CBDC Statistics 2026
By Axis Intelligence Research
Co-author: Sarah Davis | Last updated: August 16, 2026 | License: CC BY 4.0
Central bank digital currency is now the most widely researched and least widely issued monetary instrument in modern history. 146 countries and currency unions are exploring one. Three have launched a live retail CBDC. According to Axis Intelligence Research, only 6.8% of jurisdictions that have reached pilot stage or beyond have put a retail CBDC into public circulation, and two of the five ever launched have since been shut down.
Quick Answer
As of May 2026, 146 countries and currency unions representing over 98% of global GDP are exploring a central bank digital currency, with 77 in the advanced phase of development, pilot or launch, according to the Atlantic Council CBDC Tracker. Three retail CBDCs are live: The Bahamas, Jamaica and Nigeria. According to Axis Intelligence Research, the Axis CBDC Delivery Index (ACDI) reads 33.8 out of 100 as of August 2026 — a construction-phase score, not a circulation-phase one.
Key Findings
- According to the Atlantic Council CBDC Tracker updated May 2026, 146 countries and currency unions are exploring a CBDC, up from 87 in May 2022.
- According to the Bank for International Settlements 2024 survey published August 2025, 91% of 93 responding central banks — 85 institutions — were engaged in retail or wholesale CBDC work.
- According to Axis Intelligence Research, the pilot-to-launch conversion rate for retail CBDCs stands at 6.8%: three live launches against 41 active pilot projects.
- According to Axis Intelligence Research, 40% of retail CBDCs that ever reached live public issuance have been discontinued — Ecuador’s Dinero Electrónico and the Eastern Caribbean DCash, out of five total launches since 2014.
- According to the Atlantic Council CBDC Tracker, retail e-CNY processed more than 3.4 billion transactions worth roughly 16.7 trillion renminbi (about $2.3 trillion) through December 2025.
How Many Countries Have a CBDC in 2026?
The honest answer separates three numbers that are routinely collapsed into one.
Exploring is the headline figure and the softest one. The Atlantic Council CBDC Tracker, updated May 2026, counts 146 countries and currency unions representing over 98% of global GDP. In May 2022 the count was 87. “Exploring” includes a working paper by two researchers in a central bank’s payments department.
Advanced is the number that carries weight: 77 jurisdictions in development, pilot or launch. Live retail issuance is the number that matters to a consumer: three.
| Stage | Count | As of | Source |
|---|---|---|---|
| Exploring a CBDC | 146 | May 2026 | Atlantic Council CBDC Tracker |
| Advanced phase (development, pilot or launch) | 77 | May 2026 | Atlantic Council CBDC Tracker |
| Active pilot projects | 41 | May 2026 | Atlantic Council CBDC Tracker |
| Live retail CBDCs | 3 | May 2026 | Atlantic Council CBDC Tracker |
| Cross-border wholesale CBDC projects | 13 | May 2026 | Atlantic Council CBDC Tracker |
| Central banks engaged in CBDC work | 85 of 93 (91%) | End-2024 | BIS Papers No 159 |
The BIS number and the Atlantic Council number measure different things and both are correct. The BIS 2024 survey, published in August 2025 and still the most recent edition as of this update, asked 93 central banks directly and found 85 doing CBDC work — a 91% engagement rate, down from 94% in the 2023 survey while the absolute count rose from 81 to 85. The Atlantic Council counts jurisdictions from public evidence. We publish both rather than picking the flattering one.
Sarah Davis, Digital Finance: The interesting spread here is not 146 versus 3. It is 41 pilots versus 3 launches. A pilot is a budget line and a press release; issuance is a legal act that requires a legislature, a distribution network of banks that would rather not participate, and a public that has to be persuaded to install an app. The take rate between those two stages is where the CBDC story actually lives, and almost nobody publishes it.
Source: Axis Intelligence Research — CC BY 4.0
The Axis CBDC Delivery Index (ACDI): 33.8 out of 100
Counting jurisdictions rewards announcements. The Axis CBDC Delivery Index (ACDI) — a composite score measuring how far global central bank digital currency effort has converted stated intent into money that actually circulates — is built to reward delivery instead.
ACDI reading: 33.8 / 100, as of August 16, 2026.
