The current progress of CBDC worldwide is actually quite interesting——so far, only Nigeria, the Bahamas, and Jamaica have truly implemented central bank digital currencies, while other countries are mostly still in the paper stage. The Reserve Bank of India recently expressed a clear stance in its December Financial Stability Report: CBDC is the preferred option, and private stablecoins should step aside.

The reasons are quite straightforward. Central bank digital currencies can help maintain "monetary unity and the integrity of the financial system," serving as "the final settlement asset" and "the anchor of monetary trust." Simply put, CBDC is more stable and controllable, ensuring financial order. In contrast, private-issued stablecoins pose risks—when market pressure increases, these stablecoins could become new points of financial instability.

The Indian government’s economic survey for 2025-2026 also signals that they are considering how to regulate stablecoins. The Reserve Bank of India’s stance is even more direct, supporting a cautious approach toward the entire crypto asset ecosystem.

The underlying logic is clear: central banks hold the policy and regulatory tools, and will naturally lead the future monetary rules. The Reserve Bank of India’s statement is essentially paving the way for the development of a "faster, lower-cost, and safer" next-generation payment infrastructure. Therefore, CBDC is likely to become the mainstream choice for central banks worldwide, while the future of stablecoins largely depends on how each country chooses to regulate.