There’s been a lot of chatter in the media recently about regulatory concerns on stablecoins, as well as the potential the Fed might offer its own central bank digital currency. But there’s precious little information about what those things actually are—and how they could impact the financial services sector. David Andolfatto, a senior vice president in the research division at the Federal Reserve Bank of St. Louis, goes through the basics on stablecoins and CBDCs, including why regulators have worries on stablecoins and why a digital dollar could be in the offing.