Components, inputs and weights
| # | Component | Weight | Input value | Source of input |
|---|---|---|---|---|
| 1 | Engagement breadth | 10% | 91.0% (85 of 93 central banks) | BIS Papers No 159, end-2024 |
| 2 | Advanced-phase share | 30% | 52.7% (77 of 146 jurisdictions) | Atlantic Council CBDC Tracker, May 2026 |
| 3 | Pilot-to-launch conversion | 40% | 6.8% (3 of 44 pilot-or-launched) | Atlantic Council CBDC Tracker, May 2026 |
| 4 | Retail legal authority | 20% | 30.6% (respondent-weighted) | BIS Papers No 159, end-2024 |
Formula: ACDI = (0.10 x C1) + (0.30 x C2) + (0.40 x C3) + (0.20 x C4), expressed on a 0–100 scale.
Calculation: (0.10 x 0.910) + (0.30 x 0.5274) + (0.40 x 0.0682) + (0.20 x 0.3056) = 0.0910 + 0.1582 + 0.0273 + 0.0611 = 0.3376 → 33.8
Component 3 uses 44 as its denominator: 41 active pilots plus 3 live launches. Component 4 is derived by Axis Intelligence Research from the BIS survey’s separate advanced-economy and emerging-market readings on legal authority to issue a retail CBDC — 4% of AE central banks and 42% of EMDE central banks reported having it — weighted by the 28 AE and 65 EMDE respondents: ((65 x 0.42) + (28 x 0.04)) / 93 = 30.6%.
Interpretation bands: 0–24 Intent · 25–49 Construction · 50–74 Deployment · 75–100 Circulation.
At 33.8 the world sits firmly in Construction. Two things would move the reading materially: adoption of the digital euro Regulation, which would lift Component 4 sharply by handing legal authority to 20 central banks at once, and any pilot converting to live issuance, which is weighted most heavily because it is the only component that produces spendable money. This is the baseline reading; the ACDI enters the Axis canonical number registry and is recomputed when the next BIS survey or Atlantic Council tracker update lands.
Scope note: ACDI measures institutional delivery, not consumer usage. A jurisdiction with a live CBDC that nobody spends still scores full marks on Component 3.
Retail CBDC Adoption by Country: What the Live Systems Actually Show
Three retail CBDCs are in public circulation, and the best data on all three comes from a joint study by staff of the Central Bank of The Bahamas, the People’s Bank of China, the Bank of Jamaica and the BIS, published in August 2025 — Retail CBDCs in practice.
Wallets and population penetration
| Jurisdiction | CBDC | Launched | Wallets | Share of population | As of | Source |
|---|---|---|---|---|---|---|
| The Bahamas | SandDollar | Oct 2020 | 135,000+ | ~30% | Dec 2024 | Branch et al, BIS/CBOB/PBC/BOJ |
| China | e-CNY | Pilot from Dec 2019 | 203 million | ~14% | Dec 2024 | Branch et al, BIS/CBOB/PBC/BOJ |
| Jamaica | JAM-DEX | Jul 2022 | 260,000 | ~10% | Nov 2024 | Branch et al, BIS/CBOB/PBC/BOJ |
The Bahamas leads on penetration and trails badly on merchant depth: 2,034 registered merchant wallets and seven active authorised financial institutions as of December 2024, with distribution running almost entirely through non-bank payment service providers because the commercial banks declined to lead. Jamaica’s JAM-DEX reached 275,627 wallet holders by 31 August 2024, a third of them recruited in the six weeks after the government put J$2,500 into the first 100,000 wallets. The merchant-side incentive that followed drew roughly 100 sign-ups.
The cost case is real and it is the strongest argument on the table
For a $25 merchant transaction, CBDC costs zero in all three systems. Debit card acceptance costs $0.30 to $0.62 in The Bahamas and about $0.75 in Jamaica; cheque processing runs $0.60 to $5.50 in The Bahamas and about $2 in Jamaica. In China, existing card and cheque fees are already below $0.20, which is precisely why e-CNY’s adoption argument there was never about price. Those spreads sit inside the wider digital payments statistics picture.
Sarah Davis: A Bahamian merchant clearing a $25 cheque can pay up to 22% of the ticket in processing. That is the actual take rate hiding inside a “modern” payments system, and it is why the Caribbean central banks moved first while advanced economies wrote papers. The problem is that free is a price, and a payment network priced at zero cannot fund the distributors who have to sell it. The BIS co-authors say this out loud — low but non-zero merchant pricing may be necessary in the medium run. That is a rare admission that the launch design was economically unsustainable, and it came from the people who built it.
e-CNY Statistics 2026: The Largest Pilot Is Not a Retail Story
Retail e-CNY processed more than 3.4 billion transactions worth roughly 16.7 trillion renminbi — about $2.3 trillion — through December 2025.
