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Stablecoins vs CBDCs: the Digital Money Race in the Scientific and Social Networks

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  • Giuseppe Gurrado
  • Donato Masciandaro

Abstract

In the ongoing race between new digital currencies, a crucial factor for success will be their relative ability to gain acceptance as a medium of exchange, shaping the demand for money. Focusing on the emerging competition between stablecoins and CBDCs, this analysis offers quantitative insights into which of the two is gaining more attention among different audiences, exploring both academic and public interest in recent years. The growth rates of academic publications on stablecoins and CBDCs, after alternating periods of predominance, now appear to converge, even though research on CBDCs remains higher in absolute terms. However, beyond academia, public attention confirms the possibility of stablecoins catching up. The observed cycles of attention for the two digital currencies highlight the importance of specific events, as well as the relevance of contextual and country-specific factors.

Suggested Citation

  • Giuseppe Gurrado & Donato Masciandaro, 2025. "Stablecoins vs CBDCs: the Digital Money Race in the Scientific and Social Networks," BAFFI CAREFIN Working Papers 25254, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    • Handle: RePEc:baf:cbafwp:cbafwp25254
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    References listed on IDEAS

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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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