Donc, une actualité extrêment riche, et qui va conditionner l’évolution des paiements internationaux.Au passage, il faut noter l’évolution des horaires d’ouverture des systèmes de gros montants britanniques comme ceux ed target, et la demande du Gouvernement américain d’une Étude sur l’ouverture de compte auprès de la FED pour des PSP non bancaires (uninsured depository institutions and non-bank financial companies, including those engaged in digital assets and other novel financial activities).
Revue de presse
France
Conférence OSMP-CNMP du 9 avril 2026
Conférence annuelle CNMP-OSMP 2026 (liens vers le replay de la conférence : 9 vidéos)
Communiqué CNMP du 28 mai
Le Comité, réuni en séance plénière le 22 mai 2026, a débattu des développements récents du secteur des paiements français et européen. L’ensemble de ses membres, représentant toutes les parties-prenantes du secteur, souhaite réaffirmer le caractère stratégique de la filière des paiements, dans un contexte international marqué par la montée des tensions géopolitiques. L’autonomie de cette filière participe de la souveraineté économique du continent européen, et doit être renforcée.
Lutte contre la fraude
Post LinkedIn du ministère de l’Economie (13 juin) « Votre entreprise effectue régulièrement des virements ? Un nouveau dispositif contribue à mieux vous protéger contre les fraudes. Pour renforcer la sécurité des paiements, le ministère de l’Économie et la Banque de France ont lancé le fichier national des comptes signalés pour risque de fraude (FNC-RF), une nouvelle plateforme permettant aux établissements bancaires de partager les IBAN identifiés comme suspects.»
Réglementation des cryptoactifs
Post LinkedIn de David Sabban (30 mai) «Le décret n°2026-420 du 29 mai 2026 relatif au transfert de propriété et au nantissement d’actifs numériques a été publié ce matin au Journal officiel. Il s’agit d’un texte important qui précise les modalités de transfert de propriété des cryptoactifs, que ce soit on-chain ou off-chain. »
Europe
Eurosystem moves toward extending T2 operating hours (communiqué BCE du 28 mai)
The Eurosystem has published a report outlining its roadmap for extending the operating hours of T2, the real-time gross settlement system of its TARGET Services. The roadmap is the result of a public consultation launched in June 2025, which sought input from market stakeholders on the potential benefits, priorities, risks and challenges of such an extension (…) Market participants expressed a preference for a phased-in approach, starting with improvements to liquidity management before gradually moving towards a full 24/7 operational model.
Outcome of the public consultation on the extension of T2 operating hours (rapport BCE, 27 pages)
TARGET Services Annual Report 2025 (juin 2026, 79 pages)
The successful launch of the Eurosystem Collateral Management System (ECMS) on 16 June 2025 marked the completion of the Eurosystem’s Vision 2020 initiative. This initiative encompassed three projects fostering innovation and efficiency in financial market infrastructures: technical consolidation of the Eurosystem market infrastructure by integrating T2 and T2S into a single platform; enhancing instant payments; and a common ECMS.
The international role of the euro, June 2026 (rapport BCE, 47 pages)
The international role of the euro grew moderately in 2025, with its share across various indicators of global currency use reaching around 20%. Viewed from a longer-term perspective, the role of the euro has grown gradually but steadily (…) . Shifts in the global geopolitical landscape underscore the importance of a stronger international role for the euro. There is an opening for the euro to enhance its global appeal – provided that European policymakers create the necessary conditions and put words into action. For this to happen, the three pillars that underpin the euro’s global potential – economic resilience, legal and institutional integrity and geopolitical credibility – must be reinforced.
Conférence BCE du 15 juin
Money in transition: digitalisation and innovation in payments (programme)
Live – Money in transition: digitalisation and innovation in payments (YouTube)
Money in transition (discours d’ouverture de Christine Lagarde)
Utilisation des espèces
À partir de 2027, l’Union européenne plafonnera les paiements en espèces à 10.000 euros chez les professionnels pour lutter contre le blanchiment, avec des contrôles renforcés dès 3.000 euros, tout en laissant aux pays comme la France, déjà plus stricte (1.000 euros), la possibilité de conserver leurs propres limites.
