My friend Lory Kehoe spotted a white paper by the Bank for International Settlements (BIS) that was released in December discussing Project Leap, a deep technical experiment showing that core payment systems can migrate to post-quantum cryptography without breaking how money moves today.
It’s a fascinating paper and an important one for us fintech nerds, so I’m sharing it.
More than this, if it’s TLDR for you, here’s Lory’s summary:
1️⃣ Quantum risk is real, not theoretical
Future quantum computers can break today’s public-key cryptography — the same foundations used by banks, payment rails, and blockchains.
2️⃣ Central banks are already upgrading the rails
The BIS, Bank of France, Bundesbank and Bank of Italy successfully tested post-quantum cryptography inside live-like payment systems (TARGET2).
3️⃣ Payments can go quantum-safe — today
Liquidity transfers were executed using quantum-resistant digital signatures, proving migration is technically feasible.
4️⃣ Performance trade-offs are manageable
Post-quantum cryptography is slower, but well within tolerances for critical financial infrastructure — with clear optimisation paths.
5️⃣ Crypto won’t sit outside this shift
Stablecoins, tokenised deposits, and RWAs that integrate with traditional rails will need to align with post-quantum security standards.
🌍 Real-world example
The Eurosystem tested replacing traditional RSA signatures with quantum-resistant signatures for central bank liquidity transfers — the same pipes that underpin wholesale money markets and settlement.
If central banks are hardening these rails now, every digital asset that touches them will inherit these requirements.
Why This Matters for Crypto & Stablecoins
Stablecoins aren’t just code — they’re financial infrastructure.
- Issuers rely on banking rails
- On- and off-ramps depend on payment systems
- Institutional adoption depends on long-term security guarantees
- Quantum-safe cryptography becomes a credibility requirement, not a nice-to-have.
What Happens Next
- Banks and FMIs begin phased quantum-safe migrations
- Regulators embed post-quantum expectations into standards
- Stablecoin and RWA platforms must design for cryptographic agility
- The line between TradFi rails and on-chain money tightens further
The takeaway: the future of money is being secured now — quietly, deliberately, and with crypto very much in scope.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...