As central banks build digital currencies with tight control, they abandon the core innovation of blockchain—permissionless design. While CBDCs favor private ledgers, the U.S. turns to stablecoins running on public rails, balancing decentralization, oversight, and market-driven innovation.

The U.S. Senate has passed the GENIUS Act, a sweeping bill to regulate dollar-backed stablecoins while promoting private-sector leadership in digital finance. Backed by the Trump administration, the bill now heads to the House—marking a pivotal moment in the future of digital dollars.

Special Report covering the Digital Euro Conference 2025

In this issue: Europe Accelerates Digital Euro, China's e-CNY in the State Financial Guidelines, and other CBDC news from around the world. In the tokenization segment, ONDO and Mastercard partnership, and a new token standard from Taurus

U.S. Fed drops the wholesale CBDC term, Russian banks resist digital ruble push, China adds scenarios for state payments with e-CNY

Reserve Bank of New Zealand study reveals consumers' worries, India's Reserve Bank Governor speaks about the digital rupee progress, while Fiji abandons CBDC plans

Another U.S. state pushes for CBDCs to be banned — as a tokenization platform secures a crucial license for rolling out in the EU. Also in this issue: an overview of developments in China, Russia, and the EU central bank digital currencies.