According to Axis Intelligence Research, that implies an average e-CNY transaction value of approximately RMB 4,912, or about $676. The derivation is arithmetic on the Atlantic Council’s two published figures: 16.7 trillion renminbi divided by 3.4 billion transactions = RMB 4,912 per transaction; $2.3 trillion divided by 3.4 billion = $676.
That is not a coffee. It is a payroll run, a supplier settlement, or a government disbursement. Roughly $676 per transaction against a Chinese payments market where AliPay and WeChat Pay clear tickets an order of magnitude smaller tells you the e-CNY volume headline is carried by enterprise and public-sector flows, not by households switching wallets at the point of sale. The design supports this reading: the “top up as you pay” function pulls funds from a bank account at the moment of payment, so transactions can occur without any increase in e-CNY actually held in circulation.
In January 2026 the People’s Bank of China reclassified e-CNY as deposit liabilities rather than currency in circulation — an accounting change with a policy signal inside it, moving the instrument conceptually away from digital cash and toward the commercial banking layer.
Cross-border: mBridge and the concentration problem
There are 13 cross-border wholesale CBDC projects. Transaction volume on mBridge, the fastest-growing of them, reached $55.49 billion — a 2,500-fold increase since the early-2022 pilots — with the e-CNY accounting for over 95% of total settlement volume.
Sarah Davis: A multi-currency settlement platform where one currency is 95% of the flow is not yet a multi-currency settlement platform. It is a renminbi corridor with observers attached. That may still be the point.
Digital Euro Timeline and Cost: What the ECB Has Committed To
The euro area is the largest advanced economy still pursuing a retail CBDC, and it is the single variable most likely to move the ACDI.
The ECB Governing Council closed the preparation phase and moved to the next stage on 30 October 2025. The published sequence: adoption of the digital euro Regulation by EU co-legislators during 2026, a pilot from the second half of 2027, and readiness for a potential first issuance during 2029. The Governing Council has been explicit that no decision to issue has been taken and none can be taken until the legislation is adopted.
| Milestone | Date | Status | Source |
|---|---|---|---|
| Preparation phase begins | Nov 2023 | Completed | ECB |
| Move to next phase | Oct 30, 2025 | Completed | ECB |
| Regulation adopted by co-legislators | During 2026 | Assumption, not fact | ECB |
| Pilot exercise, 12 months | H2 2027 | Planned | ECB |
| Potential first issuance | During 2029 | Conditional | ECB |
| Digital euro cost item | Amount | Source |
|---|---|---|
| Development cost to first issuance | ~EUR 1.3 billion | ECB preparation phase closing report |
| Annual operating cost from 2029 | ~EUR 320 million | ECB preparation phase closing report |
| PSPs applying to join pilot | 50+ | ECB digital euro pilot page |
| PSPs selected | 36 | ECB digital euro pilot page |
According to Axis Intelligence Research, the disclosed ten-year cost of ownership for the digital euro through 2039 is approximately EUR 4.5 billion — EUR 1.3 billion in development plus EUR 320 million per year for ten operating years. The ECB has published both inputs; it has not published the sum. The ECB pilot page confirms the pilot runs 12 months from the second half of 2027 with 36 selected payment service providers testing a beta version in shops and person-to-person.
The ECB has also stated the digital euro will not be built on blockchain or distributed ledger technology, and will not be programmable money restricted by purpose or duration. Both positions matter for anyone modelling the instrument as a crypto asset. It is not one, and it will not appear in our blockchain adoption data.
Why the United States Has No CBDC Programme
Every G20 country except the United States is exploring a CBDC, and 14 G20 members are in the pilot phase.
The reversal was executive first, legislative second. Executive Order 14178, Strengthening American Leadership in Digital Financial Technology, signed 23 January 2025, prohibits federal agencies from establishing, issuing or promoting a CBDC. The BIS survey annex records the consequence in a single footnote: since January 2025, the United States has not engaged in projects related to CBDC.
