Top CBDCs: 10 Leading Digital Currencies

Introduction

Cash is steadily declining across the world, digital wallets are everywhere, and fintech is reshaping how people interact with money. In the middle of this transformation, Central Bank Digital Currencies (CBDCs) have emerged as one of the most talked-about financial innovations.

Unlike decentralized cryptocurrencies like Bitcoin, which operate without government backing, CBDCs are issued and guaranteed by central banks. This makes them the digital evolution of traditional fiat money. The idea is simple yet powerful: combine the trust and stability of official currency with the efficiency and programmability of digital technology.

But CBDCs aren’t being designed in the same way everywhere. Some countries want to use them to bring financial access to remote communities, others want to modernize cross-border trade, and some see them as geopolitical tools to strengthen their currency on the world stage.

Let’s break down the top 10 CBDCs leading the way in 2025.

1. Digital Yuan (e-CNY), China

China has taken the global lead when it comes to CBDCs. The Digital Yuan (e-CNY) is already being used by millions of people in pilot programs, making it the most advanced project of its kind.

The government has rolled it out across more than 26 cities in 17 provinces, with test users using e-CNY for transportation fares, retail shopping, and even receiving government subsidies. China’s push isn’t just about convenience it’s about strengthening the yuan’s international role while reducing dependence on private payment giants like Alipay and WeChat Pay.

Why it matters: Pilots across 26+ cities show it working for retail shopping, transit fares, and government subsidies. China aims to cut reliance on private payment giants while extending the yuan’s reach internationally.

Innovation highlights:

• Integrated into Alipay and WeChat Pay ecosystems as a payment option.
• Offline payments via hardware wallets and NFC.
• Cross-border pilots under Project mBridge with Hong Kong, UAE, Thailand and Saudi Arabia.

2. Digital Euro, European Union

The Digital Euro is Europe’s answer to the rapidly changing payments landscape. As cash usage continues to decline across the Eurozone, the European Central Bank (ECB) wants to make sure citizens still have access to central bank money, but in a digital form.

This project is about more than efficiency it’s about sovereignty. If private stablecoins or foreign CBDCs became dominant in Europe, the ECB could lose control over monetary policy. That’s why the Digital Euro is being carefully designed with features like privacy protection and offline capability, making it feel as close to physical cash as possible.

Why it’s significant:
With Europe moving toward a cash-light society, the digital euro ensures central bank money remains accessible to all citizens. It also protects monetary sovereignty against foreign digital currencies.

Innovation highlights:

• Built with privacy as a key design feature.
• Offline payment capability to mimic cash.
• Preparation phase until 2025; legislation expected by early 2026; rollout years later.

3. eNaira, Nigeria

Launched in 2021, the eNaira is Africa’s first live CBDC and a major milestone for the continent. It is pegged 1:1 to the Nigerian naira and is designed for maximum accessibility. Citizens can use it through smartphone apps or even via USSD codes on feature phones, making it usable in regions with low smartphone penetration.

Nigeria has one of the world’s largest unbanked populations, and remittance costs are notoriously high. The eNaira addresses both issues by offering a cheap and reliable digital payment system for millions of people.

Why it’s significant:
Nigeria faces high remittance costs and limited banking access. The eNaira helps reduce reliance on cash and improve cross-border transfers, particularly for the unbanked.

Innovation highlights:

• First African CBDC launched at scale.
• USSD support allows feature-phone access.
• Integration planned with local banks and fintechs.

4. Sand Dollar, Bahamas

The Bahamas became the first country in the world to officially launch a retail CBDC with the Sand Dollar in 2020. The rollout was designed to tackle the country’s unique challenge: over 30 scattered islands where banking access was uneven or limited.

By offering citizens access to digital wallets and prepaid Sand Dollar cards, the central bank ensured that even remote communities could participate in the digital economy. While adoption has been slower than expected, new policies now require banks to support the CBDC, giving it a stronger push.

Why it’s significant:
With over 30 scattered islands, financial access was uneven. The Sand Dollar brought secure digital payments to citizens in remote regions, setting a model for financial inclusion.

Innovation highlights:

• Fully deployed retail CBDC, not just a pilot.
• Supports offline payments for areas with poor connectivity.
• Adoption is still limited (<1% of currency in circulation), but new mandates require banks to support Sand Dollar access.

5. Digital Ruble, Russia

Russia’s Digital Ruble is not just about modern payments it’s also a geopolitical tool. The central bank has positioned the CBDC as a way to reduce dependence on SWIFT and bypass the impact of international sanctions.

The digital ruble has a legal framework in place, and pilots began in 2023 involving both individuals and firms. In 2025, Russia also began testing its use for federal budget payments, signaling its integration into state-level finance.

Why it’s significant:
Russia views CBDCs as a way to bypass sanctions, reduce dependency on SWIFT, and strengthen its monetary sovereignty. It also offers greater traceability for domestic transactions.

Innovation highlights:

• Legal framework enacted in July 2023.
• Pilots with individuals and firms started in August 2023, continuing through 2024–2025.
• Plans in 2025 for federal budget payments; broader rollout expected 2026 and beyond.

Why CBDCs Matter Globally

CBDCs aren’t just another step in the digital payments journey they represent a fundamental shift in how money is issued, managed, and used. Unlike private cryptocurrencies or stablecoins, CBDCs are state-backed, giving them unparalleled legitimacy and reach.

Their importance lies in:

• Financial inclusion: Offering digital money to unbanked populations who lack access to traditional banking.
• Payment modernization: Making domestic and cross-border payments faster, cheaper, and more secure.
• Monetary sovereignty: Ensuring governments retain control of money supply in a world where private digital assets are expanding rapidly.
• Geopolitical leverage: Countries with advanced CBDCs can shape global trade settlement and reduce reliance on systems like SWIFT.
• Innovation sandbox: CBDCs create a testing ground for programmability, smart contracts, and integration with tokenized assets.

