tr><td>Capability rungs<\/td><td>the national capability ladder<\/td><td>national edition<\/td><\/tr><tr><td>Evidence age<\/td><td>oldest and newest source dates<\/td><td>national source register<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Editions in the 2026 Baseline programme<\/h3><div class=\"pp-cells nrp-cells-3\"><div class=\"nrp-cell\"><span class=\"pp-metric\">26<\/span><span class=\"nrp-cell-u\">national<\/span><p>countries and unions<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">10<\/span><span class=\"nrp-cell-u\">regional<\/span><p>clusters<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">16<\/span><span class=\"nrp-cell-u\">global<\/span><p>flagship and sector<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">14<\/span><span class=\"nrp-cell-u\">strategic<\/span><p><a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> reports<\/p><\/div><div class=\"nrp-cell\"><span class=\"pp-metric\">20<\/span><span class=\"nrp-cell-u\">frontier<\/span><p>technology reports<\/p><\/div><\/div><h3 class=\"nrp-h3\">How to read a country card<\/h3><ul class=\"nrp-list\"><li>Each system is shown against the distribution of its peers, with thresholds where they exist<\/li><li>Couplings and risk objects come from the country\u2019s own national edition<\/li><li>Capability rungs record evidence, not a judgement of institutions<\/li><li>Evidence age is printed, so older national data are visible as such<\/li><\/ul><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-cb-tab6\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.6<\/span><span class=\"nrp-tbl-t\">National Baseline Editions in the 2026 programme<\/span><\/caption><thead><tr><th scope=\"col\">Wave<\/th><th scope=\"col\">Countries and unions<\/th><th scope=\"col\">State<\/th><\/tr><\/thead><tbody><tr><td>W0<\/td><td>Canada<\/td><td>ISSUED<\/td><\/tr><tr><td>W1<\/td><td>United States, United Kingdom, France, Germany, Italy, Japan, European Union, Switzerland<\/td><td>PLANNED<\/td><\/tr><tr><td>W2<\/td><td>Mexico, Brazil, Argentina, T\u00fcrkiye, Russian Federation, Saudi Arabia, United Arab Emirates, South Africa, Senegal, Kenya, African Union, India, China, Republic of Korea, Indonesia, Singapore, Australia<\/td><td>PLANNED<\/td><\/tr><\/tbody><\/table><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">boundary<\/p><p>External rankings, where cited, keep their own method and source. Nexus never converts them into a rating, and each country\u2019s ownership of its national edition is unaffected by its appearance here.<\/p><\/aside><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cb-s6\" aria-labelledby=\"nx-nrp-xt-11-cb-s6-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cb-s6-h\"><span class=\"nrp-num\">B.6<\/span><span>Licences<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-cb-tab7\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.7<\/span><span class=\"nrp-tbl-t\">Licences of each kind of material<\/span><\/caption><thead><tr><th scope=\"col\">Material<\/th><th scope=\"col\">Licence<\/th><\/tr><\/thead><tbody><tr><td>Text<\/td><td>CC BY 4.0<\/td><\/tr><tr><td>Data<\/td><td>on the licence of each source; Nexus tables CC BY 4.0<\/td><\/tr><tr><td>Figures<\/td><td>Nexus figures CC BY 4.0; third-party as credited<\/td><\/tr><tr><td>Maps<\/td><td>boundary source and licence printed on each plate<\/td><\/tr><tr><td>Metadata<\/td><td>CC0 1.0, as Zenodo publishes it<\/td><\/tr><tr><td>Third-party data, figures and text<\/td><td>The source&#8217;s own licence, credited where it is used; never relicensed<\/td><\/tr><\/tbody><tfoot><tr><td colspan=\"2\">Nexus-authored text, tables and figures: CC BY 4.0 (SPDX CC-BY-4.0). Map plates print their boundary source and licence.<\/td><\/tr><\/tfoot><\/table><\/div><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cb-s7\" aria-labelledby=\"nx-nrp-xt-11-cb-s7-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cb-s7-h\"><span class=\"nrp-num\">B.7<\/span><span>Formats and provenance<\/span><\/h2><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-cb-tab8\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table B.8<\/span><span class=\"nrp-tbl-t\">This edition in every format<\/span><\/caption><thead><tr><th scope=\"col\">Format<\/th><th scope=\"col\">Kind<\/th><th scope=\"col\">State<\/th><th scope=\"col\">What it is<\/th><th scope=\"col\">Identifier<\/th><\/tr><\/thead><tbody><tr><td>Web edition<\/td><td><span class=\"nrp-mono\">HTML<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>Draft in stewardship review; every value resolves to its source.<\/td><td><span class=\"nrp-mono\">NR-XTECH-DLT-GLOBAL-2026-BASELINE-v1.0.0<\/span><\/td><\/tr><tr><td>Print edition<\/td><td><span class=\"nrp-mono\">PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"release\">At release<\/span><\/td><td>A4 portrait \u00b7 screen, print and archival PDF, signed with the web edition at release.<\/td><td><span class=\"nrp-mono\">NR-XTECH-DLT-GLOBAL-2026-BASELINE-v1.0.0<\/span><\/td><\/tr><tr><td>Indicator data<\/td><td><span class=\"nrp-mono\">CSV \u00b7 JSON<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>16 indicators with unit, year, status and source; the machine-readable copy ships with the evidence bundle at release.<\/td><td><span class=\"nrp-mono\">NR-XTECH-DLT-GLOBAL-2026-BASELINE data release v1<\/span><\/td><\/tr><tr><td>Figures<\/td><td><span class=\"nrp-mono\">SVG \u00b7 PNG<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"here\">On this site<\/span><\/td><td>4 on the web edition: headline figure, figure 1.3, coupling instrument, capability ladder.<\/td><td><span class=\"nrp-mono\">FIG-XTECH-DLT-GLOBAL-2026-BASELINE-*<\/span><\/td><\/tr><tr><td>Slides<\/td><td><span class=\"nrp-mono\">PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"none\">Not recorded<\/span><\/td><td>No slide deck is recorded for this edition.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><tr><td>Evidence brief<\/td><td><span class=\"nrp-mono\">HTML \u00b7 PDF<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"none\">Not recorded<\/span><\/td><td>No evidence brief is recorded for this edition.