Despite global CBDC initiatives not failing, their potential as a disruptive financial technology has been largely unfulfilled, according to Olga Goncharova, CEO of Rizz Go and former Binance government relations director. While some CBDC-like projects date back to the 1990s, modern initiatives haven’t delivered on user value compared to existing payment channels. Goncharova contends that the overestimation of CBDCs has been evident since their inception, with none succeeding in achieving mass retail adoption. Despite China’s extensive digital yuan project, its penetration in the payment system remains low, leading to doubts about its success. This contrasts with the EU’s push for a digital euro as a means to enhance financial autonomy. However, these efforts face challenges such as market share concerns and adoption difficulties within banks. Russia’s digital ruble has been delayed, raising questions about its potential role in reducing reliance on foreign payment systems. Goncharova highlights that Russia’s focus is on enhancing internal settlement efficiency through the digital ruble, which remains in its testing phase. Though a potential for stablecoins with a pegged value to the Ruble exists, competition with established giants like Tether’s USDt (USDT) will determine their long-term success.