Central bank digital currencies are no match for dollar stablecoins

Cryptocurrencies emerged in part as a protest against central banks flooding the global economy with money during the financial crisis 18 years ago. Bitcoin’s earliest proponents were cypherpunks and crypto-anarchists who saw the monetary authorities as agents of a surveillance state that had to be circumvented, if not toppled. And yet, central bankers from the Europe and many of the largest emerging markets are now chasing Bitcoin and Tether into the world of digital money. What’s gotten into o