Congress then moved to make the prohibition permanent. The Anti-CBDC Surveillance State Act (H.R. 1919) passed the House on 17 July 2025 and, per the sponsor’s office, has since been attached to the Foreign Intelligence Accountability Act and sent to the Senate. The Senate companion, S.1124, would amend Section 16 of the Federal Reserve Act to bar Federal Reserve banks from issuing a CBDC directly, indirectly, or under any substantially similar label. The House Financial Services Committee summary frames the bill as codifying the executive order.
A source discrepancy worth flagging: the sponsor’s office records the House vote as 219–210, while several trade outlets reported 219–217. We publish the sponsor’s figure and note the disagreement rather than reconciling it silently.
Wholesale work continued regardless. The New York Fed remains engaged in cross-border wholesale research through Project Agorá, which is not a retail CBDC and is not covered by the prohibition.
Sarah Davis: The US position is often reported as anti-digital-money. It is not. The same policy framework that closed the retail CBDC door opened the stablecoin one, and the BIS survey documents the mirror image happening globally: 43% of central banks stepped up wholesale CBDC work and 35% stepped up retail work specifically because of stablecoin growth. Washington chose the private rail. Frankfurt and Beijing are building the public one. Those are two answers to the same question about who issues digital dollars and yuan.
CBDC Failure Rate: The Statistic Nobody Publishes
Trackers count launches. They rarely count closures.
Five retail CBDCs have reached live public issuance since 2014. Ecuador’s Dinero Electrónico launched in 2014 and was discontinued in 2018. The Eastern Caribbean Central Bank’s DCash launched in March 2021, extended to all eight ECCU member countries, and the pilot was concluded in January 2024. The Bahamas, Nigeria and Jamaica remain live.
| Retail CBDC | Jurisdiction | Launched | Status | Source |
|---|---|---|---|---|
| Dinero Electrónico | Ecuador | 2014 | Discontinued 2018 | Arauz, Garratt and Ramos, cited in Branch et al |
| SandDollar | The Bahamas | Oct 2020 | Live | Branch et al |
| DCash | Eastern Caribbean Currency Union | Mar 2021 | Concluded Jan 2024 | Branch et al |
| eNaira | Nigeria | Oct 2021 | Live | Branch et al |
| JAM-DEX | Jamaica | Jul 2022 | Live | Branch et al |
According to Axis Intelligence Research, the retail CBDC discontinuation rate is 40% — two of five live launches since 2014. Formula: discontinued launches / total live launches x 100 = 2 / 5 x 100.
Small denominator, and we say so. But it is the correct denominator, it is the only one that exists, and a 40% closure rate against a 6.8% pilot-to-launch conversion rate is the sharpest single description of where this technology stands in 2026.
Retail vs Wholesale CBDC: Where the Money Is Actually Going
The centre of gravity has shifted, and the BIS survey caught it before the headlines did. Wholesale CBDC exploration is at more advanced stages than retail across jurisdictions. Among advanced-economy central banks, 38% were running wholesale pilots and 17% were developing a live wholesale CBDC — against 15% and 0% respectively for retail.
| Metric | Advanced economies | Emerging markets | As of | Source |
|---|---|---|---|---|
| Running a wholesale CBDC pilot | 38% | 16% | End-2024 | BIS Papers No 159 |
| Working on a live wholesale CBDC | 17% | n/a | End-2024 | BIS Papers No 159 |
| Running a retail CBDC pilot | 15% | 21% | End-2024 | BIS Papers No 159 |
| Working on a live retail CBDC | 0% | 4% | End-2024 | BIS Papers No 159 |
| Legal authority to issue retail CBDC | 4% | 42% | End-2024 | BIS Papers No 159 |
| Retail CBDC on distributed ledger likely | 6% | 40% | End-2024 | BIS Papers No 159 |
The most-cited retail use cases are person-to-person payments (81%), point-of-sale (79%), payments from government (79%) and payments to government (76%). For wholesale: interbank settlement (84%), delivery versus payment (77%) and payment versus payment (70%).
Design convergence is real on three points. More than half of central banks do not intend to pay interest. Holding limits are widely expected — 56% of AEs and 63% of EMDEs. Two-thirds plan distribution through commercial banks. Divergence is equally real on distributed ledger technology, where the AE-EMDE gap is 6% versus 40%.