This explains why so many nations, from small island states to global superpowers, are investing heavily in CBDC research and rollout. They’re not just digital versions of cash they’re the foundation of a new financial era.

6. DCash, Eastern Caribbean

The Eastern Caribbean Central Bank created DCash, one of the few CBDCs spanning multiple sovereign nations. It serves eight island states, showing how regional cooperation can accelerate digital transformation.

Although DCash faced setbacks, including outages and a pause in its initial rollout, the project is being restructured into a more resilient “DCash 2.0.” Its focus remains on financial inclusion and cross-border ease in small economies where cash is still dominant.

Why it’s significant:
It’s one of the few multi-country CBDCs, showcasing regional cooperation. Despite outages, DCash has been relaunched to support financial inclusion across small economies.

Innovation highlights:

• Covers multiple sovereign nations with one CBDC.
• Runs on blockchain infrastructure.
• Status: The pilot ended in January 2024. A new “DCash 2.0” platform is in development but not yet live.

7. Drex, Brazil

Brazil’s CBDC project, Drex, could reshape finance in Latin America. Built on distributed ledger technology, Drex goes beyond simple payments it’s being designed for programmable money and tokenized real-world assets.

The central bank envisions Drex as the bridge between traditional finance and blockchain-powered innovation, creating new services for banks, fintechs, and individuals. While its launch has been delayed until at least 2026, pilots are showing strong potential.

Why it’s significant:
As Latin America’s largest economy, Brazil’s Drex could transform digital finance in the region, bridging traditional banks with DeFi-like services.

Innovation highlights:

• Uses distributed ledger technology in pilots.
• Supports tokenization of real-world assets.
• Status: Pilot ongoing, but launch postponed until at least 2026. The central bank is also considering moving away from blockchain for parts of the architecture.

8. Digital Dirham, UAE

The Digital Dirham positions the UAE as a global hub for CBDC innovation. Unlike many others, the UAE’s approach is heavily geared toward cross-border trade and wholesale settlement.

In January 2024, the UAE completed a $13.6 million cross-border transaction with China using the Digital Dirham, proving that CBDCs can streamline international trade. With strong backing from the central bank and government, the Dirham is seen as a strategic tool for positioning the UAE at the heart of global digital finance.

Why it’s significant:
In January 2024, the UAE completed a cross-border transfer of AED 50 million (USD 13.6M) to China using the Digital Dirham. It positions the UAE as a regional financial innovation hub.

Innovation highlights:

• Direct integration with Project mBridge.
• Targeted for international trade settlements.
• Strong government and bank adoption push.

9. e-Krona, Sweden

Sweden is one of the most cashless societies on earth. As fewer people carry physical money, the e-Krona is designed to ensure everyone still has access to state-backed money, even if bank-issued digital options dominate.

The e-Krona was piloted using R3’s Corda blockchain, with trials including commercial banks and testing offline transactions. While Sweden hasn’t made a final decision to fully launch it, the project remains crucial for financial stability in a post-cash society.

Why it’s significant:
Sweden is one of the most cashless societies in the world. The e-Krona maintains financial inclusion and stability as cash becomes less common.

Innovation highlights:

• Pilot based on R3’s Corda blockchain.
• Trials included commercial banks and tested offline functionality.
• Status: Pilot completed; no decision to issue an e-Krona has been taken.

10. Project Helvetia, Switzerland

Unlike most CBDCs focused on retail, Switzerland’s Project Helvetia is about wholesale settlement. It targets interbank transfers and tokenized securities rather than consumer payments.

The project is live on the SIX Digital Exchange, where it’s already being used for bond settlements and repo transactions. Helvetia is a glimpse into how CBDCs can transform capital markets, making them faster, cheaper, and safer.

Why it’s significant:
Unlike retail CBDCs, Helvetia focuses on modernizing capital markets. It allows faster, cheaper settlement of securities and interbank transfers.

Innovation highlights:

• Live since late 2023 on SIX Digital Exchange, extended through at least 2027.
• Used for settlement of tokenized bonds and repos.
• Note: Cross-border settlement with the Bank of France was a separate experiment (“Project Jura,” 2021), not Helvetia itself.

Bonus: United States Digital Dollar (Research Phase)

The U.S. has not launched a CBDC but continues research through projects like Project Hamilton and Project Cedar. Political debates have slowed progress, with some lawmakers strongly opposed to the idea of a “surveillance dollar.”

Instead, the U.S. has focused on regulating stablecoins. In 2025, the GENIUS Act created the first federal law for stablecoins, giving them a regulated role somewhat similar to CBDCs.

Why it’s significant:
A digital dollar would have global impact given the USD’s reserve status. However, political divides have slowed progress. Instead, stablecoin regulation has advanced.

Innovation highlights:

• Project Cedar tested high-performance wholesale settlement architectures.
• No CBDC issuance decision; would require new legislation.
• In July 2025, the GENIUS Act created the first federal stablecoin law, giving stablecoins a regulated role as a CBDC alternative.

Conclusion

CBDCs aren’t a one-size-fits-all solution. Some, like the Sand Dollar and eNaira, focus on inclusion. Others, like the Digital Yuan and Digital Ruble, are driven by geopolitics. And experiments like Project Helvetia show how they can modernize capital markets.

What’s clear is that the global financial system is heading toward a future where central bank money is fully digital, programmable, and borderless. CBDCs may not replace cash immediately, but they’re laying the foundation for the next evolution of money.