Signal CBDC Expansion — 146 Countries Exploring, China's e-CNY Reclassified as Deposit Liability

Summary

Some 146 countries and currency unions representing more than 98% of world GDP are exploring central bank digital currencies, up from 87 nations in May 2022, with 77 countries having reached an advanced exploration phase. China reclassified its e-CNY as a deposit liability in January 2026, a shift from its previous function as digital cash whose full implications remain uncertain. By December 2025, the e-CNY had processed more than 3.4 billion retail transactions totaling approximately 16.7 trillion renminbi, or roughly $2.3 trillion, making it the world's largest CBDC pilot program. Globally, 41 CBDC pilot projects are currently operating, though only three countries — the Bahamas, Jamaica, and Nigeria — have fully launched retail CBDCs.