Stablecoins and CBDCs dominate the evolving digital money scene

Homepage > News > Finance > Stablecoins and CBDCs dominate the evolving digital money scene TL;DR: The future of digital money continues to diverge around the world, as Brazil moves to restrict digital asset settlement in cross-border eFX and Saudi Arabia steps back from a China-led blockchain alternative to SWIFT, while Hong Kong pushes ahead with 24/7 central bank digital currency (CBDC) settlement. Key Takeaways: Brazil will ban regulated eFX providers from using stablecoins for foreign-counterparty settlements from October 1. Saudi Arabia withdrew from mBridge after its proof-of-concept phase but may continue related work. mBridge processed 164 real-value transactions worth over $22 million in its 2022 pilot. Hong Kong plans 24/7 CBDC settlement under EnsembleTX by around the end of 2026. Table of Contents: Brazil tightens eFX rules on digital assets Saudi Arabia leaves mBridge, but keeps options open Hong Kong moves toward 24/7 CBDC settlement From Latin America to East Asia, governments and central banks are adopting increasingly distinct approaches to the infrastructure that underpins digital money, with a particular focus on stablecoins and CBDCs. In the past few w...