Central banks map their role in a payments system shared with stablecoins
The Committee on Payments and Market Infrastructures (CPMI) has outlined four central bank roles in a diverse payments ecosystem that includes stablecoins and tokenized deposits.
Published on Oct. 29, the analysis establishes central bank money as the foundation for trusted settlement while acknowledging private payment services' role in fostering innovation and user choice. The framework examines how stablecoins, tokenized deposits and programmable platforms fit into the evolving payments landscape alongside traditional systems.
Four central bank roles
As issuers, central banks determine which entities can hold accounts and access services. As operators, they balance infrastructure modernization against resilience and implementation risks. As overseers, they assess whether arrangements like stablecoins perform functions similar to financial market infrastructures.
As catalysts, central banks convene stakeholders to address collective challenges and encourage industry standards. These roles connect policy choices around account access, infrastructure, oversight and coordination.
Central bank money provides the safest and most liquid settlement asset for systemically important systems. It also supports convertibility at par among different means of payment.
Balancing innovation and risk
The committee acknowledges that payment diversity may improve efficiency and competition but could also create new interdependencies and amplify credit, liquidity, operational and cyber risks. The framework emphasizes considering policy tools together while maintaining adaptability and international cooperation.
The analysis recognizes that central bank policies may differ across jurisdictions as they navigate the complex relationship between network effects, market concentration and trust in money. This represents a significant step in establishing policy considerations rather than binding global rules for the digital payments future.
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