The Committee on Payments and Market Infrastructures (CPMI) has outlined how central banks could operate as issuers, infrastructure operators, overseers and catalysts as payment systems expand to include stablecoins, tokenized deposits and programmable platforms.
The analysis, published on Oct. 29 by the committee hosted by the Bank for International Settlements, examines how public central bank money can coexist with increasingly diverse private payment arrangements. According to CryptoSlate, the publication frames central bank money as the foundation for trusted settlement while leaving room for private companies to develop competing services and new forms of money.
The discussion matters because payment systems are becoming more varied, but they still need reliable ways to settle transactions, connect participants and manage risks. CPMI’s framework focuses on how established central bank responsibilities may evolve rather than treating new digital arrangements as separate from the wider financial system.
Central bank money remains the settlement anchor
CPMI describes central bank money as the safest and most liquid settlement asset for systemically important payment systems. It also supports convertibility at par, meaning that different payment instruments can be exchanged at the same face value.
That role provides a common foundation as private payment providers introduce services aimed at different users. The committee says private arrangements can promote innovation, competition, efficiency and broader access. In this model, central bank money supplies the trusted settlement base, while private entities offer a range of payment services and private-money structures around it.
The analysis considers stablecoins and tokenized deposits alongside fast-payment systems, non-bank payment providers and programmable platforms. A stablecoin is a digital payment instrument designed to maintain a stable value, while tokenized deposits represent deposits in a digital form. The committee’s central question is how these arrangements connect to the rest of the payments landscape and what functions they perform within it.
CPMI also points to network effects, the balance between concentration and fragmentation, and trust in money as forces that continue to shape payments. New technology therefore does not remove the need to consider how participants interact, how systems connect and where responsibility for resilience lies.
Four roles guide central bank choices
The report groups central bank responsibilities into four roles: issuer, operator, overseer and catalyst. Each role involves a different set of policy and operational decisions.
As an issuer, a central bank must consider which institutions can hold central bank accounts, what services those account holders can use and the terms governing access. CPMI treats these questions as connected. Eligibility determines who can participate, while the services and conditions determine how useful that access is in practice.
As an operator, a central bank may assess whether to modernize existing infrastructure or create new platforms. CPMI places resilience, innovation and implementation risks together in this decision. A new technical capability may offer improvements, but it also brings challenges linked to deployment, operation and reliability.
As an overseer, a central bank assesses whether emerging payment arrangements perform functions similar to financial market infrastructures. The analysis highlights stablecoins and tokenized arrangements in this context, along with questions about systemic importance, governance and operational resilience. The emphasis is on the functions an arrangement performs and the risks it could transmit or create across the financial system.
As a catalyst, a central bank can bring stakeholders together to address collective-action problems, support market-based solutions and encourage common practices and industry standards. Coordination is therefore treated as a core part of the framework, alongside account access, infrastructure and supervision.
Benefits and risks remain conditional
CPMI presents greater payment diversity as a source of possible benefits rather than an automatic improvement. More payment arrangements could support efficiency, competition and innovation. At the same time, a more interconnected system could create new dependencies and introduce or amplify credit, liquidity, operational and cyber risks.
The committee calls for policy tools to be considered together and for authorities to remain adaptable as payment technologies and business models develop. It also stresses the importance of sustained international cooperation, while recognizing that central bank policies may differ between jurisdictions.
The framework does not prescribe a single global model for stablecoins, tokenized deposits or programmable payment platforms. Instead, it places them within a broader discussion about access, infrastructure, supervision, coordination and the continuing role of central bank money in settlement.
Moneyiar market picture
Moneyiar data at the stated times show mixed performance among the listed digital assets. Stable (STABLE) was priced at $0.0265498473 at 22:39 on Oct. 25, 2026, down 2.51% over 24 hours but up 10.84% over seven days.
Celestia (TIA) stood at $0.5321576029 at 22:38 on Oct. 25, unchanged over 24 hours and down 11.85% over seven days. Nexus (NEX) was $0.0000006151 at the same time, up 1.61% in 24 hours and down 13.97% over the week. ORDI was priced at $3.5491459276 at 22:39, down 1.40% in 24 hours and 2.54% over seven days.
