
Central Bank Digital Currencies & Stablecoins
Description
Explores the convergence of CBDCs and regulated stablecoins as the foundation of next-generation monetary systems, highlighting interoperability, liquidity design, and regulatory coordination among BIS, IMF, and central banks.
Explores the convergence of CBDCs and regulated stablecoins in shaping next-generation monetary systems. The study examines global pilot programs such as Project mBridge, Jura, and Dunbar, detailing governance, interoperability, and liquidity design for cross-border settlements. Quantitative models demonstrate the stabilizing effects of embedded central-bank liquidity backstops, while qualitative insights assess policy alignment across the FSB, IMF, ECB, and BIS. The report emphasizes how “same-risk, same-rule” frameworks and shared DLT infrastructures will define wholesale finance between 2025 and 2030
Table of Contents
23 Pages
- Executive Summary
- 1.Overview of CBDC and Stablecoin Architecture
- 2. Global Wholesale CBDC Interoperability Projects
- 3. The Public–Private Hybrid Monetary System
- 3.1 Tokenized Bank Money vs. Stablecoins
- 3.2 Embedding Central Bank Liquidity Backstops
- 4. Governance Considerations for Shared DLT Infrastructures
- 5. Navigating the Global Compliance Landscape
- 6. FSB & IMF Frameworks for Global Stablecoin Arrangements
- 7. Policy Outlook and Implementation Challenges
- Appendix: Sources, Case Studies, and Project Reports
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