Central banks map their role in a payments system shared with stablecoins

The October 29 official summaries connect settlement access, infrastructure, oversight and coordination while keeping potential benefits and risks conditional. Read the full story on CryptoSlateUnderstand the crypto stories that matter…

Liam 'Akiba' Wright · 30 Oct 2026 · 8 min read

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Quick Take

01 CPMI’s October 29 publication outlines four central bank roles as payments diversify, including stablecoins and tokenized deposits.
02 Its summaries describe central bank money as the settlement anchor, complemented by private innovation, competition and user choice.
03 The committee links access, infrastructure, oversight and coordination, with potential efficiency gains and system risks remaining conditional.

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The Committee on Payments and Market Infrastructures (CPMI), hosted by the Bank for International Settlements, published an analysis on Oct. 29 setting out four central bank roles in increasingly diverse payments: issuer, operator, overseer and catalyst. It considers stablecoins, tokenized deposits and programmable platforms alongside other payment innovations.

In its official announcement and online publication summary, CPMI describes central bank money as the foundation for trusted settlement, alongside private payment services that support innovation, competition and user choice. The publication connects digital money to practical decisions over account access, infrastructure, oversight and coordination.

The publication summary says central bank money provides the safest and most liquid settlement asset for systemically important systems. It also supports convertibility at par among different means of payment, meaning conversion at the same face value.

Private arrangements have a complementary place in that account. CPMI credits private entities with developing services for different user needs and contributing competition, efficiency and broader access. The framework therefore combines a common settlement anchor with room for different payment services and forms of private money.

CPMI examines stablecoins, tokenized deposits and programmable platforms alongside fast payment systems and non-bank payment providers. The common question is how these arrangements fit into the wider payments system.

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The summary also identifies enduring forces: network effects, the relationship between concentration and fragmentation, and trust in money. New technical arrangements enter a system still shaped by those forces, making connections between participants part of the policy problem.

Four central bank roles, four sets of choices

As an issuer, a central bank considers which entities can hold central bank accounts, which services they can use and the terms of access. The three elements are linked: eligibility determines who can use an account, while services and terms define the practical scope of that access.

As an operator, it considers modernizing existing infrastructure or developing new platforms. CPMI places resilience, innovation and implementation risks together in that decision. A potential technical improvement has to be considered alongside the challenges of introducing and operating the infrastructure.

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As an overseer, it assesses whether emerging arrangements, including stablecoins and tokenized arrangements, perform functions similar to financial market infrastructures. The release also points to systemic importance, governance and operational resilience. For digital-money arrangements, that directs attention toward the functions they perform and the risks they may create across the system.

As a catalyst, it convenes stakeholders to address collective action problems, supports market solutions and encourages common practices and industry standards. This role brings coordination into the same framework as account provision, infrastructure operation and oversight.

One payments system. Four central bank roles.

CPMI’s official summaries connect a trusted settlement anchor with private innovation. Select a role to explore its policy choices.

Complementary money in a shared payments systemCentral bank money anchors trust and supports settlement for systemically important systems. Private arrangements support innovation, competition and user choice. Connectors show complementarity, not fund flows.A SHARED PAYMENTS SYSTEMCENTRAL BANK MONEYAnchor of trustSettlement for systemicallyimportant systemsPaymentssystemPRIVATE ARRANGEMENTSInnovation & choiceCompetition and servicesfor diverse user needsComplementary rolesCentral bank money also supports conversion at par.Complementary money in a shared payments systemA dedicated vertical mobile diagram connects central bank money and private arrangements through the shared payments system. It is schematic, not a flow of funds.CENTRAL BANK MONEYAnchor of trustSystemically important settlementSupports conversion at parPaymentssystemComplementaryrolesPRIVATE ARRANGEMENTSInnovation & choiceCompetition and servicesfor diverse user needs

Explore a policy role

Explore a policy roleIssuerOperatorOverseerCatalyst

Consider eligible entities, available services and access terms for central bank accounts.

Issuer: define account accessAccount eligibility, services and terms define access to central bank accounts; this is a policy menu.IssuerDefine access to central bank accountsEntitiesEligibility consideredACCESS POLICYCentral bankaccountsWho is eligible?Which services?On what terms?Issuer: define account accessVertical mobile account-access diagram with three policy levers.IssuerDefine central bank account accessEntity eligibilityPolicy choicesCentral bank accountsEligibilityServicesTerms

Consider existing or new infrastructure while balancing resilience, innovation and implementation risks.

