The Committee on Payments and Market Infrastructures (CPMI), hosted by the Bank for International Settlements (BIS), published an analysis on October 29. The report sets out four central bank roles in increasingly diverse payment systems—issuer, operator, overseer, and catalyst—and considers innovations such as stablecoins, tokenized deposits, and programmable platforms. CPMI emphasizes that central bank money serves as the foundation for trusted settlement, while private payment services complement this by fostering innovation, competition, and user choice.