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CBDC and Stablecoin Tracker

Where 146 countries and currency unions stand on a central bank digital currency, what US law says about a digital dollar, and how much is already held in stablecoins.

CBDC projects worldwide
146

Countries and currency unions on the tracker. 77 are building, piloting or running a central bank digital currency; 3 have launched one.

Atlantic Council, May 2026
A US central bank digital currency
Barred

By statute until 31 December 2030, and by executive order since January 2025.

Public Law 119-101 · Executive Order 14178
Stablecoins in circulation
$303.3B

99.4% of it pegged to the US dollar. The total was $5.2 billion in January 2020.

DefiLlama, 27 October 2026
Central bank digital currencies

Where every country stands

A central bank digital currency, or CBDC, is a digital form of a country's money issued by its central bank and owed directly by it. Most are still being studied, built or tested. Select a stage to filter the table.

At an advanced stage
77 of 146
countries and currency unions are building, piloting or running a CBDC. The 146 tracked produce over 98% of world GDP.
AdvancedResearch, stalled and other
What they plan to issue
  • Retail 62
  • Both 34
  • Wholesale 15
  • Undecided or not stated 35
3Launched
41Pilot
13Cross-border projects
Atlantic Council CBDC Tracker, last updated May 2026
Use
Showing 146 of 146
CountryStageUse
JamaicaJAM-DEXLaunchedRetail
Nigeriae-NairaLaunchedRetail
The BahamasSand DollarLaunchedRetail
AustraliaeAUDPilotWholesale
BrazilDREXPilotRetail and wholesale
CanadaW-CADPilotWholesale
Chinae-CNYPilotRetail and wholesale
EswatiniDigital LilangeniPilotRetail
Euro AreaDigital euroPilotRetail and wholesale
FranceDigital euroPilotRetail and wholesale
GeorgiaDigital LariPilotRetail
GhanaeCediPilotRetail
Hong Konge-HKD+PilotRetail and wholesale
HungaryPilotRetail
IndiaDigital rupee, e₹PilotRetail and wholesale
IndonesiaDigital rupiahPilotRetail and wholesale
IranDigital rialPilotRetail
IsraelDigital shekelPilotRetail and wholesale
ItalyDigital euroPilotRetail and wholesale
JapanDigital yenPilotRetail and wholesale
KazakhstanDigital tengePilotUndecided
LaosDLak/Digital Lao kipPilotRetail and wholesale
LuxembourgDigital euroPilotRetail and wholesale
Madagascare-AriaryPilotRetail
MalaysiaPilotWholesale
MauritiusDigital rupeePilotRetail and wholesale
OmanPilotRetail and wholesale
PalauPilotRetail and wholesale
Papua New GuineaDigital KinaPilotWholesale
PhilippinesPilotWholesale
QatarPilotWholesale
RussiaDigital rublePilotRetail and wholesale
Saudi ArabiaPilotWholesale
SingaporeDigital SGDPilotRetail and wholesale
Solomon IslandsBokolo CashPilotRetail and wholesale
South AfricaPilotWholesale
South KoreaPilotRetail and wholesale
SpainDigital euroPilotWholesale
SwedenE-kronaPilotRetail
SwitzerlandPilotWholesale
ThailandPilotRetail and wholesale
TurkeyDigital Turkish liraPilotRetail
Ukrainee-hryvniaPilotRetail
United Arab EmiratesDigital dirhamPilotRetail and wholesale
AustriaDelphiDevelopmentRetail and wholesale
BahrainDevelopmentWholesale
BelarusDigital RubleDevelopmentUndecided
BenineCFADevelopmentRetail
Burkina FasoeCFADevelopmentRetail
ChileDevelopmentRetail
ColombiaDevelopmentRetail and wholesale
EstoniaDigital euroDevelopmentRetail
GermanyDigital euroDevelopmentRetail and wholesale
Guinea-BissaueCFADevelopmentRetail
IraqDigital dinarDevelopmentRetail
Ivory CoasteCFADevelopmentRetail
KyrgyzstanDigital SomDevelopmentRetail
