Feb 23, 2026
The New Architecture of Global Finance: An In-Depth Analysis of Central Bank Digital Currencies and Blockchain-Based Cross-Border Payments
“The New Architecture of Global Finance” Published
Istanbul, February 2026 – DGA – Decentralized Governance Technologies Association has released a comprehensive analytical report examining the transformation of the global financial system through a multidimensional perspective.
Titled “The New Architecture of Global Finance: An In-Depth Analysis of Central Bank Digital Currencies and Blockchain-Based Cross-Border Payments,” the study explores the emerging financial infrastructure shaped by Central Bank Digital Currencies (CBDCs) across technological, economic, regulatory, and geopolitical dimensions.
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ISBN: 978-625-93177-0-0
The Global Financial System at a Critical Turning Point
The report highlights the structural inefficiencies of the correspondent banking model, which continues to dominate cross-border payments. These include high transaction costs, delayed settlement cycles (typically T+2), limited operational transparency, and counterparty risk.
It emphasizes that Distributed Ledger Technology (DLT), and particularly Wholesale CBDC (wCBDC) architectures, offer a transformative solution by enabling real-time, programmable, and atomic settlement mechanisms.
As of the first quarter of 2025, 134 countries representing 98% of global GDP are engaged in CBDC initiatives, while all G20 members are either conducting research or operating pilot programs.
Major Global Initiatives Under Review
The report provides a detailed analysis of key international projects shaping the future of cross-border digital finance:
Project mBridge – A multilateral wCBDC settlement platform
Project Agora – Integration of tokenized central bank money and commercial bank money through a “Unified Ledger” architecture
Project Dunbar – Technical feasibility of multi-CBDC platforms
Project Mariana – Integration of DeFi-based Automated Market Maker (AMM) models into wCBDC systems
Through these case studies, the report demonstrates that the new architecture of global finance is being shaped not only by technological innovation but also by governance design, legal certainty, and interoperability frameworks.
A Strategic Roadmap for Türkiye
One of the most notable sections of the report presents a case study on the Digital Turkish Lira and Türkiye’s strategic positioning within the wCBDC ecosystem.
The study outlines concrete policy options for Türkiye, including:
Reducing cross-border transaction costs
Minimizing settlement risk through PvP (Payment-versus-Payment) mechanisms
Strengthening trade conducted in local currency
Establishing a credible public alternative to privately issued stablecoin-based systems
A Programmable Financial Future
The report defines CBDCs not merely as digital currency, but as a programmable financial infrastructure.
Through smart contracts, it highlights the potential for:
Atomic DvP (Delivery-versus-Payment) and PvP transactions
IoT-triggered automated supply chain payments
Parametric insurance mechanisms
These capabilities signal the emergence of next-generation financial architectures that integrate settlement directly with commercial logic.
A Reference Source for Policymakers
Structured across five comprehensive sections and addressing technological, legal, economic, and governance dimensions, the report serves as a critical reference for:
Policymakers
Central banks
Financial strategists
Technology experts
Academics