Stablecoins are rapidly expanding as money-like assets for payments, trading, settlement, and cross-border transfer. In response, policymakers are moving quickly to develop new regulatory frameworks to safeguard the monetary and financial system. This article develops a forward-looking,...

This paper examines how digital financial platform engagement influences financial inclusion in the Philippines and explores how financial institutions are deploying artificial intelligence (AI) in enhancing these platforms. It combines nationally representative data from the World Bank Global...

Around three quarters of Bitcoin transactions take place off-chain. Despite their significance, the vast majority of the empirical literature on cryptocurrencies focuses on on-chain transactions. This paper presents one of the first analysis of both on- and off-chain demand- and supply-side...

Programmability is at the heart of ongoing work on the future of money and payments by central banks around the world. Despite its potential, there is growing concern that programmability conflicts with the provision of "good" money. This paper overviews key principles of "good" money and argues...

The digitalization of finance has accelerated the diffusion of FinTech and raised new questions about how AI, data security and blockchain shape consumer behaviour. This article examines current FinTech users, focusing on mobile banking, security perceptions, AI-enabled personalisation and trust...

Purpose - This study examines Salvadorans' perceptions of the Bitcoin Law, which made Bitcoin legal tender on September 7, 2021. Design/methodology/approach - We administer a survey in El Salvador and analyze the data using, among other methods, OLS regressions, ordered logit and ordered probit...

Cryptocurrencies play a central role in modern financial markets; however, geopolitical tensions and environmental concerns raise critical questions about their stability and informational efficiency. This study distinguishes between green cryptocurrencies (GCs), based on low-energy validation...

This paper provides an overview of analytical work1 conducted largely in 2025, under their own aegis, by experts from various European central banks and authorities in the field of crypto-asset monitoring and presented at the Crypto-Asset Monitoring Expert Group (CAMEG) 2025 Conference....

In essence, the currently large stablecoins are electronic money issued by narrow balance sheet vehicles into a distributed ledger (or a "programmable platform"). Many believe that they will have significant success as a new form of money. Members of the current US administration expect that US...

As central banks explore issuing digital currencies for public use, a critical design challenge is how to protect the privacy of the granular data trails digital payments leave behind. While privacy is widely recognised as a goal, policy debates often frame it as a trade-off with crime...

We study how the type of money used in blockchain-based trade affects interest rates, investment, and welfare. Stablecoins in our model are backed by safe assets, while banks issue deposits (both traditional and tokenized) to fund a portfolio of safe and risky assets. Deposit insurance creates a...

We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks' deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking onchain transactions to wholesale interbank payments, we document the first evidence of...

This paper examines the determinants of Central Bank Digital Currency (CBDC) wallet usage and evaluates the impact of a retail CBDC pilot implemented by the Central Reserve Bank of Peru (BCRP) in regions with low levels of financial inclusion. As of August 2025, the pilot reached approximately...

This paper studies the effects of stablecoin adoption-crypto-assets designed to maintain a stable value relative to a reference asset-on bank intermediation and the transmission of monetary policy. Using evidence from the rapid expansion of stablecoins combined with confidential granular data on...

As instructors of Money and Banking, we regularly confront enduring questions: What is money? Is gold money? More recently, students ask whether shadow money, Bitcoin, or stablecoins qualify as money. These inquiries reflect a deeper puzzle: why do rational agents exchange valuable goods and...

Using a survey of 39,507 adults in 17 euro-area countries, I find that crypto-asset owners and the niche subgroup of payers have distinct profiles. Owners - typically younger, male, and financially active - exhibit mixed preferences, valuing both cash-like privacy and card-like speed. Crypto...

This paper contributes to current debates surrounding the digital euro and US stablecoins by unpacking the present day relevance of two important episodes in monetary history: Prussia's effort in the 18th century to implement a uniform coinage standard across the Holy Roman Empire, and the 19th...

This SAFE White Paper presents a structured economic framework for assessing asset-backed stablecoins in their capacity as privately issued, fiscally anchored monetary instruments. Specifically, we evaluate the implications of stablecoins for financial intermediation, sovereign debt markets, and...

This study investigates the potential effects of Mobile Money (MM) and Central Bank Digital Currencies (CBDCs) on the average transaction costs of remittances to Sub-Saharan Africa (SSA), with a focus on Nigeria. While much of the current literature highlights the theoretical benefits of CBDCs...

Amidst the escalating geopolitical fragmentation of the global financial system, divergent stablecoin architectures are emerging. This study employs Qualitative Comparative Analysis (QCA) and introduces a formalized 'Geopolitical Stablecoin' (GPSC) model to conduct a systematic comparison of...

As cryptocurrencies evolve from niche assets to systemic financial components, the banking sector faces a strategic dilemma: displacement or adaptation. Using 27,510 bank-year observations from 2014 to 2023 across thirty-two economies, predominantly within the European banking sector, this study...

This paper examines the relationship between traditional gold (XAU) and its tokenized counterparts (PAXG and XAUT), providing an empirical assessment of how digital representations of real-world assets align with their underlying benchmarks. Using multi-year time series data, the study evaluates...

The COVID-19 pandemic constitutes one of the most significant exogenous shocks to global financial markets in recent history, raising questions about the robustness of market efficiency under extreme uncertainty. This study examines whether the pandemic affected the weak-form efficiency of the...

This study evaluates the early impact of Central Bank Digital Currencies (CBDCs) on key financial indicators in The Bahamas, focusing on the introduction of the SandDollar-the world's first fully implemented retail CBDC. Using the Synthetic Control Method (SCM), the analysis constructs...

Background: Fintech companies have revolutionized the financial services industry in India in recent years. This is especially true for the growth of digital payment methods. India's unbanked are being introduced to banking by fintech companies. Despite the country's strong banking system, many...

This study examines dynamic interdependencies and risk transmission among major cryptocurrencies and traditional financial assets, including Bitcoin, Ethereum, U.S. equities, and gold, over the period 2017-2024. Particular attention is given to the structural shift associated with the 2024 U.S....

The present article examines the pioneering case of blockchain adoption in local government by the City of Lugano and discusses how Distributed Ledger Technology (DLT) may support institutional innovation beyond pilot experimentation. The Swiss municipality of Lugano has developed an integrated...

Many Central banks around the world are considering the introduction of a Central Bank Digital Currency (CBDC) as a new means of payment. One of the reasons for introducing a CBDC is a change in payment behavior towards an increasing use of electronic forms of payment. This paper examines the...

We field a series of experiments in a population-representative survey of European consumers to examine their attitudes towards the possible introduction of a digital euro. First, we show that a short video explaining the key features of the digital euro is effective in changing consumers'...