Ekmel Çilingir Says Stablecoins Have Taken the Lead Over Central Bank Digital Currencies in Digital Money Adoption

Ekmel Çilingir, Chairman of the Supervisory Board at EMBank, has published a new article arguing that stablecoins have gained a practical adoption advantage over central bank digital currencies, as users around the world move toward digital dollars rather than waiting for government-issued digital money.
In "Stablecoins vs Central Bank Digital Currencies: The Adoption Battle Governments Weren't Ready For," Çilingir examines how central banks entered the digital money debate with strong institutional logic, but not always with a clear consumer use case. Central Bank Digital Currencies were expected to offer safer, more efficient and more controllable forms of digital money. Yet, according to Çilingir, the market moved faster.

"While governments were publishing consultation papers, running pilots and debating privacy, deposit flight and monetary policy risks, USD-backed stablecoins were quietly becoming the practical digital dollars of the internet," Çilingir writes.

The article argues that stablecoins succeeded because they met immediate needs. For users in emerging markets, the appeal was not theoretical. Stablecoins offered access to dollars, faster cross-border transfers, lower transaction friction and a way to protect value when local currencies came under pressure.

Çilingir writes that governments underestimated one major point: "People did not wait for a national Central Bank Digital Currencies to access digital money." Instead, they adopted tools that were already available, liquid and useful.

The article contrasts this user-driven growth with the slower development of Central Bank Digital Currencies. While central banks designed digital currencies to strengthen payment systems, cut cash costs, improve public transfers and protect monetary sovereignty, many Central Bank Digital Currency projects struggled to create everyday demand. In markets with strong payment infrastructure, Central Bank Digital Currencies often lacked urgency. In markets with weak currencies, people were not necessarily looking for a digital version of the same national money.

"This is the weakness of many Central Bank Digital Currency projects: they offer control, but not always desire," Çilingir writes. "Stablecoins, by contrast, offered something simpler and more immediate - digital access to dollars."

Çilingir also highlights the monetary significance of stablecoin growth. He argues that USD-backed stablecoins do not represent a move away from the US dollar. Instead, they are extending its reach through digital infrastructure.

"This is not de-dollarisation. In many cases, it is digital dollarisation," he writes.
According to the article, the total stablecoin supply will have crossed roughly $320 billion by 2026. Tether's USDT is near $190 billion, while Circle's USDC is around $78 billion. Although a large share of transaction volume is linked to trading and institutional settlement, Çilingir argues that stablecoins have already become a serious settlement layer for global digital finance.

The article also points to a changing regulatory environment. In the United States, the GENIUS Act has created a federal regime for payment stablecoins. In the European Union, MiCA has brought stablecoins under rules for e-money tokens and asset-referenced tokens. Çilingir argues that regulation may turn stablecoins from a crypto-market tool into a recognised part of financial infrastructure.

"The more seriously governments regulate stablecoins, the more legitimate they become," he writes.

For banks, fintechs and payment companies, the article presents stablecoins as both a competitive threat and a strategic opportunity. Çilingir notes that stablecoins can challenge existing cross-border payment rails, particularly in markets where transfers remain slow, expensive or unavailable outside banking hours. At the same time, regulated financial institutions may use stablecoin infrastructure for custody, settlement, treasury services, tokenised deposits, merchant settlement and global payments.

Çilingir concludes that the next phase of digital money will not be decided by technology alone, but by the institutions that can make new payment rails safe, compliant and simple for mainstream use.

"Stablecoins won the first phase because they were useful," he writes. "The next phase will be won by those who make them safe, compliant and invisible enough for mainstream finance."

The full article is available on EMBank's Blog: https://em.bank/blog/

Company Name: European Merchant Bank (EMBank)
Contact Person: Dilek Isik
Email: dilek.isik@em.bank
Country: Lithuania
Address: Pirkliu Klubas, Gedimino 35, 01119, Vilnius, Lithuania
Website: https://em.bank/

About Ekmel Cilingir
Ekmel Cilingir is Chairman of the Supervisory Board at EMBank and an internationally recognized banking and fintech executive with extensive experience in payments, digital banking, financial innovation, and cross-border financial services.

About EMBank
EMBank, headquartered in Vilnius, Lithuania, is a digital-first bank focused on delivering innovative banking solutions and supporting businesses operating in the global digital economy.

This release was published on openPR.