A key point of contention in financial policy in 2025 has been the relationship between stablecoins and central bank digital currencies. So far, jurisdictional decisions to support one instrument versus the other have been in large part informed by cultural and political beliefs over whether the public sector is a steward or a barrier to innovation. All jurisdictional choices continue to be influenced by questions regarding the dollar’s longer-term prospect as the global reserve currency. These forces are visible across the strategies pursued by some of the most relevant centres of geopolitical power: the US, China ... (full story)