The paper from the US Federal Reserve aims to foster a broad and transparent public dialogue about Central Bank Digital Currencies (CBDCs) in general, and about the potential benefits and risks of a U.S. CBDC.

The paper summarises the current state of the domestic payments system and discusses the different types of digital payment methods and assets that have emerged in recent years, including stablecoins and other cryptocurrencies. It concludes by examining the potential benefits and risks of a CBDC, and identifies specific policy considerations.