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><tr><td>Dataset with DOI<\/td><td><span class=\"nrp-mono\">DataCite<\/span><\/td><td><span class=\"nx-nr-out-s\" data-state=\"release\">At release<\/span><\/td><td>Concept and version DOI are minted at deposit; none is recorded yet.<\/td><td><span class=\"nrp-mono\"><\/span><\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nrp-h3\">Provenance<\/h3><dl class=\"nrp-dl\"><dt>Edition pack<\/dt><dd>The edition&#8217;s content pack (JSON), from which the print and web editions are built<\/dd><dt>Evidence cut<\/dt><dd>DC-XTECH-DLT-GLOBAL-2026-B0, closed 30 September 2026<\/dd><dt>Reproducibility<\/dt><dd>sourced values cited; analytical values reproducible from stated parameters<\/dd><dt>Self-check<\/dt><dd>14 of 23 at evidence close; a fail on any item blocks release<\/dd><dt>Review<\/dt><dd>five passes scheduled before release (in Annex C)<\/dd><dt>Publisher of record<\/dt><dd>GCRI for the Nexus Consortium<\/dd><dt>Corrections<\/dt><dd>Registry correction pathway; upheld corrections are published as notices with a new version<\/dd><\/dl><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cb-notes\" aria-labelledby=\"nx-nrp-xt-11-cb-notes-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cb-notes-h\"><span>Notes<\/span><\/h2><p class=\"nrp-note\">Numbers are the edition&#8217;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. <a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/references\/\">Annex C, references<\/a><\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-cb-n17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r17\" aria-label=\"Back to the first call of note 17\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r6\" aria-label=\"Back to the first call of note 6\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r13\" aria-label=\"Back to the first call of note 13\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r3\" aria-label=\"Back to the first call of note 3\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n7\"><span class=\"nrp-notes-n\">7<\/span><span>Illes, A., Kosse, A. and Wierts, P., Embracing diversity, advancing together: results of the 2024 BIS survey on central bank digital currencies and crypto, BIS Papers 159 (published 22 August 2025; 93 central banks surveyed; 91% exploring). Bank for International Settlements, Basel. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r7\" aria-label=\"Back to the first call of note 7\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n8\"><span class=\"nrp-notes-n\">8<\/span><span>Atlantic Council (ed.), Central Bank Digital Currency Tracker (page last updated May 2026: 146 countries and currency unions exploring; 3 launched; 41 pilot projects). Atlantic Council, Washington. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r8\" aria-label=\"Back to the first call of note 8\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r19\" aria-label=\"Back to the first call of note 19\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r20\" aria-label=\"Back to the first call of note 20\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r24\" aria-label=\"Back to the first call of note 24\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r1\" aria-label=\"Back to the first call of note 1\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r2\" aria-label=\"Back to the first call of note 2\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r4\" aria-label=\"Back to the first call of note 4\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n11\"><span class=\"nrp-notes-n\">11<\/span><span>FSB (ed.), FSB Global Regulatory Framework for Crypto-asset Activities (publication page; final report of 17 July 2023). Financial Stability Board, Basel. Observation year 2023. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r11\" aria-label=\"Back to the first call of note 11\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n12\"><span class=\"nrp-notes-n\">12<\/span><span>FSB (ed.), Thematic review on the FSB Global Regulatory Framework for Crypto-asset Activities (publication page; October 2025; information as of August 2025; significant gaps and inconsistencies; eight recommendations). Financial Stability Board, Basel. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r12\" aria-label=\"Back to the first call of note 12\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r14\" aria-label=\"Back to the first call of note 14\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n15\"><span class=\"nrp-notes-n\">15<\/span><span>EBA (ed.), Asset-referenced and e-money tokens (MiCA) page (requirements for issuers of ARTs and EMTs apply from 30 June 2024; EBA statement; joint reports). European Banking Authority, Paris. Observation year 2024. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r15\" aria-label=\"Back to the first call of note 15\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n21\"><span class=\"nrp-notes-n\">21<\/span><span>US Department of the Treasury (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h1\" data-tc=\"NHS-1 atmo.convective.tornado\" data-tk=\"Atmosphere and weather \u00b7 Convective storms\" data-td=\"A violently rotating column of air in contact with the ground, leaving a narrow and intense damage path.\" data-ts=\"NRS-H1\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">Tornado<\/a> Cash Delisting (press release of 21 March 2025). Treasury, Washington. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r21\" aria-label=\"Back to the first call of note 21\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n48\"><span class=\"nrp-notes-n\">48<\/span><span>European Central Bank (ed.), Eurosystem moving to next phase of digital euro project (press release of 30 October 2025; a pilot exercise and initial transactions could take place as of mid-2027 if the Regulation is adopted in 2026; readiness for a potential first issuance during 2029; the decision to issue is taken only once the legislation is adopted). ECB, Frankfurt. Observation year 2025. