ONB & BCG – Euro Money Tokens: Potential Economic Role of CBDCs and Euro-Denominated Stablecoins

The document explores the economic role of central bank digital currencies (CBDCs) and euro-denominated stablecoins.

Key topics include changes in the digital currency landscape and their geopolitical role, interaction and complementarity of various digital currency instruments, the role of CBDCs and stablecoins in the monetary system, including their definition, classification, and regulatory framework, potential roles in the European digital economy and international use, macroeconomic and monetary aspects of digital assets, including stability and risks, application of CBDCs and stablecoins in various scenarios such as payments and settlements, and value creation in the digital economy and strategic choices for banks.