Central bank digital currency (CBDC) research now spans nearly the entire global economy, but full deployment remains the exception, not the rule. According to the Atlantic Council's CBDC Tracker, updated in May 2026, 146 countries and currency unions — representing more than 98% of global GDP — are researching CBDCsCITE:E1. Of those, 77 have reached an "advanced" stage of development, piloting, or launch, and 41 pilot projects are currently running worldwideCITE:E1. Yet only 3 countries have moved beyond piloting to a full nationwide launchCITE:E1.
Only three countries — the Bahamas, Jamaica, and Nigeria — have taken a CBDC from pilot to full nationwide rolloutCITE:E2. The Bahamas operates the Sand Dollar, Jamaica runs JAM-DEX, and Nigeria issues the eNairaCITE:E2. With 41 pilot projects active globally against just these three completed launches, the gap between testing a CBDC and achieving full public adoption remains wideCITE:E1.
China's digital yuan, the e-CNY, is the world's largest active CBDC experiment by transaction volume. The People's Bank of China reported that, as of the end of November 2025, e-CNY had processed a cumulative 3.48 billion transactions worth 16.7 trillion yuan — roughly $2.37 trillionCITE:E3. This figure reflects cumulative transaction value rather than the amount currently in circulationCITE:E3.
The European Central Bank (ECB) closed the digital euro's "preparation phase" in October 2025 and moved into the next stage of the projectCITE:E4. The ECB is targeting a pilot launch with initial transactions by mid-2027 and aims to have "first issuance" capability by 2029CITE:E4. Both dates are conditional: they depend on EU lawmakers first passing the Digital Euro Regulation, after which the ECB's Governing Council would decide whether to actually issue the currencyCITE:E4.
President Trump signed Executive Order 14178 on January 23, 2025, explicitly prohibiting federal agencies — including the Federal Reserve — from establishing, issuing, or promoting a retail CBDCCITE:E5. The order also revoked prior administration directives related to CBDC developmentCITE:E5. It cites risks to individual privacy, national sovereignty, and financial stability as the basis for the banCITE:E5.
The United States enacted the GENIUS Act on July 18, 2025, establishing the country's first federal licensing and regulatory framework for payment stablecoinsCITE:E6. The bill passed the Senate 68-30 and the House 308-122 before being signed into lawCITE:E6. Rather than a government-issued digital currency, the US framework channels dollar-denominated digital payments through regulated private issuers — a direct policy contrast to its ban on retail CBDCCITE:E6.
| Region / Country | Status | Key Figures | Date |
|---|---|---|---|
| Global (146 countries/unions) | Researching | >98% of global GDP; 77 advanced; 41 pilots | Tracker updated May 2026 |
| Bahamas, Jamaica, Nigeria | Fully launched | 3 countries | — |
| China | Fully live (largest by volume) | 3.48B transactions; ¥16.7T (~$2.37T) | As of Nov 2025 |
| Eurozone (ECB) | Preparation phase closed; pilot planned | Pilot ~mid-2027; first issuance target 2029 | Preparation phase ended Oct 2025 |
| United States (CBDC) | Banned for retail use | Executive Order 14178 | Jan 23, 2025 |
| United States (stablecoins) | Enacted regulatory framework | Senate 68-30; House 308-122 | Jul 18, 2025 |
Taken together, the evidence shows a widening split in approach. Out of 41 active pilots worldwide, only 3 have converted into full national rollouts, and China's e-CNY — with 3.48 billion cumulative transactions — dominates that small group by scaleCITE:E1CITE:E2CITE:E3. Europe's timeline sits between the two extremes: the ECB has closed its preparation phase but its 2027 pilot and 2029 issuance targets remain contingent on pending EU legislationCITE:E4. The United States, by contrast, moved in the opposite direction within the same year — banning retail CBDC development under Executive Order 14178 in January 2025, then enacting the GENIUS Act five months later in July 2025 to regulate private stablecoins insteadCITE:E5CITE:E6.
Central bank digital currency (CBDC) research now spans nearly the entire global economy, but full deployment remains the exception, not the rule.
Only three countries — the Bahamas, Jamaica, and Nigeria — have taken a CBDC from pilot to full nationwide rolloutCITE:E2.
China's digital yuan, the e-CNY, is the world's largest active CBDC experiment by transaction volume.
The European Central Bank (ECB) closed the digital euro's "preparation phase" in October 2025 and moved into the next stage of the projectCITE:E4.
The number that matters most here isn't China's 16.7 trillion yuan headline — it's the 3-out-of-41 conversion rate from pilot to full launch, which sets the real bar for what 'success' looks like in this space. China clears that bar by volume, but 3.48 billion transactions is a cumulative flow figure, not a stock of currency in circulation, so it measures usage intensity rather than replacement of cash. Europe's 2027/2029 dates are worth watching specifically because they are legislatively conditional — the ECB has finished its own preparation work but cannot move without the Digital Euro Regulation passing first. The more structurally interesting data point is the five-month gap between EO 14178 (January 2025) and the GENIUS Act (July 2025): the US didn't just decline to build a CBDC, it built a substitute — a licensed private-stablecoin channel — in the same window. The metric to track next is whether the EU's Digital Euro Regulation actually passes; that single vote determines whether the 2027 pilot date is real or just a placeholder.
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