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r48\" aria-label=\"Back to the first call of note 48\">back<\/a><\/span><\/li><li id=\"nx-nrp-xt-11-cb-n10\"><span class=\"nrp-notes-n\">10<\/span><span>BIS Innovation Hub (ed.), Project Agor\u00e1 (page last updated 27 May 2026: eight central banks and over 40 financial institutions testing tokenised cross-border settlement). Bank for International Settlements, Basel. Observation year 2026. Accessed 2026-11-03.<a class=\"nrp-notes-back\" href=\"#nx-nrp-xt-11-cb-r10\" aria-label=\"Back to the first call of note 10\">back<\/a><\/span><\/li><\/ol><\/section><\/div><div class=\"nrp-part\" id=\"nx-nrp-xt-11-part-references\"><header class=\"nrp-chap-head\" id=\"nx-nrp-xt-11-cc-top\"><ul class=\"nrp-eyerow\"><li class=\"nf-ui-eyebrow\"><a href=\"https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\">Blockchain and Distributed Ledgers 2026<\/a><\/li><li class=\"nf-ui-eyebrow\">Annex C<\/li><\/ul><span class=\"nrp-rule\" aria-hidden=\"true\"><\/span><h2 class=\"pp-hero-title\">References and record<\/h2><p class=\"nrp-lede\">Every source the edition rests on, the publication record, the corrections log and the open record.<\/p><p class=\"nrp-chap-meta\"><span>15 min read<\/span><span>0 figures<\/span><span>1 table<\/span><span>0 notes<\/span><span>NR-XTECH-DLT-GLOBAL-2026-BASELINE<\/span><\/p><\/header><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cc-s1\" aria-labelledby=\"nx-nrp-xt-11-cc-s1-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cc-s1-h\"><span class=\"nrp-num\">C.1<\/span><span>48 sources<\/span><\/h2><p class=\"nrp-stand\">NR-CIT-1, editor first. A DOI is linked where the source has one; Nexus records carry a <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/uni\/\" data-tc=\"UNI\" data-tk=\"Nexus Standards\" data-td=\"The universal identifier of every Nexus artifact (NS-1)\">UNI<\/a> once the catalogue allocates it (NS-1).<\/p><ol class=\"nrp-notes\"><li id=\"nx-nrp-xt-11-ref-1\"><span class=\"nrp-notes-n\">1<\/span><span>Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, white paper, 2008 (PDF read in full for the abstract). Observation year 2008. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-2\"><span class=\"nrp-notes-n\">2<\/span><span>Yaga, D., Mell, P., Roby, N. and Scarfone, K., Blockchain Technology Overview, NIST IR 8202 (publication page; published 3 October 2018, page updated 7 May 2026). National Institute of Standards and Technology, Gaithersburg. Observation year 2018. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-3\"><span class=\"nrp-notes-n\">3<\/span><span>Ethereum Foundation (ed.), Ethereum energy consumption (project page citing Crypto Carbon Ratings Institute estimates: annual electricity use of 2,601 MWh; cut of more than 99.988% after the Merge). A project-published estimate, weak evidence. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-4\"><span class=\"nrp-notes-n\">4<\/span><span>Ethereum Foundation (ed.), Ethereum roadmap (project page: Merge 15 September 2022 with a cut in energy use of about 99.95%; Dencun 13 March 2024; Pectra 7 May 2025; Fusaka 3 December 2025). A project-published page, weak evidence for the energy figure. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-5\"><span class=\"nrp-notes-n\">5<\/span><span>Cambridge Centre for Alternative Finance (ed.), Cambridge Bitcoin Electricity Consumption Index, landing and methodology pages (hybrid top-down method; landing page values load by script and none was read). University of Cambridge, Cambridge. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-6\"><span class=\"nrp-notes-n\">6<\/span><span>BIS (ed.), Annual Economic Report 2025, chapter III, The next-generation monetary and financial system (stablecoins fall short on the tests of singleness, elasticity and integrity; over 99% of stablecoins are US dollar-denominated; first 100,000 characters of the page read). Bank for International Settlements, Basel. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4, chapter 5, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-7\"><span class=\"nrp-notes-n\">7<\/span><span>Illes, A., Kosse, A. and Wierts, P., Embracing diversity, advancing together: results of the 2024 BIS survey on central bank digital currencies and crypto, BIS Papers 159 (published 22 August 2025; 93 central banks surveyed; 91% exploring). Bank for International Settlements, Basel. Observation year 2024. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-8\"><span class=\"nrp-notes-n\">8<\/span><span>Atlantic Council (ed.), Central Bank Digital Currency Tracker (page last updated May 2026: 146 countries and currency unions exploring; 3 launched; 41 pilot projects). Atlantic Council, Washington. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-9\"><span class=\"nrp-notes-n\">9<\/span><span>POST-CLOSE, context only: European Central Bank (ed.), Digital euro project page (Eurosystem preparing a pilot for 2027; readiness for a potential first issuance during 2029; no decision taken on issuance; rulebook draft version 0.91 of July 2026; entries to 30 October 2026). ECB, Frankfurt. Observation year 2026. Accessed 2026-11-03.<\/span><\/li><li id=\"nx-nrp-xt-11-ref-10\"><span class=\"nrp-notes-n\">10<\/span><span>BIS Innovation Hub (ed.), Project Agor\u00e1 (page last updated 27 May 2026: eight central banks and over 40 financial institutions testing tokenised cross-border settlement). Bank for International Settlements, Basel. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 1, chapter 3<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-11\"><span class=\"nrp-notes-n\">11<\/span><span>FSB (ed.), FSB Global Regulatory Framework for Crypto-asset Activities (publication page; final report of 17 July 2023). Financial Stability Board, Basel. