Future of Money

Each country’s agenda is motivated by questions about the sustainability of the dollar’s dominant global role.

Stablecoin usage is complex for consumers, and large-scale adoption could introduce new challenges for financial stability and regulatory oversight.

The current patchwork of regulations around the globe creates more confusion, more friction in payments, and ultimately higher costs for consumers.

US policymakers should both protect and promote legal remittance channels to ensure that these funds can flow safely and efficiently.

These lessons are shaping a framework governments can use to evaluate their need for central bank-led immediate payment systems, their potential structure, organizational features, and the trade-offs involved.

All policymakers agree on one point: both CBDCs and stablecoins will significantly impact the global role of the US dollar.