Deutsche Bank Institute

2026

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This chapter explores the evolving landscape of currency, crypto, and payment infrastructure, highlighting how monetary power is shifting from traditional currencies to digital networks and payment systems.

* **The Rise of Digital Infrastructure:** The document details how competition is shifting from currency-to-currency to settlement network-vs-settlement network, with stablecoins and CBDCs playing a crucial role.
* **USD Dominance in the Digital Age:** It argues that the US dollar is not weakening but is being "re-encoded" into digital networks through stablecoins, extending its reach and influence.
* **Central Bank Digital Currencies (CBDCs):** The chapter examines CBDCs as a sovereign response to the rise of private digital currencies, focusing on their role in maintaining monetary authority and control over payment rails.

Tags: digital currency, stablecoins, CBDCs, payment infrastructure, USD dominance

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