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美国经济分析师- 数字货币与支付的演变格局-US Economics Analyst_ The Evolving Landscape of Digital Money and Payments (Abecasis)
2025-09-06 07:23
Summary of the Evolving Landscape of Digital Money and Payments Industry Overview - The report focuses on the evolving landscape of digital payment systems, specifically examining stablecoins, central bank digital currencies (CBDCs), and public fast payment systems [2][5][6]. Key Insights Stablecoins - Stablecoins' market capitalization reached $270 billion in August, but transaction volumes remain small relative to global payments, with retail transactions accounting for only $6 billion, or 0.01% of retail payments [22][25]. - The majority of stablecoin transactions occur in international payment flows, often used for remittances and saving in stable currencies [22][30]. - The market is dominated by two issuers, Tether (USDT) and USD Coin (USDC), with over 95% of stablecoins pegged to the US dollar [23][29]. - Stablecoins provide faster and cheaper settlement than traditional systems, but their adoption is hindered by the need for on/off-ramping to traditional payment rails [13][14]. Central Bank Digital Currencies (CBDCs) - Only three countries have fully launched CBDCs: the Bahamas, Nigeria, and Jamaica, all of which have seen low adoption rates [42]. - Many central banks are researching or piloting CBDCs, but projects in countries like the US have been abandoned due to low take-up and privacy concerns [43][42]. - CBDCs do not typically pay interest and require accounts at commercial banks or payment service providers [46]. Public Fast Payment Systems - Countries like Brazil and Thailand have developed successful public fast payment systems that have quickly become the main form of non-cash payment [44][51]. - Successful systems feature widespread participation from banks and nonbanks, user-friendly interfaces, and low costs for consumers [47][62]. - The adoption of public fast payment systems in developed markets (DMs) is slower due to entrenched card networks, which provide consumers with incentives to remain on existing platforms [56][62]. Additional Important Points - The report highlights the significant network effects in the payments sector, where new technologies struggle to gain traction against established incumbents [20][62]. - The success of new payment methods in emerging markets (EMs) is attributed to less entrenched card networks, which allows for greater financial inclusion [62]. - The report emphasizes the need for new payment methods to be user-friendly, safe, and compatible with existing financial infrastructure to overcome network effects and achieve widespread adoption [62]. Conclusion - The evolving landscape of digital payments presents both opportunities and challenges, with stablecoins, CBDCs, and public fast payment systems each playing distinct roles in the future of financial transactions. The report underscores the importance of addressing network effects and fostering user-friendly solutions to drive adoption in both emerging and developed markets.