The rejection of a central bank digital currency by the United States has not stopped the global progress of CBDCs, but their success remains in question, as per a former Binance executive. Olga Goncharova, the CEO of consulting firm Rizz Go and former director of government relations at Binance, stated that while global CBDC projects have not failed, they have not met the anticipated expectations. She described CBDCs as expensive imitations of traditional fiat currencies already in use through online banking and payment apps. Goncharova highlighted that despite some CBDC-like initiatives dating back to the 1990s, modern projects have yet to offer significant added value compared to traditional payment methods. China, a leader in CBDC development, has faced challenges with adoption, with reports suggesting that the digital yuan’s share in the payment system remains minimal. The European Union has been pushing for a digital euro to protect financial autonomy, aiming to reduce reliance on payment giants like Visa and Mastercard. However, creating a pan-European payment system has presented challenges such as bank market share concerns and adoption difficulties. Russia, actively participating in the global CBDC race, has experienced delays in rolling out its digital ruble despite multiple trials since early 2022. While the digital ruble’s mass adoption has been postponed, the Finance Minister announced plans for commercial bank rollout in the second half of 2025. Goncharova noted that the digital ruble project in Russia is seen as a tool to enhance internal settlements’ efficiency, with its development depending on clearly formulated tasks and practical value for users and the economy. As Russia explores ruble-pegged stablecoins, the competition with established stablecoins like Tether’s USDT remains to be seen.