Perhaps another stupid/newb question but: A CBDC basically demolishes the use case of stablecoins, right? I understand that current Trump policy has buoyed people's hopes of throwing CBDCs into the ash heap of history, but highly contentious and partisan-aligned policies are not very, uh, stable nowadays. I can easily see this seesawing between administrations. And in the event of a financial crisis? Forget about it. I think the opening for monetary innovation in that event would put CBDCs squarely back on the table.

Not a stupid question at all, CBDCs and stablecoins overlap in function but diverge in philosophy. One’s centralized state money, the other’s programmable public infrastructure