Written by Alex Bausch, Chair of 2 Tokens. In 2025, digital money is splintering into three global models: the US champions private, fully backed US dollar stablecoins; the EU is advancing a cautious, state-led digital euro under strict regulations; and China is scaling its e-CNY for cross-border use. Whilst the ECB’s DLT trials show technical viability, policy fragmentation risks hindering global interoperability. So, with US dollar-backed stablecoins dominating the market, the future of money now hinges on regulatory clarity, cross-border coordination and whether innovation will be driven by governments or the private sector.