Macaue-CNYDevelopmentUndecided
MalawiDevelopmentRetail
MalieCFADevelopmentRetail
MexicoDigital pesoDevelopmentRetail
MontenegroDevelopmentRetail
MoroccoDevelopmentUndecided
NamibiaDevelopmentRetail and wholesale
NetherlandsDigital euroDevelopmentRetail
NigereCFADevelopmentRetail
NorwayDevelopmentRetail and wholesale
PakistanDigital rupeeDevelopmentRetail
PeruDevelopmentRetail and wholesale
Rwandae-Franc RwandaisDevelopmentRetail
SenegaleCFADevelopmentRetail
Sri LankaLanka RayDevelopmentRetail
TaiwanDevelopmentRetail and wholesale
Timor-LesteeCentavosDevelopmentRetail
TogoeCFADevelopmentRetail
UgandaDigital ShillingDevelopmentRetail and wholesale
United KingdomDigital poundDevelopmentRetail and wholesale
AlgeriaDigital dinarResearchUndecided
AndorraResearchRetail
ArgentinaDigital pesoResearchUndecided
ArmeniaResearchUndecided
ArubaDigital FlorinResearchRetail
AzerbaijanDigital manatResearchUndecided
BangladeshResearchUndecided
BoliviaBoliviano DigitalResearchWholesale
BotswanaResearchUndecided
CameroonResearchUndecided
Cape VerdeResearchUndecided
Central African RepublicSango CoinResearchRetail and wholesale
ChadResearchUndecided
CuraçaoDigital guilderResearchRetail
Czech RepublicResearchUndecided
EgyptE-poundResearchUndecided
Equatorial GuineaResearchUndecided
EthiopiaResearchRetail
FijiResearchUndecided
GabonResearchUndecided
HondurasResearchRetail
JordanResearchRetail
KenyaDigital shillingResearchRetail
LiberiaResearchUndecided
MaldivesResearchUndecided
MauritaniaDigital OuguiyaResearchUndecided
MozambiqueResearchUndecided
NepalResearchRetail
New ZealandDigital CashResearchRetail and wholesale
ParaguayResearchUndecided
Republic of SerbiaDigital DinarResearchWholesale
Republic of the CongoResearchRetail
TongaResearchUndecided
Trinidad and TobagoResearchUndecided
United Republic of TanzaniaDigital ShillingResearchUndecided
Uruguaye-PesoResearchRetail
UzbekistanResearchUndecided
VanuatuResearchNot stated
VietnamResearchRetail
ZimbabweResearchUndecided
BelizeInactiveUndecided
BhutanDigital NgultrumInactiveRetail
DenmarkInactiveRetail
GuatemalaiQuetzalInactiveNot stated
HaitiDigital gourdeInactiveRetail and wholesale
IcelandRafkrónaInactiveRetail
KuwaitDigital dinarInactiveRetail
LebanonInactiveRetail
LithuaniaInactiveRetail
North KoreaInactiveUndecided
PalestineInactiveRetail
Sint MaartenDigital guilderInactiveRetail
TunisiaE-DinarInactiveWholesale
VenezuelaInactiveRetail and wholesale
ZambiaInactiveNot stated
AnguillaDCashCanceledRetail
Antigua and BarbudaDCashCanceledRetail
DominicaDCashCanceledRetail
EcuadorDinero electrónicoCanceledRetail
GrenadaDCashCanceledRetail
MontserratDCashCanceledRetail
Saint Kitts and NevisDCashCanceledRetail
Saint LuciaDCashCanceledRetail
Saint Vincent and the GrenadinesDCashCanceledRetail
CambodiaBakongOtherRetail
Federated States of MicronesiaOtherUndecided
Marshall IslandsMarshallese SovereignOtherRetail
MyanmarOtherNot stated
United States of AmericaOtherWholesale
No country matches that search.
Retail means the public can hold and spend it. Wholesale means banks and other financial institutions use it to settle with each other. Undecided means the central bank has not said. Atlantic Council CBDC Tracker, last updated May 2026
United States, as of 27 October 2026

Where the US stands on a digital dollar

Federal law bars the Federal Reserve from issuing a central bank digital currency until the end of 2030. The dollar tokens in circulation are stablecoins issued by private companies, which the GENIUS Act brings under federal rules.

