21st century payments - CBDC and Stable Coins
summary
Bank tech firms already enable a Munich bank to issue a euro stablecoin under an e-money license so on-chain tokenized bonds can settle via instant delivery versus payment; that works technically but faces a regulatory cost problem because negative interest rates make large-scale euro stablecoins uneconomic. Meanwhile US dollar stablecoins (USDC, USDT) handle enormous volumes—roughly 150 billion USD daily—so market leadership stays dollar‑centric; ECB work focuses on a retail digital euro, leaving wholesale and cross‑border gaps unresolved.
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