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 2, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-12\"><span class=\"nrp-notes-n\">12<\/span><span>FSB (ed.), Thematic review on the FSB Global Regulatory Framework for Crypto-asset Activities (publication page; October 2025; information as of August 2025; significant gaps and inconsistencies; eight recommendations). Financial Stability Board, Basel. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-13\"><span class=\"nrp-notes-n\">13<\/span><span>United States Congress, Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Public Law 119-27, enacted 18 July 2025 (full text read from the Government Publishing Office version). Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-14\"><span class=\"nrp-notes-n\">14<\/span><span>ESMA (ed.), Markets in Crypto-Assets Regulation (MiCA) page (timeline: entered into force June 2023; full application 30 December 2024; grandfathering under Article 143(3) ends 1 July 2026 at the latest; no count of authorised providers). European Securities and Markets Authority, Paris. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-15\"><span class=\"nrp-notes-n\">15<\/span><span>EBA (ed.), Asset-referenced and e-money tokens (MiCA) page (requirements for issuers of ARTs and EMTs apply from 30 June 2024; EBA statement; joint reports). European Banking Authority, Paris. Observation year 2024. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-16\"><span class=\"nrp-notes-n\">16<\/span><span>Basel Committee on Banking Supervision (ed.), Prudential treatment of cryptoasset exposures, standard SCO60 (publication page; published 16 December 2022; the page states implementation by 1 January 2025; later date and review known only from search summaries). Bank for International Settlements, Basel. Observation year 2022. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-17\"><span class=\"nrp-notes-n\">17<\/span><span>Board 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. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-18\"><span class=\"nrp-notes-n\">18<\/span><span>IMF (ed.), Global Financial Stability Report, April 2026 (publication page, Global Financial Markets Confront the War in the Middle East and Amplification Risks; the page text states nothing on stablecoins or crypto-assets). International Monetary Fund, Washington. Observation year 2026. Accessed 2026-11-03.<\/span><\/li><li id=\"nx-nrp-xt-11-ref-19\"><span class=\"nrp-notes-n\">19<\/span><span>Federal 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. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 5, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-20\"><span class=\"nrp-notes-n\">20<\/span><span>Chainalysis (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. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-21\"><span class=\"nrp-notes-n\">21<\/span><span>US Department of the Treasury (ed.), <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h1\" data-tc=\"NHS-1 atmo.convective.tornado\" data-tk=\"Atmosphere and weather \u00b7 Convective storms\" data-td=\"A violently rotating column of air in contact with the ground, leaving a narrow and intense damage path.\" data-ts=\"NRS-H1\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/atmo\/\" data-txl=\"Atmosphere and weather\">Tornado<\/a> Cash Delisting (press release of 21 March 2025). Treasury, Washington. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-22\"><span class=\"nrp-notes-n\">22<\/span><span>NIST (ed.), Post-Quantum Cryptography project page (three finalised standards; announcement of 13 August 2024; HQC selected as a backup on 11 March 2025). National Institute of Standards and Technology, Gaithersburg. Observation year 2024. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-23\"><span class=\"nrp-notes-n\">23<\/span><span>Beast, 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. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-24\"><span class=\"nrp-notes-n\">24<\/span><span>Lopp, 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. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 3, chapter 4, chapter 6, chapter 7, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-25\"><span class=\"nrp-notes-n\">25<\/span><span>Electric Capital (ed.), Crypto developer report and dashboard (page read; figures load by script and none was read). Electric Capital, San Francisco. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-26\"><span class=\"nrp-notes-n\">26<\/span><span>UNVERIFIED, not opened: FATF (ed.), Targeted update on implementation of the FATF Standards on virtual assets and virtual asset service providers, 2025 (page blocked automated access; cited from memory without figures). Financial Action Task Force, Paris. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-27\"><span class=\"nrp-notes-n\">27<\/span><span>UNVERIFIED, not opened: World Bank (ed.), Remittance Prices Worldwide (page blocked automated access; cited from memory without figures). World Bank, Washington. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 3<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-28\"><span class=\"nrp-notes-n\">28<\/span><span>UNVERIFIED, not opened: IEA (ed.), Electricity 2024 (page blocked automated access; cited from memory without figures). International Energy Agency, Paris. Observation year 2024. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-29\"><span class=\"nrp-notes-n\">29<\/span><span>UNVERIFIED, not opened: de Vries, A., Bitcoin\u2019s growing water footprint, Cell Reports Sustainability, 2023, known from press coverage only; no figure used. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-30\"><span class=\"nrp-notes-n\">30<\/span><span>UNVERIFIED, not opened: Glassnode (ed.), analysis of bitcoin supply structurally exposed to quantum risk (about 9.6%), taken from a news summary. Glassnode, Singapore. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 2, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-31\"><span class=\"nrp-notes-n\">31<\/span><span>UNVERIFIED, not opened: Citi Institute (ed.), report of 16 May 2026 on quantum risk to bitcoin (about 25% of supply with exposed public keys), taken from a news summary. Citi, New York. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 2, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-32\"><span class=\"nrp-notes-n\">32<\/span><span>UNVERIFIED, not opened: ISO (ed.), ISO\/TC 307 Blockchain and distributed ledger technologies (committee page blocked automated access; cited from memory). International Organization for Standardization, Geneva. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-33\"><span class=\"nrp-notes-n\">33<\/span><span>UNVERIFIED, not opened: ISO (ed.), ISO 22739, Blockchain and distributed ledger technologies, Vocabulary, cited from memory. International Organization for Standardization, Geneva. Observation year 2020. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-34\"><span class=\"nrp-notes-n\">34<\/span><span>UNVERIFIED, not opened: European Parliament and Council, Regulation (EU) 2023\/1114 on markets in crypto-assets, Official Journal, 2023 (the text did not load; dates taken from the ESMA page), cited from memory. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-35\"><span class=\"nrp-notes-n\">35<\/span><span>UNVERIFIED, not opened: European Parliament and Council, Regulation (EU) 2023\/1113 on information accompanying transfers of funds and certain crypto-assets, 2023, cited from memory. Observation year 2023. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-36\"><span class=\"nrp-notes-n\">36<\/span><span>UNVERIFIED, not opened: Buterin, V., A Next-Generation Smart Contract and Decentralized Application Platform, white paper, 2014, cited from memory. Observation year 2014. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-37\"><span class=\"nrp-notes-n\">37<\/span><span>UNVERIFIED, not opened: Castro, M. and Liskov, B., Practical Byzantine fault tolerance, Proceedings of OSDI, 1999, cited from memory. Observation year 1999. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-38\"><span class=\"nrp-notes-n\">38<\/span><span>UNVERIFIED, not opened: Lamport, L., Shostak, R. and Pease, M., The Byzantine generals problem, ACM Transactions on Programming Languages and <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> 4(3), 382 to 401, 1982, cited from memory. Observation year 1982. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-39\"><span class=\"nrp-notes-n\">39<\/span><span>UNVERIFIED, not opened: Haber, S. and Stornetta, W.S., How to time-stamp a digital document, Journal of Cryptology 3, 99 to 111, 1991, cited from memory. Observation year 1991. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 4, chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-40\"><span class=\"nrp-notes-n\">40<\/span><span>UNVERIFIED, not opened: Eyal, I. and Sirer, E.G., Majority is not enough: Bitcoin mining is vulnerable, Financial Cryptography, 2014, cited from memory. Observation year 2014. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-41\"><span class=\"nrp-notes-n\">41<\/span><span>UNVERIFIED, not opened: Daian, P. et al., Flash Boys 2.0: frontrunning in decentralised exchanges, miner extractable value, and consensus instability, IEEE Symposium on Security and Privacy, 2020, cited from memory. Observation year 2020. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6, chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-42\"><span class=\"nrp-notes-n\">42<\/span><span>UNVERIFIED, not opened: Makarov, I. and Schoar, A., Trading and arbitrage in cryptocurrency markets, Journal of Financial Economics 135(2), 293 to 319, 2020, cited from memory. Observation year 2020. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-43\"><span class=\"nrp-notes-n\">43<\/span><span>UNVERIFIED, not opened: FSB (ed.), Assessment of Risks to Financial Stability from Crypto-assets, February 2022, cited from memory. Financial Stability Board, Basel. Observation year 2022. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-44\"><span class=\"nrp-notes-n\">44<\/span><span>UNVERIFIED, not opened: IOSCO (ed.), thematic review on the implementation of IOSCO crypto-asset recommendations, October 2025, known from the FSB page only. International Organization of Securities Commissions, Madrid. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-45\"><span class=\"nrp-notes-n\">45<\/span><span>UNVERIFIED, not opened: TRM <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/labs\" data-tc=\"Labs\" data-tk=\"Nexus Standards\" data-td=\"The research pillar of the programme, one of six (OR-11, OR-12)\">Labs<\/a> (ed.), 2026 Crypto Crime Report, cited from memory without figures. TRM Labs, San Francisco. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-46\"><span class=\"nrp-notes-n\">46<\/span><span>UNVERIFIED, not opened: Multilateral <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\" data-tx=\"https:\/\/risksindex.com\/hazards\/sys\/\" data-txl=\"Systemic and compound events\">Sanctions<\/a> Monitoring Team (ed.), report on North Korea cyber activity, 2025, cited from memory without figures. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 8<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-47\"><span class=\"nrp-notes-n\">47<\/span><span>UNVERIFIED, not opened: Digiconomist (ed.), Bitcoin Energy Consumption Index, cited from memory without figures. Observation year 2026. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in chapter 6<\/span><\/span><\/li><li id=\"nx-nrp-xt-11-ref-48\"><span class=\"nrp-notes-n\">48<\/span><span>European Central Bank (ed.), Eurosystem moving to next phase of digital euro project (press release of 30 October 2025; a pilot exercise and initial transactions could take place as of mid-2027 if the Regulation is adopted in 2026; readiness for a potential first issuance during 2029; the decision to issue is taken only once the legislation is adopted). ECB, Frankfurt. Observation year 2025. Accessed 2026-11-03. <span class=\"nrp-cell-u\">Cited in the summary, chapter 1, chapter 2, chapter 4<\/span><\/span><\/li><\/ol><\/section><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cc-s2\" aria-labelledby=\"nx-nrp-xt-11-cc-s2-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cc-s2-h\"><span class=\"nrp-num\">C.2<\/span><span>Publication record<\/span><\/h2><div class=\"nrp-split\"><div><h3 class=\"nrp-h3\">Publication<\/h3><dl class=\"nrp-dl\"><dt>Title<\/dt><dd>Exponential Technology Report 2026: Blockchain and Distributed Ledgers, Baseline Edition<\/dd><dt>Series<\/dt><dd>Reports \u00b7 Exponential Technology Series XT-11<\/dd><dt>Edition<\/dt><dd>Baseline Edition 2026 \u00b7 inaugural annual<\/dd><dt>Version<\/dt><dd>v1.0.0 \u00b7 draft for stewardship review<\/dd><dt>Publication ID<\/dt><dd>NR-XTECH-DLT-GLOBAL-2026-BASELINE-v1.0.0<\/dd><dt>Evidence close<\/dt><dd>30 September 2026<\/dd><dt>Publication date<\/dt><dd>October 2026<\/dd><dt>DOI<\/dt><dd>concept and version DOI at deposit<\/dd><\/dl><\/div><div><h3 class=\"nrp-h3\">Publisher<\/h3><dl class=\"nrp-dl\"><dt>Publisher of record<\/dt><dd>The Global Centre for Risk and Innovation (GCRI), for the Nexus Consortium<\/dd><dt>Place<\/dt><dd>Toronto<\/dd><dt>Editor<\/dt><dd>Saeed Valadbaygi, Chief Steward and Managing Editor<\/dd><dt>Stewards<\/dt><dd>GCRI \u00b7 technical truth \u00b7 GRF \u00b7 public meaning \u00b7 GRA \u00b7 capital meaning<\/dd><dt>Licence<\/dt><dd>text CC BY 4.0; data on the terms of each source<\/dd><dt>Copyright<\/dt><dd>\u00a9 2026 GCRI \u00b7 Nexus Consortium<\/dd><dt>Language<\/dt><dd>English (en-GB) source edition<\/dd><dt>Correspondence<\/dt><dd>Registry correction pathway \u00b7 editorial office<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">DISCLAIMER<\/p><p>This edition is published for research, planning and public understanding. It is not a government assessment, an official warning, a rating, a certification, investment advice or an operational authorisation. Reasonable care has been taken with every source; consult the cited originals before relying on any value.<\/p><\/aside><h3 class=\"nrp-h3\">Colophon<\/h3><dl class=\"nrp-dl\"><dt>Format<\/dt><dd>A4 portrait \u00b7 screen, print and archival PDF<\/dd><dt>Typefaces<\/dt><dd>Space Grotesk (display) \u00b7 Geist (text) \u00b7 IBM Plex Sans Italic (standfirsts) \u00b7 IBM Plex Mono (data)<\/dd><dt>Design standard<\/dt><dd>Reports Foundational Edition, Volume I, Part VII<\/dd><dt>Accessibility<\/dt><dd>tagged PDF and HTML targets; text alternatives for every figure<\/dd><dt>Production<\/dt><dd>Reports editorial team, GCRI<\/dd><\/dl><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">HOW TO CORRECT THIS EDITION<\/p><p>Report errors, omissions or objections through the Registry correction pathway. Each report is logged and answered; upheld corrections are published as notices with a new version, and the original remains resolvable.<\/p><\/aside><h3 class=\"nrp-h3\">Release path for this version<\/h3><div class=\"nrp-tblw\" id=\"nx-nrp-xt-11-cc-tab1\"><table class=\"nrp-tbl\"><caption><span class=\"nf-ui-eyebrow\">Table C.1<\/span><span class=\"nrp-tbl-t\">Release path for this version<\/span><\/caption><thead><tr><th scope=\"col\">Step<\/th><th scope=\"col\">What happens<\/th><th scope=\"col\">When<\/th><\/tr><\/thead><tbody><tr><td>Draft<\/td><td>editorial self-check complete at evidence close<\/td><td>October 2026<\/td><\/tr><tr><td>Steward review<\/td><td>five passes on the exact draft (keys T \u00b7 M \u00b7 F \u00b7 N)<\/td><td>Q4 2026<\/td><\/tr><tr><td>Approval<\/td><td>publication authority approves the exact digest<\/td><td>before release<\/td><\/tr><tr><td>Deposit<\/td><td>concept and version DOI minted; registry pointer set<\/td><td>at release<\/td><\/tr><tr><td>Succession<\/td><td>the 2027 distributed ledger edition reports changes against this baseline<\/td><td>2027<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nrp-split\"><div><dl class=\"nrp-dl\"><dt>Current version<\/dt><dd>v1.0.0 draft, stewardship review<\/dd><dt>Previous edition<\/dt><dd>none, first edition of the series<\/dd><dt>Next edition<\/dt><dd>NR-XTECH-DLT-GLOBAL-2027-v1.0.0<\/dd><\/dl><\/div><div><dl class=\"nrp-dl\"><dt>Latest version<\/dt><dd>resolve the concept DOI or the registry record<\/dd><dt>Correction route<\/dt><dd>Registry correction pathway<\/dd><dt>Notice types<\/dt><dd>erratum \u00b7 addendum \u00b7 supersession \u00b7 withdrawal<\/dd><\/dl><\/div><\/div><aside class=\"nrp-call\"><p class=\"nf-ui-eyebrow\">NO CORRECTIONS \u2260 NO LIMITS<\/p><p>The absence of corrections does not mean the absence of limitations. Limitations and uncertainty are stated where they arise in the edition.<\/p><\/aside><\/section><div id=\"nx-nr-xt-11-corrections\"><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cc-s3\" aria-labelledby=\"nx-nrp-xt-11-cc-s3-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cc-s3-h\"><span class=\"nrp-num\">C.3<\/span><span>Corrections log<\/span><\/h2><div class=\"nx-nr-corr\"><p class=\"nx-nr-corr-sum\"><span class=\"nx-nr-corr-n\">0<\/span><span>correction notices. No edition has been released yet, so none can be corrected; the log below lists each edition&#8217;s current version.<\/span><\/p><div class=\"nx-table-wrap\"><table class=\"nx-table nx-rd-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Edition<\/th><th scope=\"col\">Version<\/th><th scope=\"col\">Date<\/th><th scope=\"col\">State<\/th><th scope=\"col\">Change<\/th><th scope=\"col\">Notice<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Edition\"><span class=\"nx-rd-code\">XT-11<\/span><\/td><td data-label=\"Version\" class=\"nx-rd-mono\">NR-XTECH-DLT-GLOBAL-2026-BASELINE-v1.0.0<\/td><td data-label=\"Date\">October 2026<\/td><td data-label=\"State\">Draft<\/td><td data-label=\"Change\">Baseline Edition 2026, inaugural annual edition,<\/td><td data-label=\"Notice\">None<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-rd-source\">Notice types: erratum, addendum, supersession, withdrawal. A correction is a new version with a published notice; the earlier version stays resolvable, and no edition is ever edited in silence.