Sarah Davis: The 4% versus 42% legal-authority split is the number to watch, not the pilot counts. Emerging market central banks largely already have the statutory power to issue. Advanced economy central banks mostly do not, and 29% are actively changing their laws. Pilots are reversible. Statutes are not, which is the same pattern we found in open banking readiness by country. The jurisdictions quietly amending their central bank acts are further along than the ones running flashy pilots.
Stablecoins and Tokenisation: The Pressure Behind the Programmes
More than one in three jurisdictions accelerated CBDC work specifically because of stablecoins and other cryptoassets — 43% for wholesale CBDC and 35% for retail.
Yet actual stablecoin payment usage outside crypto trading remains thin. Most central banks report trivial use in their jurisdictions. Niche-group usage was reported for domestic retail payments (20%), remittances (21%) and cross-border retail payments (20%). A small number of central banks, all emerging markets, reported wider or significant use for remittances (4%) and cross-border retail payments (2%).
Set against the private-sector build-out tracked in our fintech market data, regulation moved faster than usage. At the end of 2024, 45% of jurisdictions had enacted regulation covering stablecoins and other cryptoassets, up from 35% in 2023, with a further 22% developing frameworks — more than two in three jurisdictions regulating or about to.
On tokenisation, 48% of responding jurisdictions had private or public sector work underway at end-2024, rising to 86% among advanced economies against 32% of emerging markets. Bonds dominate: over two thirds of jurisdictions working on tokenised assets were exploring (38%) or had already issued (31%) tokenised government or corporate bonds. And in live tokenised-asset settlement, wholesale CBDC was the most-used settlement asset. Exactly one respondent reported stablecoins used for that purpose.
Methodology
Collection. Every figure in this article was fetched from a primary or category-leading source during production between 14 and 16 August 2026. Sources: BIS Papers No 159, Advancing in tandem — results of the 2024 BIS survey on central bank digital currencies and crypto (Illes, Kosse and Wierts, August 2025); the Atlantic Council CBDC Tracker (last updated May 2026); Branch et al, Retail CBDCs in practice: the experience of the SandDollar, e-CNY and JAM-DEX (25 August 2025), co-authored by staff of the Central Bank of The Bahamas, the People’s Bank of China, the Bank of Jamaica and the BIS; European Central Bank digital euro press release of 30 October 2025, preparation phase closing report and digital euro pilot page; Congress.gov S.1124 text; House Financial Services Committee bill summary; the Office of the House Majority Whip; the Central Bank of The Bahamas Monthly Economic and Financial Developments report for February 2026; and the Bank of Jamaica CBDC pages.
Currency. Renminbi-to-dollar conversions are the Atlantic Council’s own published pairing (RMB 16.7 trillion ≈ $2.3 trillion). Euro figures are not converted.
Axis-calculated figures. Four figures in this article are computed by Axis Intelligence Research from sourced inputs, each with its formula shown inline: the ACDI composite (33.8), the average e-CNY transaction value (RMB 4,912 / $676), the retail CBDC discontinuation rate (40%), and the disclosed ten-year digital euro cost of ownership (EUR 4.5 billion). Every input is a row in the accompanying CSV.
Older data flagged. The BIS survey reflects conditions at end-2024 and was published in August 2025. It remains the most recent edition of the eighth-running annual survey; the 2025 edition had not been published as of 16 August 2026. Where BIS figures are used, the end-2024 as-of date is stated.
What ACDI does not capture. Consumer transaction volume, per-capita CBDC holdings, and wholesale live issuance are outside the current component set. A jurisdiction with a dormant live CBDC scores identically to one with an actively used one.
About This Dataset
File: cbdc-statistics-2026.csv
License: CC BY 4.0
Citation: Axis Intelligence Research, CBDC Statistics 2026, 2026.
Contents: 90 rows covering global CBDC exploration counts, stage distribution, live retail CBDC adoption metrics, e-CNY and cross-border settlement volumes, digital euro cost and timeline commitments, BIS survey design and motivation percentages, US legislative status, and four Axis-calculated original metrics. Every row carries source organisation, source document, source URL, retrieval date, primary-source flag and Axis-calculation flag.
Cite this research
APA: Axis Intelligence Research. (2026). CBDC statistics 2026: Central bank digital currency adoption, delivery and failure rates. Axis Intelligence. https://axis-intelligence.com/cbdc-statistics/
MLA: Axis Intelligence Research. “CBDC Statistics 2026: Central Bank Digital Currency Adoption, Delivery and Failure Rates.” Axis Intelligence, 16 Aug. 2026, axis-intelligence.com/cbdc-statistics/.
