Leading in a Future Economy Project: mCBDCs and Stablecoins — Development, Adoption n Implementation with a Focus on Asia

The rapid evolution of digital technologies has catalyzed the emergence of novel monetary instruments, notably Central Bank Digital Currencies (CBDCs) and stablecoins, which are reshaping the global financial landscape. This report examines the definitions, classifications, and distinguishing features of CBDCs and stablecoins, with a particular focus on their development and adoption across selected Asian economies. It explores the motivations driving central banks and private entities to pursue digital currency initiatives, analyzes the regulatory frameworks governing stablecoins, and evaluates broader policy implications. These include impacts on monetary policy, financial stability, capital flow management, financial inclusion, consumer protection, privacy, and financial literacy. The report also emphasizes the importance of stakeholder engagement and concludes with strategic recommendations to support the secure and inclusive integration of digital currencies into the financial ecosystem.