In lawSince 11 July 2026

A ban on a Fed-issued CBDC, to 2030

Title XI of the 21st Century ROAD to Housing Act bars the Federal Reserve Board and the regional Reserve Banks from issuing a central bank digital currency, directly or through a bank or other intermediary. It covers a dollar that is a direct liability of the Fed and widely available to the public. A dollar currency that is open, permissionless and private, with the privacy of cash, is exempt. The section expires on 31 December 2030 and states that nothing in it allows the Fed to issue a CBDC without an Act of Congress.

  1. Introduced in the House
  2. Passed the House, 390 to 9
  3. Passed the Senate, 89 to 10
  4. House returned an amended version to the Senate
  5. Senate passed a final amended version, 85 to 5
  6. House agreed to the final version, 358 to 32
  7. Sent to the President
  8. Became law without the President’s signature as Public Law 119-101
Public Law 119-101 (H.R. 6644) · govinfo · congress.gov
In effectSigned 23 January 2025

Executive Order 14178

Prohibits federal agencies from taking any action to establish, issue or promote a CBDC in the United States or abroad, and ended agency plans for one that were already under way. The same order sets a policy of promoting the growth of dollar-backed stablecoins worldwide, and created the President's Working Group on Digital Asset Markets.

90 FR 8647 · Federal Register
Passed House only219 to 210 on 17 July 2025

Anti-CBDC Surveillance State Act

The standalone bill (H.R. 1919) has had no Senate vote, and its Senate version (S. 1124) has been with the Banking Committee since 25 March 2025. It reaches further than the law now in force. It would also stop Reserve Banks from offering accounts or services directly to individuals and, with some exceptions, bar the Fed from testing, studying or creating a CBDC. The House also folded its text into the CLARITY Act, passed the same day, and in April 2026 into a foreign intelligence surveillance bill (S. 1318). On 5 June 2026 a Senate motion to take up that version failed, 47 to 52.

  1. Introduced in the House
  2. Passed the House, 219 to 210
H.R. 1919 · S. 1124 · S. 1318 · congress.gov
Pending in the SenateLast action 15 September 2026

CLARITY Act

The Digital Asset Market Clarity Act (H.R. 3633) would set federal rules for crypto markets and divide oversight between the SEC and the CFTC. It passed the House 294 to 134. The Senate Banking Committee approved an amended version, and on 15 September 2026 a procedural vote to advance it in the Senate failed, 49 to 50. A motion to reconsider that vote has been entered.

  1. Introduced in the House
  2. Passed the House, 294 to 134
  3. Sent to the Senate Banking Committee
  4. Approved by the Senate Banking Committee
  5. Senate procedural vote to advance it failed, 49 to 50
  6. Motion to reconsider that vote entered
H.R. 3633 · congress.gov
In law · rules in progressSigned 18 July 2025

GENIUS Act: federal rules for dollar stablecoins

The GENIUS Act (S. 1582) passed the Senate 68 to 30 and the House 308 to 122, and became Public Law 119-27. Only a permitted issuer may issue a payment stablecoin in the United States. Issuers must hold reserves at least one for one, in cash, deposits, Treasury securities with 93 days or less to run and similar assets, and may not pay interest or yield to holders for simply holding the coin. The law takes effect on 18 January 2027, or 120 days after federal regulators issue final rules if that comes first.

Of the 15 GENIUS Act rulemakings tracked below, one is final (OCC, effective 18 January 2027), one is an interim final rule and 13 are still at the proposal stage.

