Assess the technological and economic trade-offs between central bank digital currencies (CBDCs) and private stablecoins in emerging market contexts, quantify financial inclusion impact, and evaluate central bank capacity constraints preventing rapid CBDC deployment in low-income nations.

Comparative analysis of 35 CBDC projects globally with focus on 12 emerging market implementations. Stress testing of stablecoin peg stability under volatile currency conditions. Interviews with central banks in 8 emerging market economies on infrastructure constraints.

Central banks in low-income nations lack IT infrastructure and expertise to deploy CBDC within 5-year horizon. Private stablecoins deploying faster but creating regulatory arbitrage and systemic risk. Hybrid model (central bank rails + private issuance) emerging as pragmatic middle ground in Kenya, El Salvador, Philippines.