Call for Papers: The Future of Money and Payments
Stablecoins, Unstablecoins, Verystablecoins, Digital Assets, Crypto-assets and CBDCs
A Special Issue of Journal of Payments Strategy & Systems
Gijs Boudewijn, Editor, Journal of Payments Strategy & Systems
David G.W. Birch, Special Issue Editor, Journal of Payments Strategy & Systems and Recognised thought leader on digital identity, money & assets
Submission deadline: 18th February 2027
Introduction
The nature of money and payments is changing rapidly. Stablecoins are moving beyond their origins in crypto markets and are increasingly being considered for payments, settlement, treasury management and cross-border transactions. Central banks continue to investigate, develop and, in some cases, implement retail and wholesale central bank digital currencies (CBDCs). Meanwhile, tokenised deposits, crypto-assets and other forms of digital money are challenging established distinctions between money, payments, deposits and financial assets.
These subjects are not new to the Journal of Payments Strategy & Systems (JPSS). In Spring 2023, Volume 17, Number 1, a Special Issue was published on “Next steps for digital currencies”. That issue examined many of the fundamental questions surrounding CBDCs and digital currencies, including the case for and against CBDCs, the role of commercial banks, cross-border CBDC experiments, wholesale CBDC compared with traditional RTGS, digital currency wallets, identity and authentication, adoption and developments in individual markets.
More recently, Volume 20, Number 1 (2026) was a Special Issue devoted to “Developments in cash and liquidity management”. Among other developments, that issue examined the impact of technological change on liquidity and treasury management, including liquidity optimisation in the context of instant settlement and stablecoins.
By the time this new Special Issue is published, approximately four years will have passed since the publication of the JPSS special issue on “Next steps for digital currencies.” In the evolution of digital money and payments, four years is a considerable period. The debate has moved on significantly. Stablecoins are moving closer to the mainstream of payments and financial services; regulatory frameworks are becoming more concrete; banks and payment providers are experimenting with tokenised deposits and other forms of digital money; wholesale tokenisation is progressing from experimentation towards practical applications; and experience with CBDCs has grown across a wide range of jurisdictions.
JPSS is delighted that David G.W. Birch, an internationally recognised author, speaker and commentator on digital money, payments and financial technology, has agreed to act as the Co-Editor of this Special Issue alongside Gijs Boudewijn (the Editor of the journal). David has been at the forefront of thinking about the evolution of money and payments for many years, bringing together technology, economics, policy and practical market developments. His involvement will help shape the Special Issue and its ambition to move beyond established debates towards the questions that will define the next phase of digital money and payments.
This Special Issue therefore does not seek simply to revisit the questions addressed in earlier issues of JPSS. It seeks to understand what has changed, what has been learned and what comes next.
History suggests that as the use of these new technologies grows it will lead to institutional change, hence the strategic imperative to review the landscape. Which expectations surrounding stablecoins, CBDCs and crypto-assets have proved well founded – and which have not? Which use cases are moving from experimentation towards real-world adoption? Where have initiatives stalled, changed direction or been reconsidered? How is the relationship between central bank money, commercial bank money and privately issued digital money evolving?
What problems are these new forms of money and payment actually solving?
Call for Papers
JPSS invites contributions offering new evidence, new experience and new thinking about how these developments are likely to reshape money and payments over the coming years. We particularly welcome papers that critically assess both the opportunities and the limitations of stablecoins, CBDCs, crypto-assets and tokenised assets of all forms. Authors should not assume that any particular technology or form of digital money will inevitably succeed. Equally valuable are contributions examining why an innovation may not solve a meaningful problem, may struggle to achieve adoption or may be overtaken by improvements to existing payment and banking infrastructure.
Areas of particular interest:
• Stablecoins moving into mainstream payments – domestic and cross-border use cases, settlement, treasury applications, merchant acceptance, business models, reserve models and the economics of issuance.
• CBDCs: what have we learned since 2023? – lessons from pilots and implementations, changing policy objectives; the case for and against retail and wholesale CBDCs, recent developments in adoption, privacy or distribution models, and the role of commercial banks and payment service providers.
• Tokenised commercial bank money – tokenised deposits, deposit tokens and their potential relationship with stablecoins and central bank money.
• The future monetary architecture – coexistence and interoperability between central bank money, commercial bank money, stablecoins and other privately issued forms of digital money.
• Crypto-assets and payments – where genuine payment use cases are emerging, where they are not, and why.
• Tokenisation and settlement – tokenised securities, delivery-versus-payment, programmable payments, unified ledgers and new settlement architectures.
• Cross-border payments – whether stablecoins, CBDCs and tokenised deposits can materially address persistent challenges around cost, speed, transparency and accessibility.
• Liquidity and treasury management – what new forms of digital money can deliver relative to the issues previously considered by the Journal, particularly around 24/7 liquidity, collateral, settlement and corporate treasury.
• Regulation and monetary sovereignty – emerging regulatory regimes, international divergence and convergence, financial stability, deposit substitution, monetary policy and the balance between public and private money.
• Financial crime, sanctions, cybersecurity and privacy – AML/CFT, traceability, identity, fraud, cybersecurity, consumer protection and data protection.
• Banks, PSPs and existing payment schemes – strategic implications for banks, card schemes, instant-payment systems, payment service providers and other established intermediaries.
• Economics and adoption – what would make consumers, merchants, corporates and financial institutions actually use these new forms of money, and what might prevent them from doing so.
Moving the debate forward
The purpose of this Special Issue is not to provide another introduction to blockchain, explain what a CBDC or stablecoin is, repeat theoretical benefits already extensively discussed, or revisit questions comprehensively addressed in previous issues of the Journal. Instead, we are particularly interested in contributions based on real-world implementation, empirical evidence, pilots, market developments, comparative analysis and practical experience. We encourage authors to challenge prevailing assumptions and address questions such as:
What has changed? What have we learned? What works? What does not? What problem is being solved? Who benefits? What are the economics? What are the risks? What would drive adoption— and what might prevent it?
Above all, we are interested in what these developments mean for the future architecture of money and payments.
Submission Guidelines:
The deadline for the submission of articles to this special issue is 18th February 2027.
The Journal welcomes contributions from central banks, regulators, commercial banks, payment service providers, card schemes, payment infrastructures, fintechs, stablecoin issuers, technology companies, corporates, international organisations, academics and other practitioners involved in the changing money and payments ecosystem.
Articles should provide original analysis, practical insight and clear conclusions relevant to senior payments professionals, policy makers, regulators and decision-makers.
The following types of papers will be considered for publication:
• Practice articles: Thought leadership pieces, regulatory updates, market analyses and practitioner perspectives relevant to the future of money and payments. Articles should be 2,000 to 5,000 words in length.
• Research papers: Academic or applied research exploring new models, frameworks or empirical insights related to the future of money and payments. Submissions should clearly articulate the practical and policy implications of the research. Articles should be up to 6,000 words in length.
Contributions should follow JPSS author guidelines and will be subject to the Journal’s usual editorial and peer-review process.
Authors are encouraged to submit proposals for papers as early as possible. Questions and proposals should be directed to the Publisher, Julie Kerry.
Further information about the journal can be found on the journal’s website.