How big is the CBDC market?

This blog post has been written by the person who has mapped the CBDC market in a clean and beautiful presentation

The Central Bank Digital Currency (CBDC) market is rapidly evolving from experimental pilots to serious implementations, with transaction values expected to explode from $100 million in 2023 to $213 billion by 2030.

While only three countries have fully launched CBDCs as of 2025, a record 49 nations are conducting pilots, and up to 24 CBDCs are projected to be operational by 2030, creating massive opportunities for technology providers, financial institutions, and entrepreneurs who position themselves early in this transformative market.

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What's the Real Market Size of CBDCs in 2024-2025?

The CBDC market is currently worth between $0.4-0.5 billion in 2024-2025, but transaction values tell the real growth story—jumping from $100 million in 2023 to a projected $213 billion by 2030.

Market size estimates vary significantly due to different methodologies and scope definitions. Metatech Insights projects the market reaching $3.0 billion by 2035 with a 19.2% CAGR, while Virtue Market Research provides more conservative estimates of $352 million by 2030. The combined stablecoins and CBDCs market presents a more substantial figure at $25.20 billion in 2024, expected to reach $425.28 billion by 2034.

What makes these numbers particularly interesting for entrepreneurs is the 260,000% transaction value increase projected by Juniper Research—from $100 million in 2023 to $213 billion by 2030. This explosive growth reflects the market's nascent stage, currently limited to pilot projects with massive scaling potential.

The discrepancy between infrastructure market size ($0.4-0.5 billion) and transaction values ($213 billion by 2030) reveals a critical opportunity: the infrastructure to process these transactions is still being built, creating openings for technology providers, payment processors, and service integrators.

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Which Countries Have Actually Launched CBDCs vs Just Testing?

Only three countries have fully operational CBDCs: the Bahamas (Sand Dollar), Jamaica (Jam-Dex), and Nigeria (eNaira), but 49 countries are running active pilots, creating a massive pipeline of imminent launches.

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Where Are CBDCs Actually Being Used—Asia vs Everyone Else?

Asia-Pacific completely dominates CBDC adoption with China processing $910 billion in transactions and India reaching 5 million users, while North America shows the least interest with only 33% public support.

China's digital yuan leads globally with staggering metrics: 950 million transactions worth CNY 1.8 trillion as of June 2023, reaching 260 million people in pilot testing across 17 provinces. The e-CNY has established 120 million wallets and processes transactions at a scale that dwarfs all other CBDC projects combined.

India's Digital Rupee, ranked first in PwC's 2023 CBDC Index, serves approximately 5 million users through integrated QR code systems that leverage existing digital payment infrastructure. Thailand has completed successful retail pilots with over 79,000 transactions worth 12.5 million baht, demonstrating the region's commitment to practical implementation.

Public sentiment data reveals why Asia leads: 59% of Asia-Pacific residents favor CBDC launches, with China at 70% and India at 66% support. This contrasts sharply with North America's 33% support and the explicit prohibition of CBDC development under the 2025 US administration.

Europe focuses primarily on wholesale CBDC applications and cross-border interoperability rather than retail adoption, with multiple countries testing blockchain-based solutions for interbank transactions. This creates distinct opportunities—retail payment solutions in Asia versus wholesale infrastructure in Europe.

How Much Money Is Actually Flowing Into CBDC Infrastructure?

Governments have invested hundreds of millions in CBDC pilots while private investors have committed over $15 million to infrastructure startups in 2024-2025, with 3x growth expected by 2026.

Central bank investments dwarf private funding but remain opaque. Project mBridge alone has processed over $22 million in real transactions involving five central banks. The European Central Bank's digital euro project involves 70 private-sector organizations with undisclosed but substantial funding commitments.

Private sector investment reveals more actionable opportunities. Emtech Solutions leads with $10 million raised, while the top three funded startups (Emtech, Fluency, Ripple CBDC Platform) have collectively raised $11.3 million. Matrix Partners India, LoftyInc Capital, and Accenture Ventures lead investment activity, focusing primarily on Asia-Pacific, Africa, and Caribbean markets.

Investment patterns show clear priorities: multi-CBDC bridges for cross-border interoperability, retail scaling solutions for user experience optimization, and privacy-enhancing technologies for consumer protection. The relatively small private investment amounts ($15M+) compared to the massive transaction potential ($213B by 2030) suggest early-stage opportunities remain abundant.

Geographic investment concentration matters: Asia-Pacific and emerging markets receive most funding due to higher adoption rates and government support, while North American and European investments focus on B2B infrastructure rather than consumer-facing solutions.

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How Many People Actually Use CBDCs Today vs Projections?

