The technical choices are narrowing.
The strategic decisions are not.
For many institutions, the real open questions are no longer whether digital money matters in the abstract. They are about positioning, participation, and operating model.
Before 2027, most banks should be clearer on:
- which role they want in future settlement models
- which capabilities are worth preparing now versus deliberately deferring
- what custody, issuance, Treasury, and control consequences follow from each path
- which architecture choices preserve flexibility rather than forcing early commitment
This is not mainly a product question.
It is a question about operating posture and institutional readiness.
Waiting may still be the right commercial decision in some cases.
But waiting without clarifying the decision framework usually just turns a strategic choice into a later delivery scramble.