International
Réglementation des cryptos/stablecoins/tokenisation
BRI
The anatomy of stablecoin transactions (communiqué BRI du 11 juin)
This paper investigates the economic role of stablecoins (…) “Two results emerge. First, complexity is a first-order feature of stablecoin activity: nearly 60 percent of transfer events occur within complex transactions. Second, the three major US dollar-denominated stablecoins – Tether (USDT), USD Coin (USDC) and PayPal USD (PYUSD) – are not used interchangeably: their use differs systematically across transaction structures, urgency, and timing, consistent with distinct institutional designs and economic functions.“
The anatomy of stablecoin transactions (working paper BRI, 58 pages)
OMFIF
Mapping out the next step in digital assets regulations – OMFIF (22 mai)
Australie
RBA and DFCRC Release Findings From Project Acacia | Media Releases | RBA (communiqué du 18 mai)
The Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) today released a report detailing the findings of Project Acacia – a joint initiative examining how innovations in digital money and settlement infrastructure could support the development of wholesale tokenised asset markets in Australia.
Project Acacia – Exploring the role of digital money in wholesale tokenised asset markets (rapport, 70 pages)
Australia’s central bank plans tokenization sandbox in Project Acacia roadmap – Ledger Insights(18 mai)
Etats-Unis
Le Genius Act, contraignant sur les stablecoins, mais bien moins que MiCA (Revue Banque, 29 avril)
Post LinkedIn d’Arnaud Touati (19 mai) « Le 14 mai 2026, la commission bancaire du Sénat américain a adopté le CLARITY Act. Pour tout savoir et tout comprendre, suivez le guide.»
Le CLARITY Act – Guide pratique – Hashtag Avocats (29 pages)
Post LinkedIn de Simon Taylor (31 mai) «Jamie Dimon went on Fox and called Brian Armstrong « full of sh!t » over stablecoins. Dimon said banks « will not accept » the CLARITY Act as written, and warned that done badly it becomes « a huge problem. » Then he granted it could pass anyway. When the man running the biggest bank vows to fight to the end and might still lose, the moat is already cracked. »
Royaume-Uni
How will the UK scale growth and regulation of stablecoins? (Finextra, 18 mai)
UK financial firms can adopt tokenisation and distributed ledger technology (DLT) with greater confidence, as the Financial Conduct Authority (FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale market
UK parliament receives Financial Services bill (Finextra, 22 mai)
FCA’s new cryptoasset regime: Is it on the right track? (Finextra, 22 mai)
House of Lords calls for BofE to reconsider stablecoin plans (Finextra, 3 juin)
Stablecoins: waiting for regulation : rapport de la Chambre des Lords (3 juin) (71 pages)
Conférence de Dubrovnik (31 mai)
Stablecoin demand may soon fade, BoE’s Greene says | Reuters (31 mai)
The popularity of stablecoins could soon fade, replaced by tokenised deposits, or digital versions of traditional bank deposits, Bank of England policymaker Megan Greene said on Sunday, even as some colleagues took a different view.
« I think tokenised deposits are probably going to take over from stablecoins and five years from now, I suspect we might wonder why we were talking about stablecoins, » Greene told a conference in Dubrovnik, Croatia. She argued that there is a market for central bank digital currencies, stablecoins and digital deposits, but said this last product may be the ultimate winner once commercial banks recognise they are otherwise going to lose traditional bank deposits.