Current CBDC users total roughly 125-130 million globally (mostly in China), but transaction volumes will explode from 307.1 million in 2024 to 7.8 billion by 2031—a 2,430% increase.

User numbers reveal both the opportunity and challenge. China dominates with 120 million e-CNY wallets established, while India's Digital Rupee pilot serves 5 million users. Nigeria's eNaira shows the adoption struggle—only 700,000 downloads among 200+ million people, representing 0.35% penetration.

The Bahamas provides a cautionary tale for small markets: despite being first to launch, Sand Dollar has only 100,000 registered wallets covering 25% of the population, with less than 1% of currency in circulation digitized. This highlights that being first doesn't guarantee adoption without proper user incentives and merchant integration.

Juniper Research's projection of 7.8 billion transactions by 2031 (up from 307.1 million in 2024) suggests massive scaling ahead. Central banks seeking monetary sovereignty against card networks, collaborative cross-border projects, and financial inclusion initiatives will drive this growth.

The gap between current users (125-130 million) and transaction growth (2,430%) indicates either dramatic increases in transaction frequency per user or explosive user base expansion—likely both, creating opportunities in user acquisition, merchant tools, and transaction processing infrastructure.

What Are CBDCs Actually Used For—Payments, Transfers, or What?

Domestic retail payments dominate CBDC usage at 92% of transaction value, but cross-border payments represent the fastest-growing segment with potential $45 billion in cost savings by 2031.

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What Percentage of Transactions Run on CBDCs vs Regular Money?

CBDCs currently process less than 0.01% of global payment volumes, but specific corridors show promise—China's e-CNY handles 2.8% of mobile payments in pilot regions.

The global perspective shows CBDCs remain negligible: even in countries with launched CBDCs, penetration stays below 1% of currency in circulation. Nigeria's eNaira represents only 0.36% of total currency, while the Bahamas' Sand Dollar captures less than 1% despite being operational since 2020.

China provides the only meaningful penetration data: RMB 6.6 trillion ($910 billion) in cumulative transactions sounds impressive, but represents roughly 2.8% of China's mobile payment market in pilot regions. This shows even the most advanced CBDC struggles against established payment methods.

Wholesale CBDC experiments show more promise for capturing market share. Project mBridge and similar cross-border initiatives could capture 5-10% of correspondent banking volumes in specific corridors by 2030, particularly where traditional systems create friction.

The opportunity lies in specific niches rather than broad displacement: cross-border remittances (where CBDCs save 50%+ on fees), government disbursements (where programmability adds value), and financial inclusion (where no alternatives exist). Entrepreneurs should target these specific use cases rather than competing with established retail payment systems.

Which Tech Companies Are Building CBDC Infrastructure?

Giesecke+Devrient leads the fragmented CBDC technology market, while startups like Emtech ($10M raised) and established players like Mastercard and R3 compete for different segments of the infrastructure stack.

Market leadership remains fluid in this early-stage sector. G+D ranks #1 in Juniper Research's 2024 Competitor Leaderboard through its Filia® retail CBDC technology and end-to-end consultancy approach. The company's comprehensive strategy combines financial inclusion expertise, complete technology solutions, regulatory assistance, and innovative use case development.

The competitive landscape divides into three tiers. Established leaders include G+D, Mastercard (leveraging existing payment infrastructure), and R3 (blockchain platform with enterprise adoption). Leading challengers comprise Consensys (Ethereum-based solutions), Ripple (cross-border focus), FIS (financial technology infrastructure), and IDEMIA (identity and security).

Startups and disruptors show strong momentum: EMTECH leads with $10 million in funding for API infrastructure, while Stellar focuses on blockchain platforms and Soramitsu targets Asian markets. The top three funded startups (Emtech, Fluency, Ripple CBDC Platform) have raised only $11.3 million combined, indicating early-stage opportunities.

Regional specialization characterizes market dynamics: Asian companies dominate Asia-Pacific, European firms lead in Europe and Africa, while US companies focus on North American and global wholesale markets. This geographic fragmentation creates opportunities for local players and cross-regional partnerships.

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How Do Central Banks and Commercial Banks Split CBDC Roles?

Public-private partnerships dominate CBDC implementation with central banks controlling core infrastructure while commercial banks handle distribution—creating new revenue models beyond traditional deposits.

The emerging model follows clear divisions: central banks provide core ledger technology and monetary policy control, while commercial banks manage customer-facing services including KYC, wallet provision, and customer support. This structure preserves existing banking relationships while enabling CBDC innovation.

