We map the evolution of sovereign digital money, studying the geopolitical implications, privacy-preserving technologies, and the competitive interplay between CBDCs and private stablecoins.
Analyzing settlement layer trials (e.g., Eurosystem DLT trials) that utilize central bank money for interbank settlement and cross-border corridors.
Evaluating the architectural designs for a Digital Euro or sovereign equivalents, focusing on offline capabilities, ledger privacy, and holding limits to prevent bank disintermediation.
Assessing the geopolitical threats of "dollarization by stablecoin" and the defensive strategies adopted by emerging market central banks.
Tracking the issuance models of e-money tokens (EMTs) under MiCA, and their utility as the defacto settlement rails for decentralized economies.
Direct claims on the central bank accessible to the general public, primarily designed to ensure public access to sovereign money in a digital format (e.g., Digital Euro).
Restricted-access digital tokens used exclusively by financial institutions for interbank settlement, cross-border payments, and securities transactions.
A two-tier model where the central bank issues the CBDC and manages the core ledger, while private financial institutions handle KYC, distribution, and retail customer service.
Privately issued stablecoins that are 100% fully backed by central bank reserves, effectively outsourcing issuance while maintaining strict sovereign peg integrity.
Institutional Indexing & Research Visibility
Digital Object Identifier (DOI): 10.5281/zenodo.dcm.research.2026.14