<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
<channel>
  <title>Tokens &amp; Rails</title>
  <link>https://tokensandrails.com/news.html</link>
  <atom:link href="https://tokensandrails.com/feed.xml" rel="self" type="application/rss+xml"/>
  <description>The weekly payments briefing (what happened, why it matters for the machine) and the longer essays from the Desk. Vendor-neutral, global, every figure sourced.</description>
  <language>en</language>
  <lastBuildDate>Sun, 26 Jul 2026 12:00:00 GMT</lastBuildDate>
  <item>
    <title>This week in payments — Issue #004</title>
    <link>https://tokensandrails.com/briefings/004.html</link>
    <guid>https://tokensandrails.com/briefings/004.html</guid>
    <pubDate>Mon, 06 Jul 2026 08:00:00 GMT</pubDate>
    <description>Open USD launches with 140 partners and shares its float; the UK's scam-reimbursement rules turn one with fraud down; BNPL's FCA registration deadline passes; Swift moves an Australia-to-India retail remittance in 37 seconds.</description>
  </item>
  <item>
    <title>There is no money in your bank account.</title>
    <link>https://tokensandrails.com/desk-money.html</link>
    <guid>https://tokensandrails.com/desk-money.html</guid>
    <pubDate>Wed, 08 Jul 2026 09:00:00 GMT</pubDate>
    <description>The balance in your app isn't money. It's a promise. Understanding what kind is the whole of payments.</description>
  </item>
  <item>
    <title>The float is the product.</title>
    <link>https://tokensandrails.com/desk-float.html</link>
    <guid>https://tokensandrails.com/desk-float.html</guid>
    <pubDate>Mon, 06 Jul 2026 09:00:00 GMT</pubDate>
    <description>Issuers give you the token free and keep the interest on the billions behind it. That sentence explains the whole land grab.</description>
  </item>
  <item>
    <title>Two prices, one promise.</title>
    <link>https://tokensandrails.com/desk-depeg.html</link>
    <guid>https://tokensandrails.com/desk-depeg.html</guid>
    <pubDate>Mon, 29 Jun 2026 09:00:00 GMT</pubDate>
    <description>When a stablecoin 'breaks the buck,' it's two completely different failures wearing the same number.</description>
  </item>
  <item>
    <title>Nobody legislated the chip.</title>
    <link>https://tokensandrails.com/desk-liability.html</link>
    <guid>https://tokensandrails.com/desk-liability.html</guid>
    <pubDate>Mon, 22 Jun 2026 09:00:00 GMT</pubDate>
    <description>The US got chip cards because someone moved who pays for fraud, not because a law required it.</description>
  </item>
  <item>
    <title>The bank that died at lunch.</title>
    <link>https://tokensandrails.com/desk-herstatt.html</link>
    <guid>https://tokensandrails.com/desk-herstatt.html</guid>
    <pubDate>Mon, 15 Jun 2026 09:00:00 GMT</pubDate>
    <description>A 1974 afternoon named a risk that still shapes how trillions settle every day.</description>
  </item>
  <item>
    <title>Opacity is the margin.</title>
    <link>https://tokensandrails.com/desk-opacity.html</link>
    <guid>https://tokensandrails.com/desk-opacity.html</guid>
    <pubDate>Mon, 08 Jun 2026 09:00:00 GMT</pubDate>
    <description>A merchant statement is unreadable on purpose, and it explains why the companies that made pricing simple won.</description>
  </item>
</channel>
</rss>
