every stablecoin is obviously a CBDC, just modularised. I’m not sure how people don’t see this. Back in 2014 I worked with a company that accidentally created the first CBDC in Barbados. We had a crypto exchange where locals would buy BTC. They’d give us Barbados dollars in cash & we’d convert it to USD then issue USDT on their account. Extremely clunky from a time and forex pov. Colu (colored coins) became a big thing which allowed you to build assets ontop of the bitcoin network. So naturally we decided to digitalise the Barbados dollar. This was the first emerging market currency that was onchain. We realized we had something huge. A few months later the central bank of barbados said Nope. That’s not gonna fly. You can’t just take the currency and export it on the internet via crypto. It was then I realized that no matter what you build, you’re still operating on top of the policy layer. And it’s that policy layer that defines what a CBDC is. So when regulators say, “This stablecoin isn’t a CBDC,” it’s nonsense. If a digital currency needs regulatory approval to exist, it’s a CBDC (just with a bit more modularity and distribution).