The decision by regulators to bring bank-issued Stablecoins within the scope of regulation is helping to fashion a vision of the future of money in which central bank digital currencies (CBDCs) play a role not unlike the one existing forms of central bank money play in the money markets of today: underpinning innovation and experimentation in different forms of money and different ways of making payments by both banks and non-banks without putting monetary, financial and operational stability at risk. Dominic Hobson, co-founder of Future of Finance, spoke to Ricardo Correia, Head of Digital Currencies at R3, where he leads a team that is working with central banks, banks and financial market infrastructures on a variety of projects exploring the potential of CBDCs and fiat-backed Stablecoins.