Stablecoins vs. CBDCs: The Road to the Future of Digital Money

Two Paths for Digital Money Are Emerging

The evolution of digital currency is moving in two distinct directions — market-driven stablecoins and government-issued CBDCs — each offering a different vision for how money should function in an increasingly digital economy.

Stablecoins: Open, Global, and User-Driven

Stablecoins such as USDt on the TON blockchain run on public, permissionless networks. They’re already used in:

• Trading and liquidity flow

• DeFi applications

• Global remittances

• Everyday payments

Because they operate on open blockchains, stablecoins allow for interoperable infrastructure, faster settlement, and borderless value movement without relying on traditional banking rails.

CBDCs: Centralized Control and Regulated Infrastructure

Unlike stablecoins, CBDCs operate on permissioned systems governed by central banks. These systems give governments:

• Full authority over issuance

• Access to detailed transaction data

• The ability to enforce monetary and compliance policies directly at the network layer

This centralized architecture offers regulatory certainty — but raises concerns about privacy, surveillance, and programmability.

The Trade-Offs That Will Define the Future

The global split between stablecoins and CBDCs hinges on how societies answer key questions:

Regulation & Trust

How strict should reserve requirements be?

Should private issuers or governments control the digital money supply?

Privacy & Autonomy

Stablecoins provide more open rails.

CBDCs offer control but may reduce financial privacy.

Global Payments & Inclusion

Which system better supports cross-border transactions, low-cost remittances, and financial access?

These choices will determine which form of digital currency becomes the backbone of everyday payments, both locally and globally.

Learn More

Dive deeper into the evolving landscape of digital money:

https://blog.ton.org/stablecoins-vs-cbdcs