As digital money frameworks move from design to deployment, central banks face strategic questions that go beyond technology. With the U.S. increasingly supportive of regulated stablecoin models and the ECB advancing wholesale CBDC infrastructure, 2026 could mark a defining moment in how currencies are used, aligned and trusted in global markets. This panel examines the macro and geopolitical implications of competing digital-money models, including what they signal about dollar dominance, euro ambition and global currency alignment. Central bankers will explore whether these frameworks are likely to coexist or compete, how policy direction could influence capital flows and reserve management over time, and what the next generation of settlement rails may ultimately mean for FX liquidity, risk transfer and market structure.