By contrast, speaking on the same panel, U.S. Federal Reserve policymaker Christopher Waller defended stablecoins and argued that they are a financial innovation that may reduce costs, which should not be quashed by excessive regulation. « I have always just looked at stablecoins as a payment instrument; there’s nothing evil about it, nothing dangerous about it, » Waller said. « They are just bringing competition into the payments world. »
Monnaies numériques de banque centrale (MNBC)
Projet Agora
Project Agorá shows how tokenisation can improve wholesale cross-border payments; work will advance to real-value testing (communiqué BRI du 27 mai)
Project Agorá has successfully delivered a prototype that demonstrates that tokenised commercial bank deposits can be successfully combined with the trust and safety of tokenised central bank reserves on a shared platform. The prototype enables atomic, multi-currency settlement of wholesale cross-border payments, which could occur on an around-the-clock basis if implemented. By leveraging smart contracts, the platform allows financial institutions to embed workflow logic, compliance requirements and conditional payment triggers directly into transactions
Project Agorá: A shared programmable platform for wholesale cross-border payments (rapport BRI, 97 pages)
La Banque du Canada se joint au projet Agorá de la BRI pour tester des améliorations dans les paiements transfrontaliers de gros (communiqué Banque du Canada du 27 mai)
La Banque du Canada a annoncé aujourd’hui qu’elle se joint au projet Agorá de la BRI (…) La tokenisation a le potentiel de rendre les paiements transfrontaliers plus rapides, moins coûteux, plus efficaces et plus sûrs (…) Ce projet d’envergure internationale réunit sept autres banques centrales – la FED New York, la Banque d’Angleterre, la Banque de France (représentant l’Eurosystème), la Banque du Japon, la Banque du Mexique, la Banque nationale suisse et la Banque de Corée – et plus de 40 institutions financières.
Despite Trump’s pledge, a CBDC is being explored behind closed doors, says former CTFC chair (Coindesk, 20 mai)
Former CFTC Chairman Timothy Massad aid U.S. officials are quietly exploring CBDC-style infrastructure, including through participation in the Bank for International Settlements’ Project Agora, even as Washington maintains a hostile public stance.
Tokenisation can improve wholesale cross-border payments: key findings from Project Agorá (27 mai))
Project Agora has successfully demonstrated that longstanding inefficiencies in wholesale cross-border payments can be overcome through tokenisation and programmable technologies. Using a bespoke prototype, the project seamlessly executed atomic settlement – i.e. simultaneous and indivisible settlement – of cross-border transactions across multiple currencies and jurisdictions.
BIS Project Agora: Stablecoins Just Got a Death Sentence From Banks (Richard Turrin, 31 mai)
The most important takeaway from Agora is that it maintains the two-tier nature of money, which guarantees the participation of the central banks, particularly in the EU, which are loath to surrender monetary sovereignty to stablecoins.
Le projet Agora réunit sept banques centrales et plus de 40 institutions financières privées pour créer une plateforme de tokenisation commune pour les paiements transfrontaliers de gros. Lancé il y a deux ans, le prototype a livré fin mai ses premières conclusions.
Notre commentaire sur le projet Agorá
La conclusion-clé du rapport de la BRI sur le projet Agorá est que le règlement atomique de transactions transfrontalières de gros est réalisable de manière sécurisée et avec finalité entre devises et juridictions, grâce à des réserves tokenisées de banques centrales et des dépôts tokenisés de banques commerciales. Ainsi, le prototype du Project Agorá démontre que la tokenisation et les technologies programmables peuvent résoudre les inefficacités structurelles des paiements transfrontaliers de gros à grande échelle, tout en préservant la sécurité du règlement en monnaie de banque centrale.
Le projet va donc désormais passer aux tests en valeur réelle. Pour l’Europe spécifiquement, les enseignements d’Agorá alimenteront deux initiatives clés de l’Eurosystème : Pontes et surtout Appia. Rappelons que Pontes, qui doit relier les plateformes DLT de marché aux services TARGET, est planifié pour un go-live en septembre 2026.
États-Unis
Treasury Secretary Scott Bessent reiterates ‘no CBDC’ commitment under Trump admin | The Block (28 mai)
Japon
The BOJ CBDC Roadmap: From Pilot to Framework (7 juin) (Japan Fintech obsever)
As of May 2026, the Bank of Japan’s CBDC Forum has migrated from a research-intensive phase to a social implementation framework. By moving into this implementation-centric phase, the CBDC Forum is moving beyond proving technical viability to defining the « minimum necessary functions » required to integrate a retail CBDC (into the existing financial fabric without disrupting the « Singleness of Money. »
Suisse
Post LinkedIn d’Irina Muhina (13 juin) Swiss voters have dealt a massive blow to the push for digital currencies and the central banking agenda championed by European Central Bank President Christine Lagarde. In a nationwide referendum, an overwhelming 73% of voters backed an initiative to permanently guarantee the availability and use of physical cash in Switzerland. The landmark decision ensures that cash can never be fully replaced by virtual or centralized digital money, legally protecting the rights of citizens to use physical currency.
