TradFi looks safe on the international payments market for the foreseeable future, despite advances in blockchain solutions.
Despite the steady increase in research activity, central bankers are showing rapidly decreasing enthusiasm for central bank digital currency (CBDC), the Official Monetary and Financial Institutions Forum (OMFIF) think tank has found in its annual Future of Payments survey.
Interlinking instant payment systems, such as the comparatively new US FedNow, is by far the most popular solution among central banks for improving cross-border payments. Almost half (47%) of respondents chose this option, which is only a tiny increment above last year’s results. Stablecoins received a 0% vote, just as last year.
CBDCs fell in this ranking from 31% in 2023 to 13% in 2024. This may reflect a reaction to greater interest in CBDC in certain central banks.
