Central banks are racing to modernize public money — but can CBDCs compete with stablecoins, and what does monetary sovereignty really mean in a digital, multipolar world?In this episode, Jan and Jón are joined by Prof. Ulrich Bindseil, former Director General for Market Infrastructure & Payments at the European Central Bank and now Professor at TU Berlin, to explore the future of the digital euro, the global stablecoin race, and how monetary power is shifting as payments move on-chain.Ulrich spent more than 30 years at the ECB, overseeing monetary policy operations, market infrastructure (T2/T2S), and later the early design phases of the digital euro. He now researches digital money, monetary architecture, and sovereignty — bringing a uniquely candid view from inside Europe’s most important financial institution.Expect a clear, structured, and open conversation about how CBDCs and stablecoins will coexist, compete, and reshape global finance.What You’ll Learn in This EpisodeOrigins & turning pointsWhy Ulrich chose central banking over academia or the private sector — and what kept him at the ECB for three decades.The moment crypto moved from “curiosity” to a real policy concern inside central banks.The digital euroWhy collapsing cash usage makes digital money inevitable How the ECB’s design philosophy works: a bank-distributed, highly retail focussed CBDC as an alternative to programmable public on-chain money.Why banks continue to resist the digital euro — and how political pressure may shape (or limit) the final form of digital public money. Stablecoins, MiCA, and the GENIUS ActWhy MiCA’s bank-deposit requirement may increase stablecoin fragility — and why Europe risks falling behind the U.S.How the U.S. GENIUS Act could boost USD dominance through on-chain treasury demand.How Euro-stablecoins may struggle under current EU regulation, even if demand exists.Financial stability & the role of banksAre stablecoins that are “narrow banks” structurally safer than banks?Why mandating bank exposure introduces banking-crisis contagion into stablecoins.Do we over-estimate the positive externalities of bank credit creation?Are CBDCs being constrained mainly to protect incumbent banks?Monetary sovereigntyThe three dimensions of sovereignty:Money issuance & functionsMonetary policy & international regimesInfrastructure & cross-border dependenciesHow sanctions, reliance on foreign payment rails, and geopolitical tension shape digital payment architecture.Why infrastructure may matter as much as currency in future monetary power.CBDC & monetary policyWhy central banks reject using CBDC for direct monetary transmission — even though the idea is theoretically powerful.Why zero remuneration for CBDC is an “economic anomaly,” kept only for political reasons.Regulatory designHow stablecoin rules can accidentally undermine financial stability.Why Europe must rethink MiCA if it wants competitive euro-denominated digital money.GuestProf. Ulrich Bindseil – Professor, TU Berlin; former Director General at the European Central BankUlrich researches CBDCs, stablecoin regulation, monetary architecture, and digital-era sovereignty. Previously, he led key areas of the ECB including Market Operations and Market Infrastructure & Payments — where he worked on the digital euro’s early design.https://www.linkedin.com/in/ulrich-bindseil-764b4015The HostsJón Egilsson — Former Chair of the Central Bank of Iceland; Co-founder of Monerium, the first company to issue fiat currency on-chain.https://www.linkedin.com/in/egilssonJan Philipp Fritsche — Managing Director at Oak Security, a Web3 cybersecurity firm pioneering research on economic and systemic risks in decentralized systems.https://www.linkedin.com/in/janf/Key Research by Ulrich BindseilMonetary Sovereignty – Addressing the Challenges of a Digitalized and Multipolar World (Nov 2025)https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5717525Regulatory Responses to