<![CDATA[This study aims to analyze the asymmetric impact of Central Bank Digital Currency (CBDC) implementation on liquidity stability within a dual banking system. CBDC introduces changes to payment systems, accelerating the reallocation of deposits from commercial banks to sovereign digital currency. The magnitude of liquidity disruption differs between conventional and Islamic banking systems due to institutional and contractual differences. This study employs a qualitative exploratory comparative case study design in Probolinggo, Indonesia. Data were collected through semi-structured interviews with regulators, officials, and Islamic experts and analyzed using thematic analysis in NVivo. CBDC drives deposit reallocation through informational asymmetry among efficiency-seeking SMEs in rural areas. This creates a liquidity outflow channel from banking institutions. Conventional banks demonstrate stronger liquidity resilience through interest rate flexibility and pricing adjustments. Islamic banks exhibit delayed stabilization due to contractual constraints in profit-sharing and limited liquidity instruments. A socio-religious buffer in Tapal Kuda mitigates deposit flight through trust in Islamic authority and pesantren networks. Proposes a multi-layered, asymmetric liquidity framework integrating economic, institutional, and socio-religious dimensions for the CBDC literature. Regional heterogeneity and dual banking structures in the design of CBDC implementation strategies.]]>
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