AgencyWhat it coversStatus
OCCIssuing stablecoins under OCC supervision · published 23 Oct 2026Final rule · effective 18 Jan 2027
TreasuryReview of state certifications · published 30 Sep 2026Interim final rule · in effect 30 Sep 2026
Federal ReserveRules for issuers the Fed supervises · published 29 Sep 2026Proposed rule · comments to 30 Nov 2026
Federal ReserveApproval for bank subsidiaries to issue · published 29 Sep 2026Proposed rule · comments to 30 Nov 2026
TreasuryWho may issue, offer and sell stablecoins · published 18 Aug 2026Proposed rule · comments closed
Show 10 earlier rulemakings
OCCAnti-money-laundering and sanctions risk management · published 24 Jun 2026Proposed rule · comments closed
FinCEN and bank regulatorsCustomer identification for issuers · published 22 Jun 2026Proposed rule · comments closed
FDICBank Secrecy Act and sanctions standards · published 5 Jun 2026Proposed rule · comments closed
NCUAIssuance by credit union subsidiaries · published 18 May 2026Proposed rule · comments closed
FDICStandards for FDIC-supervised issuers and banks · published 10 Apr 2026Proposed rule · comments closed
FinCEN and OFACAnti-money-laundering and sanctions programs · published 10 Apr 2026Proposed rule · comments closed
TreasuryPrinciples for judging state regimes · published 3 Apr 2026Proposed rule · comments closed
NCUALicensing of credit union subsidiaries · published 12 Feb 2026Proposed rule · comments closed
FDICApproval for bank subsidiaries to issue · published 19 Dec 2025Proposed rule · comments closed
TreasuryPublic questions on implementation · published 19 Sep 2025Advance notice · comments closed
Public Law 119-27 · govinfo · congress.gov · Federal Register
LiveSince 20 July 2023

FedNow

The Federal Reserve's instant payment service lets banks and credit unions move money between customer accounts within seconds, at any hour of any day. The Federal Reserve states that FedNow is not related to a digital currency and is not a form of currency.

1,959Participating banks and credit unions, 26 Oct 2026
6.38 millionPayments settled in the third quarter of 2026, against 2.51 million a year earlier
$370.9 billionValue of those payments, against $307.3 billion a year earlier
Federal Reserve · Federal Reserve Financial Services
Stablecoins

How much is held in stablecoins

A stablecoin is a token issued by a private company that aims to hold a fixed value, usually one US dollar, backed by reserves or other collateral.

Total supply, 27 October 2026
$303.3 billion
Down 1.1% from a month earlier and 1.1% from a year earlier. The record is $317.1 billion, set on 17 May 2026.
99.4%Pegged to the dollar
83.5%In USDT and USDC
389Stablecoins counted
DefiLlama

Total supply since 2020

Supply of all stablecoins in US dollars at the end of each month; the last point is 27 October 2026. DefiLlama

The largest stablecoins

StablecoinSupplyShare30 days
USDTTether · fiat-backed$181.8B59.9%−1.0%
USDCUSD Coin · fiat-backed$71.3B23.5%−5.4%
USDSSky Dollar · crypto-backed$6.8B2.2%+2.9%
DAIDai · crypto-backed$4.7B1.6%−1.8%
USDeEthena USDe · crypto-backed$4.6B1.5%−7.8%
USD1World Liberty Financial USD · fiat-backed$3.9B1.3%−11.1%
USDGGlobal Dollar · fiat-backed$3.1B1.0%−3.2%
PYUSDPayPal USD · fiat-backed$2.9B1.0%+6.4%
Supply in US dollars on 27 October 2026. Share of total stablecoin supply. Backing is DefiLlama's classification: fiat-backed coins hold cash and short-term assets, crypto-backed coins hold crypto collateral or trading positions. DefiLlama

How it works

Country stages are the Atlantic Council's own classification, read from the records behind its CBDC Tracker, last updated May 2026. The counts match the tracker's published figures: 146 countries and currency unions, 77 at an advanced stage and 41 pilots. The Atlantic Council does not publish a definition for Inactive; the description here reflects the countries it places there. It lists the United States under Other because of the ban, and notes the New York Fed's part in Project Agorá, a cross-border wholesale payments project; the tracker records that the Federal Reserve has said Agorá is not a wholesale CBDC.

US status comes from the Library of Congress bill records that power congress.gov, the enacted text of each law on govinfo.gov, and the Federal Register for the executive order and every GENIUS Act rulemaking. FedNow figures are the Federal Reserve's. All were checked on 27 October 2026.

Stablecoin supply is DefiLlama's sum of the circulating supply of every stablecoin it tracks, converted to US dollars. The chart uses the last day of each month. DefiLlama counts some tokens that are not payment stablecoins under the GENIUS Act, such as tokenized money market funds; none is among the eight largest shown.

