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TTP Liquidity Brief | Issue 62 - Dollars, goals, and the future of money
Between the semi-finals, explore stablecoins, private credit, tokenised deposits, and the future of trade finance.
Carter Hoffman
July 13, 2026
🌟 A note from the Deputy Editor
Anyone else found themselves unintentionally swept up in World Cup fever these past few weeks? It’s been making it rather difficult to focus on getting anything else done… oh well - semi-finals week, here we come!
Hopefully, though, you’ll be able to find some time between matches (maybe at halftime?) to take a gander at our slow read this week. It takes a closer look at the US dollar and some of the legal developments within the stablecoin sphere. As we explore, the emerging rulebooks on both sides of the Atlantic may end up strengthening the US dollar's position.
That theme of changing financial infrastructure continues across much of this week's coverage. We look at how banks can use SBLC risk participations and double default treatment to manage regulatory capital, why private credit is attracting growing attention, and what Swift's latest move into tokenised deposits could mean for the future of cross-border payments.
We've also released a new video with FCI's Betul Kurtulus discussing the trends reshaping the global factoring industry.
As always, there's plenty to read, watch, and learn.
Until next time — Olé, Olé, Olé!
— The TTP Editorial Team
Country of the Week: Mongolia
Did you know that the Mongol Empire helped transform global trade by creating one of history's first international postal networks? During the 13th century, the Mongols established the Yam, a vast relay system of horse stations stretching thousands of kilometres across Eurasia. The network allowed merchants, officials, and messages to travel faster and more securely, helping connect Europe and Asia during one of history's greatest periods of commercial exchange..
Mongolia trade stats (2024):
Total exports: $14.8B | Total Imports: $8.38B |
|---|---|
Largest export destination: China ($13.6B) | Largest import partner: China ($4.52B) |
Largest Export: Coal, Briquettes and Similar Manufactured Solid Fuels ($8.27B) | Largest Import: Cars ($1.03B) |
Source: OEC
Slow Read
Dollars all the way down
By: Tim Staheli
There is an old story, usually pinned on Bertrand Russell, about a lecture on cosmology. An elderly woman objects that, in fact, the world rests on the back of a giant turtle. And what, the lecturer asks, does the turtle stand on? “You’re very clever, young man,” she replies, “but it’s turtles all the way down.”
The stablecoin market has its own version of this problem, and it has now been written into law on both sides of the Atlantic. The global stablecoin market stood at around $316 billion at the end of June 2026, of which 97 per cent is pegged to the US dollar. Peel back any layer of this supposedly novel financial architecture and the same thing stares back. A stablecoin is a claim on a dollar, which is a claim on a Treasury bill, which is a claim on the US government. Dollars all the way down.
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Topic of the week: Documentary credits
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