Interoperability between payments networks and adoption by established distribution networks are the keys to scale in digital money but their effectiveness depends on consumer confidence. Interoperability requires infrastructure but the right combination of public initiative and private incentive has yet to be found, though it likely lies in not-for-profit utility models. Programmable money can catalyse adoption of digital monies by enabling agentic AI payments and creating a

The main obstacle to tokenised deposits scaling is lack of interoperability between the tokenised deposits of individual banks. Banks are also coming to appreciate the costs and complexities of building the internal systems and procedures to support tokenised deposits. In the long run, tokenised deposits will outperform Stablelecoins in terms of both stocks and flows. Tokenised deposits are also better placed than Stablecoins to deliver the most valuable promise of tokenised

Regulatory frameworks are converging conceptually but diverging on where issuers and reserves must sit legally. Institutional buyers already treat Stablecoins, tokenised deposits and CBDCs as distinct tools, not interchangeable substitutes for each other. The dominant Stablecoin issuer remains largely outside the new regulatory perimeter, exposing a gap between rulemaking and market reality. Corporate and treasury adoption, not financial markets infrastructure, is emerging as

During a panel session at the Financial Times Digital Assets Summit last week, the Bank of England’s director for central bank digital currency, Tom Mutton, and Quant’s CEO Gilbert Verdian shared their views on a digital pound and tackled questions from the audience about personal data privacy and interoperability. Watch more here: https://quant.network/events/bank-of-england-and-quant-share-cbdc-vision/ Objectives and current status Tom Mutton, the Bank of England’s director