Sources

  1. Atlantic Council: Central Bank Digital Currency Tracker (last updated May 2026)
  2. govinfo.gov: Public Law 119-101, 21st Century ROAD to Housing Act, Title XI
  3. govinfo.gov: Public Law 119-27, GENIUS Act
  4. Federal Register: Executive Order 14178, Strengthening American Leadership in Digital Financial Technology
  5. Congress.gov: H.R. 1919, Anti-CBDC Surveillance State Act
  6. Congress.gov: H.R. 3633, Digital Asset Market Clarity Act
  7. Congress.gov: S. 1318, House amendment (Anti-CBDC Surveillance State Act text)
  8. Federal Register: OCC final rule implementing the GENIUS Act
  9. Federal Reserve: FedNow Service, frequently asked questions
  10. Federal Reserve Financial Services: FedNow Service volume and value statistics
  11. DefiLlama: Stablecoins

Questions readers ask

Has the US banned a central bank digital currency?

Yes, until 31 December 2030. Title XI of Public Law 119-101 became law on 11 July 2026 without the President's signature. It bars the Federal Reserve from issuing a CBDC directly or through intermediaries. Executive Order 14178, signed 23 January 2025, already prohibited federal agencies from establishing, issuing or promoting one. The separate Anti-CBDC Surveillance State Act passed the House in July 2025 and is not law.

Which countries have launched a CBDC?

Three on the Atlantic Council's count: the Bahamas (Sand Dollar), Jamaica (JAM-DEX) and Nigeria (e-Naira). Another 41 are running pilots, including China's e-CNY, the digital euro and India's digital rupee. Nine are listed as canceled, eight of them Eastern Caribbean members of DCash, whose planned successor was suspended in February 2026.

What is the difference between a CBDC and a stablecoin?

A CBDC is issued by a central bank and is a direct claim on it, like a banknote in digital form. A stablecoin is issued by a private company, which holds reserves or collateral to keep the token at a fixed value, usually one US dollar. Under the GENIUS Act, a US payment stablecoin must be backed at least one for one by cash, deposits, short-term Treasury securities and similar assets, and the issuer may not pay interest for simply holding it.

How much money is in stablecoins?

$303.3 billion on 27 October 2026, of which 99.4% is pegged to the US dollar. The two largest, USDT ($181.8 billion) and USDC ($71.3 billion), hold 83.5% of the total. The total was $5.2 billion in January 2020.

Is FedNow a digital currency?

No. FedNow is the Federal Reserve's instant payment service between banks and credit unions, live since 20 July 2023. It moves money between ordinary bank accounts, and the Federal Reserve states that it is not related to a digital currency. 1,959 institutions were on the service on 26 October 2026.

Keep reading

Guide · 28 Oct 2026The GENIUS Act Explained: What the Stablecoin Law RequiresThe first federal stablecoin law, read section by section: who can issue, what must back each token, what holders give up, and how far regulators have got with the rules.Guide · 28 Oct 2026The CLARITY Act Explained: What It Does and Where It StandsThe Digital Asset Market Clarity Act would decide which regulator oversees which tokens. It cleared the House in 2025 and failed a Senate procedural vote by one vote in September 2026.Guide · 28 Oct 2026What Is a Stablecoin? Reserves, Types and the Largest CoinsHow a private company keeps a token worth one dollar, what sits behind the $303 billion now in circulation, and what the GENIUS Act requires of issuers from January 2027.Guide · 28 Oct 2026What Is FedNow, and Is It a CBDC?The Fed's instant payment rails move ordinary bank deposits in seconds. What the system is, how far it has spread, what it costs, and what the Fed can and cannot see.Guide · 28 Oct 2026What Is Digital Currency? The Four Kinds of Digital MoneyNine in ten dollars in the money supply already exist only as computer entries. What separates one kind of digital money from another is who issues it, what stands behind it and who can stop a payment.Self-checkDollar Exposure ScorecardEight questions on how much rides on the dollar.ChartNational Debt ClockThe debt, the interest bill and the per-person share, live.

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