Chicago: Axis Intelligence Research. “CBDC Statistics 2026: Central Bank Digital Currency Adoption, Delivery and Failure Rates.” Axis Intelligence, August 16, 2026. https://axis-intelligence.com/cbdc-statistics/.
Frequently Asked Questions
Is a CBDC the same thing as a stablecoin?
No, and the difference is the issuer’s balance sheet. A CBDC is a direct liability of the central bank. A stablecoin is a liability of a private issuer, backed by reserves that issuer holds. In practice this shows up in the failure mode: a stablecoin can break its peg if reserves fall short, while a CBDC cannot, because it is the unit of account. The BIS defines a retail CBDC as a digital version of physical cash that households and firms use for everyday transactions, distinct from card payments and e-money precisely because it is a claim on the central bank rather than on a private financial institution. For the private side of the same market, see our stablecoin payment volumes research.
Which CBDC has the highest adoption relative to population?
The Bahamas. SandDollar wallets stood at over 135,000 as of December 2024, equivalent to roughly 30% of the population — ahead of China at around 14% and Jamaica at around 10%. Wallet counts overstate unique users in all three jurisdictions, in the same way headline figures do in online banking adoption by country, since one person can hold multiple wallets, and in China each user can open one wallet per authorised operator across ten operators.
Can a CBDC drain deposits out of commercial banks?
The disintermediation risk has not materialised in the three live systems. CBDC in circulation remains a small fraction of bank deposits in all three, with no evidence of substitution to date. The design is the reason: none of the three pays interest, all three impose holding and transaction limits, and all three were built as means of payment rather than stores of value. The Bahamian base-tier wallet caps holdings at B$500 with B$1,500 of monthly transactions.
Will the digital euro run on blockchain?
No. The ECB has stated the digital euro would not be based on blockchain or other distributed ledger technologies. The ECB has also stated it would not be programmable money usable for only a restricted purpose or duration. The wider survey data shows this is an advanced-economy pattern: 6% of AE central banks consider a distributed ledger likely for retail CBDC, against 40% of emerging market central banks.
Why did DCash and Ecuador’s Dinero Electrónico shut down?
Both reached live issuance and neither reached sustained adoption. Ecuador’s Dinero Electrónico ran from 2014 to 2018. DCash launched in March 2021 across the eight-member Eastern Caribbean Currency Union and its pilot was concluded in January 2024. The broader pattern the BIS co-authors identify applies to both: without merchant depth and private-sector distributors who have a commercial reason to sell the product, a zero-fee public payment rail struggles to reach the network effects it needs.
What does merchant acceptance of a CBDC actually cost?
Nothing, in all three live systems, which is the core commercial argument and the core sustainability problem. Against that zero, a $25 debit card transaction costs a Bahamian merchant $0.30 to $0.62 and a Jamaican merchant about $0.75, while cheque handling runs $0.60 to $5.50 and about $2 respectively. In China, incumbent fees are already under $0.20, which is why price was never the e-CNY’s adoption lever.
Is the United States developing a digital dollar?
Not a retail one. Executive Order 14178 of 23 January 2025 prohibits federal agencies from establishing, issuing or promoting a CBDC, and the BIS survey annex records that the United States has not engaged in CBDC projects since January 2025. Legislation to make the prohibition permanent passed the House in July 2025 and awaits Senate action. Wholesale cross-border research continues at the New York Fed through Project Agorá, which the prohibition does not cover.
What would move the Axis CBDC Delivery Index most?
Adoption of the digital euro Regulation, because Component 4 measures legal authority to issue and the Regulation would grant it across the euro area at once. After that, any pilot converting to live retail issuance, since Component 3 carries the heaviest weight at 40% and has the lowest current reading at 6.8%. Additional jurisdictions entering exploration would barely move the index, which is the point of building it this way.
How much of mBridge’s volume is actually multi-currency?
Less than 5%. Total transaction volume on mBridge reached $55.49 billion, a 2,500-fold increase since the early-2022 pilots, with e-CNY accounting for over 95% of settlement volume. mBridge is the fastest-growing of the 13 cross-border wholesale CBDC projects and the concentration is the most important fact about it.