The Number Of Live Retail CBDCs Exceeds 10, And At Least One G20 Economy Beyond China Launches A Retail CBDC At National Scale.

Live Retail CBDC Numbers Expected To Reach 10 By 2032?

Global central bank digital currencies (CBDCs) are continuing at a rapid pace. According to Atlantic Council data, as of May 2026, 146 countries and currency unions are exploring CBDCs. These nations represent 98 percent of global GDP. But will this interest lead to a genuine transformation? Or will pilot projects remain on paper?

Current Status: Only 3 Live Retail CBDCs

Currently, there are only three retail CBDCs in active operation worldwide. These are the Bahamas’ SandDollar, Jamaica’s JAM-DEX, and Nigeria’s eNaira. These three examples have been launched in small, developing economies. Larger economies are still not conducting full launches. However, this situation is expected to change soon.

Acceleration in Large Economies: e-CNY, Digital Euro and Drex

The key acceleration is coming from large economies. China’s e-CNY has reached 203 million wallets and achieved transaction volumes of 16.7 trillion RMB as of December 2025. This represents the world's largest CBDC pilot program. The European Central Bank has set a target for the digital euro by 2029. England is working on a digital pound. Brazil’s Drex project and Russia’s digital ruble are in advanced pilot phases. The maturation of these projects is expected to be the main driver for retail CBDC numbers to move from single digits into double digits.

Transitioning from Pilot Phase to Live: A 6.8 Percent Bottleneck

However, there remains a significant uncertainty. According to Axis Intelligence data, the transition rate from pilot phase to live circulation is only 6.8 percent. This suggests that many pilot projects may stall. The difference between launch and real adoption makes forecasting difficult. Regulatory processes, political will, and technical infrastructure play a critical role in project implementation.

2032 Target: More Than 10 Live CBDCs and G20 Participation

Our prediction is that by the end of 2032, more than 10 countries will be operating live retail CBDCs. In addition, it is expected that outside of China’s e-CNY, at least one other G20 country will be added to this list. This G20 country is likely to be the digital euro with the European Central Bank, the digital pound with England or Drex with Brazil. The full circulation of these projects by 2032 would fundamentally change the global CBDC landscape.

Conclusion: Direction Open, Timing Uncertain

There remains a lack of clarity regarding the direction of CBDCs. The fact that 146 countries are exploring them, 77 are in advanced stages, and 41 pilots are active demonstrates that the technology and concept are being taken seriously. However, to see more than 10 live retail CBDCs by 2032, regulatory processes need to accelerate. Therefore, I assess the prediction with moderate confidence. The probability is assessed at 50 percent.

Frequently Asked Questions

1. Which Countries Currently Operate Live Retail CBDCs?

Currently, only three countries operate live retail CBDCs: the Bahamas (SandDollar), Jamaica (JAM-DEX) and Nigeria (eNaira). The experiences of these countries will serve as an important reference for other nations.

2. Why Is China’s E-CNY So Significant?

China’s e-CNY, with 203 million wallets and transaction volumes of 16.7 trillion RMB, is the world's largest CBDC pilot program. This scale demonstrates that CBDCs can be technically scalable and conduct transactions in daily use. Furthermore, China’s experience guides other large economies.

3. Will The Digital Euro Or Digital Pound Be Launched By 2032?

The European Central Bank has announced a target for the digital euro by 2029. England is also working on a digital pound. It is expected that these projects will reach full circulation by 2032. However, the low transition rate from pilot phase to live (6.8 percent) indicates that these targets may be delayed. Nevertheless, it’s likely that the first full launch among G20 countries will be with one of these projects.