David Andolfatto In the ongoing debate on the design of central bank digital currency (CBDC), several authors have expressed important concerns about financial stability risk. As CBDC would provide depositors with an account at the central bank, they may trigger a run on the banking system. In case of systemic uncertainty about banks, holding risk-free CBDC could indeed become more attractive than bank deposits (Allen et al. 2020, Bindseil and Panetta 2020, Fernández-Villaverde et al. 2020, Juks 2018, Mersch 2018). These concerns have inspired proposals for a special design of CBDC (Bindseil and Panetta 2020) and are considered in official reports of central banks about the future of money (BIS et al. 2020, ECB 2020). Nonetheless, no empirical evidence exists to date to inform such a claim. Can central bank digital currencies cause bank runs?