## Evaluating the Implications of CBDC for Financial Stability

_Fintech Notes, November 13, 2025_

## Source details

**Canonical URL:** [Evaluating the Implications of CBDC for Financial Stability](https://www.imf.org/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743)

## Other formats

- [Markdown version](/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/index.md)
- [Structured JSON version](/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/index.json)
- [Bundle manifest](/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/bundle-manifest.json)

## Bibliographic details
- Authors: Marco Gross, Marcello Miccoli, Jeanne Verrier, Germán Villegas-Bauer
- Published: November 13, 2025
- Series: Fintech Notes
- DOI: https://doi.org/10.5089/9798229030878.063

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### Overview
- Purpose: Assess how practitioners could evaluate domestic financial stability implications of retail CBDC.
- Scope: Identifies six key transmission channels through which CBDC can affect financial stability—either negatively or positively.
- Approach: Synthesizes findings from existing studies that quantify some of these effects and explores how country-specific characteristics, CBDC adoption, and design features shape outcomes.
- Deliverable: Practical guidance on analytical tools and models to evaluate financial stability risks and on how risks can be contained with appropriate CBDC design and safeguards.

### Six key transmission channels
- Bank funding and lending
- Fee income
- Run risk
- Information flows
- Payment system resilience
- (The chapter identifies six channels in total; the content emphasizes these channels as the primary pathways through which CBDC affects financial stability.)

### Findings from existing studies
- Some effects of CBDC on financial stability have been quantified in existing studies (the chapter synthesizes these findings).
- Outcomes are shaped by:
  - Country-specific characteristics
  - CBDC adoption (levels and patterns of uptake)
  - CBDC design features

### Analytical tools and models
- The chapter provides practical guidance on analytical tools and models to evaluate financial stability risks related to retail CBDC.
- Recommended approach emphasizes combining empirical estimates from the literature with country-specific modeling to assess impacts on bank funding, lending, and run risk.

### Design features and safeguards to contain risks
- The chapter discusses how risks can be contained with appropriate CBDC design and safeguards.
- Policy implication: Careful CBDC design and targeted safeguards can mitigate negative financial stability effects while preserving benefits (payment system resilience, information flows, fee structures).

### Key publication metadata (as referenced in the chapter)
- Authors: Marco Gross, Marcello Miccoli, Jeanne Verrier, Germán Villegas-Bauer
- Date: November 13, 2025
- Series: Fintech Notes No 2025/008
- Pages: 47

*Evaluating the Implications of CBDC for Financial Stability, Marco Gross, Marcello Miccoli, Jeanne Verrier, and Germán Villegas-Bauer (Fintech Notes 2025, 008), accessed 7/1/2026.*

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## Content in this bundle

- **FTN008 --  Evaluating the Implications of CBDC for Financial Stability**
  - [FTN008 --  Evaluating the Implications of CBDC for Financial Stability (Markdown version)](/-/media/files/publications/ftn063/2025/english/ftnea2025008.pdf.md){rel="alternate" type="text/markdown"}
  - [FTN008 --  Evaluating the Implications of CBDC for Financial Stability (PDF)](/-/media/files/publications/ftn063/2025/english/ftnea2025008.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743_