Why Africa Needs Stablecoin Rails Before It Needs a Digital Currency
Abstract
Debate over central bank digital currencies has dominated African monetary-technology policy. This paper argues that debate is a distraction from a nearer-term need: stablecoin-native payment rails that route around the costs the legacy correspondent-banking system levies on cross-border transfers. It distinguishes retail digital currency from institutional payment infrastructure and argues the latter is both more tractable and more urgent.