Interoperability of Blockchain Systems and the Future of Payments

Jon Durfee, Michael Lee, Joseph Torregrossa and Sarah Wang

No 20250327b, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: In a previous post, we introduced a three-pillar framework for interoperability of payment systems and discussed how technological, legal, and economic factors contribute to achieve interoperability and aid in the “singleness of money”—that payments and exchange are not subject to volatility in the value of the money itself—in the context of legacy systems. In this post, we use the framework to characterize the interoperability of blockchain systems and propose a methodology for evaluating interoperability. We show evidence of limited interoperability and draw insights for the future of payment systems.

Keywords: interoperability; blockchain; stablecoins; singleness of money; future of payments (search for similar items in EconPapers)
JEL-codes: E41 E42 (search for similar items in EconPapers)
Date: 2025-03-27
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