CENTRAL BANKS DEFINE THEIR ROLES IN THE COMMON PAYMENT SYSTEM WITH STABLECOINS. The BIS committee report outlines options for payment access, infrastructure, and oversight as stablecoins and tokenized deposits integrate into existing payment systems. The Committee on Payments and Market Infrastructures (CPMI), chaired by the Bank for International Settlements (BIS), published an analysis on October 29 outlining four central bank roles in an increasingly diverse payment system: issuer, operator, supervisor, and catalyst. This analysis examines stablecoins, tokenized deposits, programmed platforms, and other payment innovations. In its official announcement and online summary, CPMI describes central bank money as the foundation for reliable payments, alongside private payment services that support innovation, competition, and user choice. The publication links digital money to practical decisions regarding account access, infrastructure, supervision, and coordination. The summary states that central bank money provides the safest and most liquid payment asset for systemically important systems. It also supports par convertibility between different payment means—that is, conversion at equal face value. Private arrangements play a complementary role in this context. CPMI acknowledges the contributions of private entities in developing services that meet diverse user needs and foster competition, efficiency, and broader accessibility. Thus, this framework combines a common payment anchor with space for diverse payment services and private forms of money. CPMI examines stablecoins, tokenized deposits, and programmed platforms alongside fast payment systems and non-bank payment service providers. A recurring question is how these forms fit into the broader payment system. The summary also highlights enduring factors: network effects, the relationship between concentration and fragmentation, and trust in money. New technological arrangements entering a system remain influenced by these factors, making inter-party relationships part of the core policy challenge. Four central bank roles. Four sets of choices. As issuer, the central bank considers which entities may hold central bank accounts, what services they may access, and the terms of access. These three elements are closely interrelated: eligibility criteria determine who may use an account, while services and terms define the practical scope of that access. As operator, CPMI considers modernizing existing infrastructure or developing new platforms. CPMI weighs resilience, innovation, and deployment risk together in this decision. A potential technical improvement must be evaluated alongside the challenges of introducing and operating the infrastructure. As supervisor, the report assesses whether emerging forms—including stablecoins and tokenized assets—perform functions similar to those of financial market infrastructure. It also highlights systemic importance, governance, and operational resilience. For digital money forms, this directs attention to the functions they perform and the risks they may pose across the system. As catalyst, it brings stakeholders together to address collective action problems, support market-based solutions, and promote common practices and industry standards. This role integrates coordination into the same framework as providing accounts, operating infrastructure, and supervision. One payment system. Four central bank roles. CPMI’s official summaries link a reliable payment anchor with private innovation. Choose a role to explore its policy options. By Liam 'Akiba' Wright