Abstract
Public-Chain CBDCs as Sovereign Counterparts to Stablecoins: A Functional Equivalence Perspective
2026 IEEE International Conference on Blockchain and Cryptocurrency, pp.1-2
2026 IEEE International Conference on Blockchain and Cryptocurrency (ICBC) (Brisbane, Australia, 01/06/2026–05/06/2026)
01/06/2026
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Abstract
CBDCs and fiat-backed stablecoins are conventionally treated as distinct instruments the former publicly issued, the latter privately issued, each governed by separate legal frameworks. This paper formalizes the functional equivalence between a public-chain CBDC and a centrally controlled stablecoin contract, demonstrating that the primary distinction lies in the sovereign status of the issuer rather than payment functionality. We further show that USD stablecoins have effectively become instruments of dollar hegemony, while multi-CBDC platforms such as mBridge seek to restore monetary sovereignty in crossborder settlement. Policy discussions should treat public-chain CBDCs as sovereign stablecoins and explicitly address the strategic trade-offs between dollar-centric and multi-CBDC settlement architectures.
Details
- Title
- Public-Chain CBDCs as Sovereign Counterparts to Stablecoins: A Functional Equivalence Perspective
- Creators
- Babu Pillai - Griffith UniversityAravinda S. Rao - RNS Institute of Technology (India)
- Publication Details
- 2026 IEEE International Conference on Blockchain and Cryptocurrency, pp.1-2
- Conference
- 2026 IEEE International Conference on Blockchain and Cryptocurrency (ICBC) (Brisbane, Australia, 01/06/2026–05/06/2026)
- Publisher
- IEEE
- Identifiers
- 991013390251902368
- Academic Unit
- Faculty of Science and Engineering
- Language
- English
- Resource Type
- Abstract