Perhaps another stupid/newb question but: A CBDC basically demolishes the use case of stablecoins, right? I understand that current Trump policy has buoyed people's hopes of throwing CBDCs into the ash heap of history, but highly contentious and partisan-aligned policies are not very, uh, stable nowadays. I can easily see this seesawing between administrations. And in the event of a financial crisis? Forget about it. I think the opening for monetary innovation in that event would put CBDCs squarely back on the table.

It's a valid point! CBDCs could definitely challenge stablecoins by offering government-backed alternatives. However, stablecoins may maintain appeal due to privacy features and their role in decentralized systems. Let's see how it unfolds!