Robert Fulton and the Submarine

When money becomes software, stability is the feature that makes it useful. This book explains how stable digital currencies are built, tested, and trusted in the real world, and how they connect decentralised rails to bank accounts and shops. You will learn how stablecoins maintain value, why peg mechanisms succeed or fail, and where liquidity management matters most. Clear frameworks show the trade-offs between tokenised cash, digital currencies, and public options such as CBDCs, including the tensions in cbdc vs stablecoin debates. Practical chapters map adoption across crypto payments, merchant bridges, and fiat on-ramps, with a focus on controls, disclosures, and user experience. Written for product builders, treasurers, policy thinkers, and thoughtful investors, it equips you to evaluate regulatory risk, compare designs, and plan rollouts for cross-border settlement without getting lost in jargon. The result is a grounded guide to programmable money that privileges plain English, resilient design, and trust.