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

Stablecoins are not booming and CBDCs are not dead, especially in Europe where the ECB is pressing ahead with plans for a digital euro in 2028. Different uses-cases will rely on different forms of tokenised money and the private sector is building the necessary infrastructure. Corporates are drivers of change in payments and cash management and may be pioneering the disintermediation of the banks.