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 perception that Stablecoins are breaking out of their original cryptocurrency niche and impacting both domestic and cross-border payments is overstated. The cost, speed and accessibility advantages of Stablecoins have yet to disrupt existing domestic and cross-border payments services or money market practices. The number of digital wallets capable of accepting Stablecoins is a better measure of the ultimate scalability of Stablecoins than the number of Stablecoin issuers