Digital Money Race: CBDCs, Stablecoins, and Tokenised Bank Deposits (sites.duke.edu)

• Cross-border payments rely on slow correspondent banking model.
• US legislation boosted stablecoins and halted CBDC progress.
• Tokenised deposits combine digital efficiency with bank stability.

"The article compares central bank digital currencies, stablecoins, and tokenised bank deposits as alternatives for cross-border payments. While stablecoins gained momentum from US legislation in 2025, tokenised deposits may offer the most durable model by combining digital efficiency with bank regulation and deposit insurance."