Paiements transfrontières
BRI
Enhancing cross-border payments step by step: insights from the 2025 monitoring survey (communiqué BRI/CPMI du 27 mai)
Expanded access to payment systems, extended operating hours and interoperability by design form the foundation for enhanced cross-border payment services. The continued adoption of fast payment systems (FPS) has the potential to significantly improve cross-border retail payments, particularly in corridors where links between those FPS are established. Continued international cooperation and targeted technical assistance are crucial for advancing the objectives of the G20 Roadmap. Many jurisdictions are currently revising their legal and regulatory frameworks for payments.
Enhancing cross-border payments step by step: insights from the 2025 monitoring survey (rapport du CMPI, 35 pages)
Project Aperta: enabling cross-border interconnectivity through open finance interoperability (communiqué BRI du 29 mai)
Project Aperta, led by the BIS, has been designing, developing and testing a prototype for cross-border open finance interconnectivity via application programming interfaces (APIs) – a « network of networks » that connects existing domestic networks through a neutral interoperability layer. The prototype connects the open finance networks of the United Kingdom, the United Arab Emirates, Brazil, Hong Kong SAR and India.
Project Aperta: enabling cross-border interconnectivity through open finance interoperability (rapport BRI, 61 pages)
Systèmes de paiement
États-Unis
Integrating Financial Technology Innovation into Regulatory Frameworks – The White House (Executive order du Président Donal Trump, 19 mai)
The FED is requested to conduct a comprehensive evaluation of the legal, regulatory, and policy framework governing access to Reserve Bank payment accounts and payment services by uninsured depository institutions and non-bank financial companies, including those engaged in digital assets and other novel financial activities
Federal Reserve Board requests public comment on a proposal to establish a « payment account, » which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments (communiqué FED du 20 mai)
As the payments landscape rapidly evolves, financial institutions with an increasingly wide range of business models have sought direct access to the Federal Reserve’s payment services to reduce costs and increase payment speed. Many of these requests for access come from institutions that are not federally insured. The proposed payment account would be tailored to support innovation by serving the clearing and settlement needs of certain eligible institutions while also mitigating material risks to the Reserve Banks and payment system.
Inde
Rapport 2025-2026 de la Reserve bank of India : chapitre “paiements” (12 pages)
Royaume-Uni
Extending RTGS and CHAPS settlement hours – next steps towards near 24×7 settlement | Bank of England (consultation paper, 18 mai)
Bank of England lays down roadmap for near 24×7 Chaps settlement hours (Finextra, 18 mai)
Intelligence artificielle
FSB
Sound Practices for Responsible Adoption of Artificial Intelligence (AI): Consultation report – Financial Stability Board (communiqué FSB du 10 juin)
Financial institutions are leveraging AI to transform operations and services, but its rapid adoption may also amplify or introduce risks that need to be identified and managed appropriately.
Monitoring Adoption of Artificial Intelligence and Related Vulnerabilities in the Financial Sector (rapport du FSB, 39 pages)
Sound Practices for Financial Institutions’ Responsible AI Adoption: Consultation Report (rapport consultatif du FSB, 66 pages)
Le gendarme financier du G20 veut encadrer l’essor de l’IA dans les banques – Les Echos (10 juin)
Face à l’adoption rapide de l’intelligence artificielle dans le crédit, la lutte contre la fraude ou la conformité, le Conseil de stabilité financière propose 12 bonnes pratiques. L’institution s’inquiète notamment de la concentration croissante des fournisseurs d’IA.
