Direction: One Currency, Two Rails¶

Governments choose a path per use case. Public programs choose by their need for privacy: transparent spending such as grants whose totals the government publishes can run on the public path, while benefits whose recipients must stay private, or that need marked tokens such as subsidies limited to approved merchants, run on Sign CBDC. Banking operations suit Sign CBDC, which keeps payments private under central bank regulation. Cross-border trade and remittances can use either, depending on whether a payment needs privacy or transparency and which counterparties it must reach.

In our view, most governments benefit from running both, with each system handling the use cases it fits and citizens choosing the payment method for each transaction. The paths can also be introduced in sequence: a public-chain stablecoin for transparent services, a CBDC pilot for selected financial use cases, then the bridging routes above to connect the two, so that a government adds each path and route as its regulation and institutions are ready. Our direction is sovereign money as national infrastructure: a central bank ledger that takes over settlement from legacy systems, a sovereign stablecoin that connects the national currency to the tokenized economy, and bridges between them that only the central bank controls.