Central banks are adopting the technical innovations of crypto (atomic settlement, programmability, interoperability) without taking on the decentralized monetary model. They are modernizing their infrastructure through projects like Agorá, Pine, and Pontes while keeping central bank money at the core of the system. The BIS favors tokenized deposits backed by supervised banks and excludes stablecoins from its unified ledger, citing insufficient control over monetary unity and system integrity. More than 130 jurisdictions are studying a central bank digital currency, against a backdrop of over 250 billion dollars in circulating stablecoins. Two models are emerging: Europe and Asia are modernizing bank money, while the United States is regulating private stablecoins through the GENIUS Act and banning federal agencies from developing a CBDC.
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