États-Unis
Promoting Advanced Artificial Intelligence Innovation and Security – The White House (2 juin)
Cybersécurité : Donald Trump régule l’IA « sur la base du volontariat » – Les Echos (3 juin)
Après des semaines de débat, la Maison-Blanche a publié un décret présidentiel sur l’encadrement de l’intelligence artificielle, notamment les modèles de cybersécurité comme Mythos ou GPT 5.5 Cyber.
Donald Trump signe enfin un décret pour encadrer l’intelligence artificielle (Siècle Digital, 3 juin)
Quelques articles suscités par la décision américaine
D’« America First » à « America Only » : IA, le mur de Washington – Les Echos (14 juin)
Donald Trump veut priver le reste du monde, y compris ses « alliés », de l’accès à des innovations technologiques duales. Il fait de l’Europe un partenaire technologique de seconde classe.
Si les Etats-Unis, la Chine, la Corée du Sud, le Japon et Taïwan devraient tirer profit de la course à l’IA, une partie de la planète sera laissée-pour-compte. De son côté, l’Inde essaie encore de tirer son épingle du jeu, explique Kenneth Rogoff.
Mythos ou l’insoutenable légèreté de la souveraineté numérique européenne – Les Echos (4 mai)
Face à la puissance de Mythos, le Vieux Continent ne peut plus se priver de plateformes offrant le plus haut niveau de protection et de résilience, au seul motif que les données sont traitées aux Etats-Unis. Matthieu Courtecuisse appelle à un « deal numérique transatlantique » dans sa nouvelle chronique sur les années « Donald Musk ».
IA : « La guerre est déclarée » – Les Echos (30 mai)
L’Europe a deux ans pour accélérer sur l’intelligence artificielle et prendre de meilleures décisions. Notre déni collectif a des conséquences critiques sur nos options stratégiques, écrit Nicole Degbo, fondatrice et directrice générale de La Cabrik.
Le dernier LLM d’Anthropic, Mythos, peut identifier et exploiter des vulnérabilités inconnues. Face au risque de destruction mutuelle, les Etats-Unis et la Chine devraient s’entendre pour empêcher l’outil de tomber dans les mauvaises mains, décrypte Georges Nahon, ancien DG d’Orange Silicon Valley à San Francisco.
Washington a coupé sans préavis l’accès aux modèles d’IA les plus puissants d’Anthropic pour tout ressortissant étranger, une décision inédite qui a fait l’effet d’un séisme de l’autre côté de l’Atlantique.
La Maison-Blanche a interdit l’usage de Mythos et Fable, les derniers modèles du champion actuel de l’IA occidentale, aux étrangers. Voici comment Trump en est arrivé là.
Donald Trump a interdit l’accès des modèles d’IA avancés d’Anthropic aux non-Américains, provoquant une onde de choc mondiale. Cette décision pourrait cependant favoriser la Chine, dont les géants technologiques se positionnent pour combler le vide laissé par les Etats-Unis.
Royaume-Uni
Agentic commerce and the battleground for new payments infrastructure – Bank Underground (21 mai) (blog du staff de la Bank of England)
Agentic commerce, where artificial intelligence (AI) systems act on behalf of users to find products, negotiate purchases, and execute payments, is developing rapidly. This creates shared responsibility: developers must build legally sound systems, while regulators and infrastructure operators must consider how existing frameworks apply and where new approaches may be needed. The Bank of England operates, oversees and is coordinating the design of payment systems as part of its statutory responsibilities. Emerging agent‑based payments can have implications for how the private sector safely innovates and how regulators and payment infrastructure providers adapt. This post explores how agentic commerce could reshape future payment design.
Post-Brexit
UK Finance calls for closer UK-EU ties (Finextra, 8 juin)
UK Finance publishes roadmap for UK–EU financial services | Insights | UK Finance (communiqué du 8 juin)
Ten years after the Brexit referendum, Europe’s geopolitical and economic environment has shifted, creating a meaningful opportunity to reset the UK-EU relationship in financial services. Despite political separation, the UK and the EU remain deeply interconnected financial markets. However, this interdependence sits alongside an institutional relationship that is weaker than it should be.
Unlocking Growth Through a Stronger UK–EU Financial Services Partnership.pdf (rapport UK finance, 73 pages)
