Crypency
As of · Retrieved Tuesday, September 22, 2026 (PT)

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Compare cash, deposits, CBDCs, crypto & stables

Side-by-side comparison of forms of money—properties for boards, not price calls.

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Teaching points

  • Finality on a ledger ≠ finality in commercial law.
  • Payment stablecoins target par but carry issuer + reserve risk; they are not central-bank money.
  • Cash, deposits, CBDCs, stables, native crypto, and tokenized deposits are different liability stacks.
  • FedNow is real-time payments for banks—not a U.S. retail CBDC.
Deep dive

Forms of money — decision table

Issuer risk, unit of account, settlement, programmability, privacy, AML surface, and custody by money form.

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