Operator: infrastructure choices and trade-offsModernising existing infrastructure or developing platforms is considered alongside resilience, innovation and implementation risks. Lines are options, not a rollout sequence.OperatorChoose infrastructure while balancing trade-offsModernize existinginfrastructureDevelop newplatformsResilienceInnovationImplementationrisksBALANCE TOGETHEROperator: infrastructure choices and trade-offsMobile branching choice diagram with a shared balancing frame.OperatorBalance infrastructure choicesModernize existinginfrastructureORDevelop newplatformsBALANCE TOGETHERResilience · InnovationImplementation risks

Assess whether emerging arrangements function like financial market infrastructures (FMIs), alongside systemic importance, governance and operational resilience.

Overseer: assess function and systemic relevanceStablecoins and tokenised arrangements are assessed for functions similar to financial market infrastructures, systemic importance, governance and operational resilience. This is an assessment, not blanket classification.OverseerAssess arrangements by function and systemic relevanceStablecoinsTokenizedarrangementsFMI-like functions?Systemic importanceGovernanceOperational resilienceAssessment depends on the arrangement’s functions and characteristics.Overseer: assess emerging arrangementsMobile assessment diagram preserves distinctions between emerging arrangements and questions about FMI-like functions.OverseerAssess functions and systemic relevanceStablecoinsTokenizedarrangementsFMI-like functions?Systemic importanceGovernanceOperational resilience

Convene stakeholders and support market solutions, industry standards and common practices.

Catalyst: coordinate collective actionThe central bank convenes stakeholders and supports market solutions, industry standards and common practices.CatalystHelp participants solve collective action problemsStakeholdersCONVENECentral bankas catalystMarket solutionsIndustry standardsCommon practicesCoordination complements account provision, operation and oversight.Catalyst: convene and support shared solutionsDedicated mobile coordination tree connects stakeholders and central bank catalyst to shared market solutions, standards and common practices.CatalystCoordinate collective actionStakeholdersConveneCentral bankas catalystMarket solutionsIndustry standardsCommon practices

Access, infrastructure, oversight and coordination are connected policy choices as payments diversify.

Policy considerations, not binding global rules or enacted access changes. Benefits and risks remain conditional. Full report PDF not reviewed; geometry has no quantitative scale.

Sources and evidence

Sources

Supporting facts

CPMI published its analysis of the roles of central banks and central bank money in evolving payment systems on October 29, 2026. [1] [2]
The official CPMI summaries describe central bank money and private means of payment as complementary: central bank money anchors trust and private entities contribute innovation, competition and services for differing user needs. [1] [2]
CPMI’s HTML summary says central bank money provides the safest and most liquid settlement asset for systemically important systems and supports convertibility at par among different means of payment. [2]
CPMI’s official summaries explicitly cover fast payment systems, non-bank payment service providers, tokenised deposits, stablecoins and programmable platforms. [1] [2]
In the issuer role, CPMI’s release identifies decisions about which entities may access central bank accounts, the services available and the terms of access. [1]
In the operator role, CPMI’s release identifies modernising infrastructure or developing platforms while balancing resilience, innovation and implementation risks. [1]
In the overseer role, CPMI’s release identifies assessing whether emerging arrangements, including stablecoins and tokenised arrangements, perform functions similar to financial market infrastructures, alongside their systemic importance, governance and operational resilience. [1]
In the catalyst role, CPMI’s release identifies convening stakeholders around collective action problems, supporting market solutions and encouraging industry standards and common practices. [1]
CPMI calls for considering policy tools together because action in one area can affect outcomes in others, alongside adaptability and international cooperation as policies may vary across jurisdictions. [1] [2]

Method

Qualitative schematic based on CPMI’s October 29 official HTML announcement and publication summary. Connectors show complementary roles and related policy considerations, not fund flows, a timeline or quantities. Each native option changes the decision map.

Scope

Policy considerations, not binding global rules or enacted access changes. Benefits and risks remain conditional. Full report PDF not reviewed; geometry has no quantitative scale.

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The committee considers the opportunities and risks of payment diversity together. CPMI describes the potential benefits conditionally. More arrangements may improve efficiency, competition and innovation. They may also create new interdependencies and introduce or amplify credit, liquidity, operational and cyber risks.

The release emphasizes considering policy tools together, adaptability and sustained international cooperation. It also recognizes that central bank policies may differ across jurisdictions.

Article context

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Editorial credits

Liam ‘Akiba’ Wright Editor-in-Chief • CryptoSlate

Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make…

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