Since 2008, corporate bond issuance has grown significantly above trend, while corporate investment has not. Cumulative bond issuance by non-financial companies in 2009-23 was 12.9 trillion higher than the pre-2008 trend, while corporate investment was 8.4 trillion lower. Rather than productive investment, a lot of debt in recent years has been used to fund financial operations like refinancings and shareholder payouts. This suggests existing debt is unlikely to pay itself off through returns on productive investment.
This is exactly what's being used to attract people to stable coins, loans being used to fund yield. There will be no central bank digital currency because they just don't have any incentive to make it attractive. So, the stable coin play is what's happening, the people and private corporations will hold the debt, which means much more debt will be issued since you can spread it around. Governments aren't interested in paying off their debts responsibly not moving towards hard money like Bitcoin. There would be too much transparency and accountability for their tastes. In 3 years, from 2021-24 the share of households holding the debt rose from 5% to 11% and with these stable coins, that's going up astronomically.