Central banks map their role in a payments system shared with stablecoins
The BIS-hosted Committee on Payments and Market Infrastructures outlines four central bank roles in a more diverse payments landscape: issuer, operator, overseer and catalyst. Its analysis covers stablecoins, tokenized deposits, programmable platforms, fast payment systems and non-bank providers. Central bank money remains the trusted, liquid settlement anchor that supports par convertibility, while private services can foster competition, efficiency and access. CPMI says payment innovation may bring benefits but also increase interdependencies and credit, liquidity, operational and cyber risks. It highlights account access, infrastructure resilience, oversight of systemically important arrangements, stakeholder coordination, adaptable policy tools and international cooperation.