<\/p><\/div><\/section><\/div><div id=\"nx-nr-xt-11-outputs\"><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cc-s4\" aria-labelledby=\"nx-nrp-xt-11-cc-s4-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cc-s4-h\"><span class=\"nrp-num\">C.4<\/span><span>Open record<\/span><\/h2><div class=\"nx-nr-os\"><div class=\"nx-nr-os-card\"><h3>This edition&#8217;s open record<\/h3><dl class=\"nx-nr-os-kv\"><dt>Publication ID<\/dt><dd>NR-XTECH-DLT-GLOBAL-2026-BASELINE-v1.0.0<\/dd><dt>Desk identifier and series alias<\/dt><dd>NR-XTC-XT-11-2026-BL<\/dd><dt>Collection<\/dt><dd>None<\/dd><dt>DOI<\/dt><dd>Concept and version DOI at deposit, on Zenodo with DataCite metadata<\/dd><dt>Versions<\/dt><dd>Each correction is a new version (isNewVersionOf); the concept DOI resolves to the latest<\/dd><dt>Bundle<\/dt><dd>RO-Crate 1.2 with CITATION.cff, CodeMeta and PROV-O provenance; a signed manifest<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\" rel=\"noopener\">CC BY 4.0<\/a> (SPDX CC-BY-4.0) for original material; metadata CC0 1.0<\/dd><\/dl><\/div><div class=\"nx-nr-os-card\"><h3>Credit and identity<\/h3><dl class=\"nx-nr-os-kv\"><dt>ORCID<\/dt><dd>Your iD in the deposit and the contribution record; DataCite can then add the work to your ORCID record<\/dd><dt>ROR<\/dt><dd>Your organisation by its ROR identifier, never by a typed name alone<\/dd><dt>CRediT<\/dt><dd>Conceptualization, Data curation, Formal analysis, Investigation, Methodology, Software, Validation, Visualisation, Writing, review and editing<\/dd><dt>Account<\/dt><dd>None needed to contribute; never a password<\/dd><\/dl><\/div><div class=\"nx-nr-os-card\"><h3>Find and follow<\/h3><p class=\"nx-p\">Search the open indexes for Blockchain and Distributed Ledgers; software is cited by its SWHID from Software Heritage, and a quantified scenario run is preregistered on OSF before it is run. Annotation is your choice: Hypothesis opens this page in its own viewer.<\/p><ul class=\"nx-nr-os-links\"><li><a href=\"https:\/\/openalex.org\/works?search=Nexus%20Reports%20Blockchain%20and%20Distributed%20Ledgers\" rel=\"noopener\">OpenAlex<\/a><\/li><li><a href=\"https:\/\/explore.openaire.eu\/search\/find?fv0=Nexus%20Reports%20Blockchain%20and%20Distributed%20Ledgers&amp;f0=q\" rel=\"noopener\">OpenAIRE<\/a><\/li><li><a href=\"https:\/\/search.crossref.org\/search\/works?q=Nexus%20Reports%20Blockchain%20and%20Distributed%20Ledgers\" rel=\"noopener\">Crossref<\/a><\/li><li><a href=\"https:\/\/commons.datacite.org\/?query=Nexus%20Reports%20Blockchain%20and%20Distributed%20Ledgers\" rel=\"noopener\">DataCite Commons<\/a><\/li><li><a href=\"https:\/\/zenodo.org\/search?q=Nexus%20Reports%20Blockchain%20and%20Distributed%20Ledgers\" rel=\"noopener\">Zenodo<\/a><\/li><li><a href=\"https:\/\/archive.softwareheritage.org\/\" rel=\"noopener\">Software Heritage<\/a><\/li><li><a href=\"https:\/\/osf.io\/prereg\/\" rel=\"noopener\">OSF preregistration<\/a><\/li><li><a href=\"https:\/\/via.hypothes.is\/https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/\" rel=\"noopener\">Annotate with Hypothesis<\/a><\/li><\/ul><\/div><div class=\"nx-nr-os-card\"><h3>Mirrors and harvest<\/h3><p class=\"nx-p\">The DOI is canonical. At release each signed bundle is also given an IPFS content identifier and a bloxberg anchor as mirrors; both are listed in the record once they exist. Zenodo exposes every record over OAI-PMH, and reviews and endorsements can arrive through COAR Notify where the repository supports it.<\/p><\/div><\/div><div class=\"nx-mt-3\"><figure class=\"nx-nr-code\"><figcaption class=\"nx-nr-code-cap\">InvenioRDM metadata for a contribution on Blockchain and Distributed Ledgers, prefilled from this page<\/figcaption><pre class=\"nx-nr-pre\" tabindex=\"0\"><code>{&#10;  &quot;metadata&quot;: {&#10;    &quot;resource_type&quot;: {&#10;      &quot;id&quot;: &quot;dataset&quot;&#10;    },&#10;    &quot;title&quot;: &quot;Evidence on Blockchain and Distributed Ledgers for Nexus Reports&quot;,&#10;    &quot;publication_date&quot;: &quot;YYYY-MM-DD&quot;,&#10;    &quot;creators&quot;: [&#10;      {&#10;        &quot;person_or_org&quot;: {&#10;          &quot;type&quot;: &quot;personal&quot;,&#10;          &quot;family_name&quot;: &quot;Your family name&quot;,&#10;          &quot;given_name&quot;: &quot;Your given name&quot;,&#10;          &quot;identifiers&quot;: [&#10;            {&#10;              &quot;scheme&quot;: &quot;orcid&quot;,&#10;              &quot;identifier&quot;: &quot;0000-0000-0000-0000&quot;&#10;            }&#10;          ]&#10;        },&#10;        &quot;affiliations&quot;: [&#10;          {&#10;            &quot;id&quot;: &quot;ROR identifier of your organisation&quot;&#10;          }&#10;        ]&#10;      }&#10;    ],&#10;    &quot;description&quot;: &quot;What it is, where its record is kept and how it bears on Exponential Technology Report 2026: Blockchain and Distributed Ledgers.&quot;,&#10;    &quot;rights&quot;: [&#10;      {&#10;        &quot;id&quot;: &quot;cc-by-4.0&quot;&#10;      }&#10;    ],&#10;    &quot;subjects&quot;: [&#10;      {&#10;        &quot;subject&quot;: &quot;Nexus Reports&quot;&#10;      },&#10;      {&#10;        &quot;subject&quot;: &quot;Blockchain and Distributed Ledgers&quot;&#10;      },&#10;      {&#10;        &quot;subject&quot;: &quot;Exponential Technology Report \u00b7 XT-11&quot;&#10;      }&#10;    ],&#10;    &quot;related_identifiers&quot;: [&#10;      {&#10;        &quot;identifier&quot;: &quot;https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/&quot;,&#10;        &quot;scheme&quot;: &quot;url&quot;,&#10;        &quot;relation_type&quot;: {&#10;          &quot;id&quot;: &quot;issupplementto&quot;&#10;        },&#10;        &quot;resource_type&quot;: {&#10;          &quot;id&quot;: &quot;publication-report&quot;&#10;        }&#10;      }&#10;    ],&#10;    &quot;version&quot;: &quot;1.0.0&quot;&#10;  },&#10;  &quot;custom_fields&quot;: {},&#10;  &quot;access&quot;: {&#10;    &quot;record&quot;: &quot;public&quot;,&#10;    &quot;files&quot;: &quot;public&quot;&#10;  },&#10;  &quot;files&quot;: {&#10;    &quot;enabled&quot;: true&#10;  },&#10;  &quot;parent&quot;: {&#10;    &quot;communities&quot;: {&#10;      &quot;default&quot;: &quot;nexusreports&quot;&#10;    }&#10;  }&#10;}<\/code><\/pre><\/figure><\/div><div class=\"nx-nr-os-hook\" data-nx-research-hub=\"slot\" data-nx-research-context=\"{&quot;org&quot;:&quot;GCRI&quot;,&quot;site&quot;:&quot;gcri&quot;,&quot;url&quot;:&quot;https:\/\/therisk.global\/nexus-reports\/editions\/xt-11\/&quot;,&quot;kind&quot;:&quot;edition&quot;,&quot;subject&quot;:&quot;Blockchain and Distributed Ledgers&quot;,&quot;series&quot;:[&quot;Exponential Technology Report \u00b7 XT-11&quot;]}\" hidden><\/div><\/section><\/div><div id=\"nx-nr-xt-11-pillars\"><section class=\"nrp-block\" id=\"nx-nrp-xt-11-cc-s5\" aria-labelledby=\"nx-nrp-xt-11-cc-s5-h\"><h2 class=\"nrp-h2\" id=\"nx-nrp-xt-11-cc-s5-h\"><span class=\"nrp-num\">C.5<\/span><span>Where this edition sits among the six pillars<\/span><\/h2><p class=\"nrp-stand\">Foundry seals the evidence and Universe tests it; Reports publishes it; Standards takes its corrections and Academy teaches from it.<\/p><ol class=\"nx-pl-list\"><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F03 Sealed observations and indicator series<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> Sealed observations and indicator series behind a profile (closeout).<\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F04 After-action and scenario findings for<\/strong> <span class=\"nx-pl-in\">Universe<\/span> After-action and scenario findings for chapters 10 and 13 (after action review).<\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F05 National Portfolio movement for chapter<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> National Portfolio movement for chapter 11 (after action review).<\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Applied in editions<\/strong> <span class=\"nx-pl-in\">Standards<\/span> <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a>: applied in editions.<\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>XT-11 edition<\/strong> <span class=\"nx-pl-in\">Reports<\/span> Blockchain and Distributed Ledgers 2026, published in every format with its sources, citation and corrections.<\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F06 Method and correction findings as change<\/strong> <span class=\"nx-pl-in\">Standards<\/span> Method and correction findings as change proposals (correction).<\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>F12 Q4 synthesis informs the next-year<\/strong> <span class=\"nx-pl-in\">Universe<\/span> Q4 synthesis informs the next-year mandate (renewal).<\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Taught in the open<\/strong> <span class=\"nx-pl-in\">Academy<\/span> Risk Academy: taught in the open.<\/li><\/ol><p class=\"nx-caption\"><span>What Foundry and Universe hand to this edition, and what it hands to Standards, Universe and Academy. From the programme spine; XT-11 is a drafted Baseline Edition, so these handoffs run from its first operational quarter.<\/span><\/p><ul class=\"nx-pl-legend\" aria-label=\"Pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-foundry\/\">Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/universe.nexus\/\">Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/\">Nexus Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/\">Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/\">Risk Academy<\/a><\/li><\/ul><div class=\"nx-table-wrap\"><table class=\"nx-table nx-rd-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Handoff<\/th><th scope=\"col\">Between<\/th><th scope=\"col\">What crosses, and when<\/th><\/tr><\/thead><tbody><tr data-pillar=\"foundry\"><td><span class=\"nx-rd-code\">F03<\/span><\/td><td>Foundry to Reports<\/td><td>Sealed observations and indicator series behind a profile (closeout).<\/td><\/tr><tr data-pillar=\"universe\"><td><span class=\"nx-rd-code\">F04<\/span><\/td><td>Universe to Reports<\/td><td>After-action and scenario findings for chapters 10 and 13 (after action review).<\/td><\/tr><tr data-pillar=\"foundry\"><td><span class=\"nx-rd-code\">F05<\/span><\/td><td>Foundry to Reports<\/td><td>National Portfolio movement for chapter 11 (after action review).<\/td><\/tr><tr data-pillar=\"standards\"><td><span class=\"nx-rd-code\">Ring<\/span><\/td><td>Nexus Standards to Reports<\/td><td>Nexus Standards: applied in editions.<\/td><\/tr><tr data-pillar=\"standards\"><td><span class=\"nx-rd-code\">F06<\/span><\/td><td>Reports to Nexus Standards<\/td><td>Method and correction findings as change proposals (correction).<\/td><\/tr><tr data-pillar=\"universe\"><td><span class=\"nx-rd-code\">F12<\/span><\/td><td>Reports to Universe<\/td><td>Q4 synthesis informs the next-year mandate (renewal).<\/td><\/tr><tr data-pillar=\"academy\"><td><span class=\"nx-rd-code\">Ring<\/span><\/td><td>Reports to Risk Academy<\/td><td>Risk Academy: taught in the open.<\/td><\/tr><\/tbody><\/table><\/div><\/section><\/div><\/div><\/article><\/div><\/div><div class=\"nrp-noprint\"><section id=\"nx-sec-nr-gateway\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-nr-gateway-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Reports<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Contribute<\/span><\/div><h2 id=\"nx-nr-gateway-h\" class=\"nx-section-title\">Send evidence or a correction on Blockchain and Distributed Ledgers.<\/h2><p class=\"nx-lede\">Reports is the Consortium&#8217;s quarterly publication, written by six desks. This page sits with the GCRI <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">Systems<\/a> Evidence desk. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work. 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