Collaboration statistics reveal the ecosystem approach: 82% of central banks work with technology providers, commercial banks serve as primary distribution channels, and fintechs increasingly handle specialized services. The European Central Bank's engagement with 70+ private organizations exemplifies this collaborative model.

New business models emerge from this structure. The platform approach lets central banks maintain the core ledger while ecosystem players innovate on services. Tiered service models create revenue opportunities: basic CBDC functionality (free), enhanced services through banks (fees), and premium features via fintech partnerships (subscriptions or transaction fees).

Rather than displacing banks, CBDCs force evolution: banks must strengthen client relationships beyond deposit-taking, develop new fee structures for CBDC services, and partner with fintechs for innovation. Smart banks are already positioning as CBDC service providers rather than viewing digital currencies as threats.

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What CBDC Regulations Exist Now vs Coming by 2026?

The regulatory landscape splits dramatically: the US explicitly bans CBDCs while the EU's MiCAR framework supports development, creating distinct market opportunities based on geography.

How Long and How Much Does It Cost to Launch a CBDC?

CBDC deployment typically requires 3-4 years from exploration to launch, with central banks investing tens to hundreds of millions in infrastructure—but 31% of banks have delayed timelines due to technical and regulatory challenges.

The implementation timeline breaks down predictably: exploration phase (6-12 months) for feasibility studies, development phase (12-18 months) for platform creation, pilot phase (12-24 months) for limited testing, and full launch (6-12 months) for nationwide rollout. This 3-4 year timeline assumes no major delays.

Cost structures remain opaque but available data suggests massive investments. Central bank infrastructure requires tens to hundreds of millions for major economies, technology partnerships cost $5-50 million depending on scope, and ongoing operations demand significant annual budgets for maintenance and security.

Hidden costs often exceed initial budgets: cybersecurity infrastructure requires continuous investment, integration with legacy systems proves complex and expensive, user education campaigns cost millions, and regulatory compliance creates ongoing expenses. These factors explain why 31% of central banks have delayed their timelines.

For entrepreneurs, these long timelines and high costs create opportunities: central banks need cost-effective solutions, modular approaches that reduce implementation time, and specialized services for specific phases. The 3-4 year timeline also means contracts signed today will generate revenue for years.

What's Actually Stopping CBDC Adoption—Tech, Trust, or Laws?

Low user adoption poses the biggest challenge—Nigeria's eNaira captures only 0.36% of currency despite government push—while privacy concerns, merchant resistance, and poor user experience compound the problem.

Real-world adoption data reveals sobering realities. Nigeria's eNaira has only 700,000 users among 200+ million population (0.35% penetration) and represents just 0.36% of currency in circulation. The Bahamas' Sand Dollar performs similarly poorly at less than 1% of currency despite first-mover advantage.

Technical barriers create immediate friction: integration with existing payment systems remains complex, cybersecurity vulnerabilities cause system outages, scalability issues emerge during peak periods, and offline payment capabilities remain limited. These technical challenges directly impact user experience—identified by 27% of central banks as the most challenging area.

Consumer resistance stems from rational concerns: privacy fears about government surveillance prove difficult to address, existing digital payments work well for most users, clear value propositions remain absent, and switching costs outweigh perceived benefits. Merchant resistance compounds problems—upgrading POS systems costs money with uncertain ROI.

Solutions under development show promise. Enhanced user experience design receives increased focus, privacy-enhancing technologies like Aurum 2.0 address surveillance concerns, interoperability projects (mBridge, Project Nexus) reduce friction, and offline capabilities improved 20% in central bank satisfaction ratings during 2024.

The REDI Framework (Regulatory strategies, Education initiatives, Design choices, Incentive mechanisms) provides a structured approach, but implementation remains challenging. For entrepreneurs, each barrier represents an opportunity: privacy solutions, user experience design, merchant onboarding tools, and education platforms all need development.

Planning your next move in this new space? Start with a clean visual breakdown of market size, models, and momentum.

Conclusion

Sources

1. Metatech Insights CBDC Market Analysis
2. Polaris Market Research Stablecoins and CBDCs Report
3. Virtue Market Research CBDC Market
4. Juniper Research CBDC Transaction Forecast
5. Atlantic Council CBDC Tracker
6. Ledger Insights UAE CBDC Launch
7. PwC Global CBDC Index 2023
8. Quick Market Pitch CBDC Infrastructure Investors
9. BIS Project mBridge
10. Social Capital Markets CBDC Statistics
11. G+D OMFIF 2025 CBDCs Report
12. McKinsey CBDC Commercial Banks Report
13. Atlantic Council 2025 Crypto Policy
14. IMF CBDC Adoption Strategies
15. World Economic Forum CBDC Report