Global central banks are pushing CBDCs to defend monetary sovereignty against USD stablecoins, but are struggling to find demand for the digital currencies (Jonathan Levin/Bloomberg)

Central banks worldwide are accelerating the rollout of central-bank digital currencies (CBDCs) to protect national monetary sovereignty from the growing influence of USD-backed stablecoins. The initiatives aim to provide sovereign digital payment options that compete with private stablecoins. However, surveys and market data show limited consumer and business demand for these digital currencies, leaving many projects without clear adoption pathways.