Contrasting wholesale central bank money (CeBM) settlement rails with private stablecoin cash legs in capital markets.
| Feature | Wholesale Digital Euro (wCBDC / Trigger) | E-Money Tokens (MiCA Compliant Stablecoins) |
|---|---|---|
| Liability Type | Central bank liability (Risk-Free CeBM) | Private issuer liability (Commercial CoBM) |
| Settlement Finality | Legal finality guaranteed by Central Bank act | Finality dependent on blockchain consensus rules |
| Credit Risk | Zero credit and liquidity risk | Dependent on issuer credit and deposit bank stability |
| Availability | Currently restricted to RTGS operating hours (or trials) | Continuous 24/7/365 availability on public/private DLT |