Speaking at a conference in Dubrovnik, Greene characterized the future of digital finance as a race between three distinct entities: central bank digital currencies, stablecoins, and tokenized deposits. While the former two have captured significant attention, she identified tokenized deposits—digital versions of traditional bank holdings—as the "rhino" that will ultimately charge ahead and win the market.

Greene contends that commercial banks are currently hesitant to embrace tokenization to protect existing fee structures. This defensive posture is temporary. Once these institutions realize that traditional deposits are at risk of erosion, they will pivot toward developing their own digital deposit products. She cited the inherent instability and regulatory opacity of stablecoins, alongside their potential to hinder monetary policy, as primary drivers for this shift.

This outlook faces pushback from other central banking circles. U.S. Federal Reserve policymaker Christopher Waller, appearing on the same panel, dismissed concerns about the dangers of stablecoins. He categorized them as essential financial innovations that foster competition in the payments space, rather than threats that require heavy-handed regulation. Despite the lobbying efforts of banks to curb their rise, Waller maintained that stablecoins serve as a legitimate tool for cross-border transactions.