Digital money in 2025: diverging models, converging stakes

Written by Alex Bausch, Chair of 2 Tokens

The world is entering a new era of monetary infrastructure. From Washington to Brussels to Beijing, governments and central banks are rewriting the rules of money - digitally. Whilst each power pursues a distinct path, one thing is clear: digital currencies are no longer theoretical. They are real, politically charged and increasingly critical to global finance.

By mid-2025, the global approach to digital money has split into three distinct tracks. In the US, policymakers have formally rejected a Federal Reserve-issued CBDC, opting instead to back fully regulated, private-sector stablecoins tied to the dollar. This shift has given clarity to markets and momentum to firms such as Circle and JPMorgan. Europe is taking a slower, state-led route: the ECB is pushing ahead with its digital euro, but progress is mired in legislative delays and design disagreements. MiCA, the EU’s sweeping crypto regulation, is being phased-in as a strict framework for digital assets, though key details are st…