RESEARCH DOMAIN
Currency &
Digital Money
Research on currencies, CBDCs, stablecoins, crypto markets and the changing systems through which money moves.
Explore Our Research
MONEY IN TRANSITION
Changing forms. Enduring questions.
Noreste examines how currency systems evolve as technology changes the issuance, transfer and use of money. Our research connects monetary confidence with digital infrastructure, studying central bank digital currencies, stablecoins, tokenised deposits and crypto markets through their institutional foundations, practical applications and economic consequences.
THE DIGITAL MONEY LANDSCAPE
Different instruments, different foundations
| Form or instrument | What Noreste examines |
|---|---|
| CBDCsCentral bank digital currencies | Digital central bank money. We study retail and wholesale designs, access arrangements, privacy choices and their implications for payment systems and banks. |
| StablecoinsTokens targeting a reference value | We examine stabilisation mechanisms, reserve quality, redemption arrangements and actual payment use, alongside the conditions that may put a targeted value under pressure. |
| Tokenised depositsBank deposits represented as tokens | Claims on commercial banks using token-based records. Our focus includes transfer rules, settlement arrangements and connections with existing banking infrastructure. |
| Unbacked cryptoassetsIncluding Bitcoin | We study liquidity, custody, market structure and adoption, distinguishing market-priced assets from instruments offering redemption into sovereign currency at a stated value. |
Background reading: BIS — The next-generation monetary and financial system.
THE MONETARY PERSPECTIVE
What sustains currency confidence?
We examine why households, businesses and institutions choose to hold and use a currency. This brings exchange-rate conditions, convertibility and institutional credibility into the same field of study as digital issuance.
Areas of attention
- Domestic currency use and foreign-currency substitution
- Access, convertibility and the cost of holding money
- Monetary sovereignty and changing user preferences
THE PAYMENT PERSPECTIVE
What makes a payment system useful?
We study the full experience of moving money, from the sender's access to the recipient's ability to use the funds. Our focus includes total cost, reliability and the practical demands placed on users and intermediaries.
Areas of attention
- Merchant acceptance and routine commercial use
- Wallet access, interoperability and user protection
- Settlement finality, operational resilience and recovery
THE NORESTE LENS
Adoption must be understood in context
A product launch, a technical pilot and sustained commercial use represent different stages of development. We examine each against its stated purpose, operating conditions and evidence of use.
Our assessment connects institutional design, user incentives and operating economics to understand what can become useful, trusted and durable.
Explore our currency research
For institutional enquiries and research collaboration.
