# Central Bank Blockchain Digital Currency (CBDC) Market

> CBDC market: USD 2.18 billion in 2025, rising 9.65% a year to USD 5.47 billion by 2035 as the digital euro is built and e-CNY and wholesale settlement scale.

Publisher: Douglas Insights  
Author: Douglas Insights Research Desk  
Report code: DI-IT-10815  
Published: 2026-11-06  
Last updated: 2026-11-06  
Next review: May 2027  
Page: https://www.douglasinsights.com/central-bank-blockchain-digital-currency-cbdc-market/

## Key figures

| Measure | Value | How it is built |
| --- | --- | --- |
| Market size · 2025 | $2.18 Bn | 146 active programmes x USD 14.9 million = USD 2.18 billion. |
| Forecast · 2035 | $5.47 Bn | Base case: 0.6% programme growth and 9.0% spending per programme a year. |
| Revenue CAGR · 2026–2035 | 9.65% | (1.006 x 1.090) minus 1. |
| Programmes · 2035 | About 155 programmes | Digital euro build, e-CNY scale-up, wholesale tokenised settlement and pilots reaching advanced stage, less the US ban, UK hesitation and Brazil's rethink. |
| Leading segment | Core ledger platforms, 30.0% | Every programme needs an issuance and settlement engine first. |
| Fastest segment | Wallets and front ends, 11.2% | USD 522.1 million to USD 1.51 billion on retail apps, SDKs and offline payment. |
| Fastest region | Europe, 11.3% | USD 674.4 million to USD 1.97 billion on the digital euro build. |
| Market leader | Central bank in-house units (estimate) | Douglas Insights estimate; central bank in-house units build about 38% of spending; no outside vendor above 4% in 2025. |
| Event | ECB moves digital euro to next phase | ECB, 30 October 2025: about EUR 1.3 billion development cost to 2029 and EUR 320 million a year to run. |

## Key takeaways

- The CBDC market is worth USD 2.18 billion in 2025 and USD 5.47 billion in 2035, a 9.65% CAGR.
- About 146 active programmes at an average USD 14.9 million a year form the 2025 base; spending per programme grows 9.0% a year.
- Core ledger platforms hold 30.0% of spending; wallets and offline front ends grow fastest at 11.2%.
- Asia Pacific spends 46.0%, led by e-CNY; Europe grows fastest at 11.3% on the digital euro.
- The ECB puts the digital euro at EUR 1.3 billion to build and EUR 320 million a year to run; the US has banned a federal CBDC.

The European Central Bank (ECB) moved the digital euro to its next phase on 30 October 2025, putting development cost at about EUR 1.3 billion to a possible first issuance in 2029 and running cost at about EUR 320 million a year, its [Governing Council release](https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html) states. The central bank digital currency (CBDC) market covers the ledger platforms, wallets, offline and fraud services, bank integration and advisory work that central banks and their commercial-bank intermediaries buy to research, pilot and run retail and wholesale CBDCs, on blockchain or conventional ledgers. Douglas Insights sizes it at USD 2.18 billion in 2025, about 146 active programmes at an average USD 14.9 million each, and at USD 5.47 billion in 2035, a 9.65% compound annual growth rate (CAGR). The study sits in our [blockchain and digital assets coverage](https://www.douglasinsights.com/industry/blockchain-digital-assets/), beside the [Blockchain Market](https://www.douglasinsights.com/blockchain-market/), [Virtual Cards Market](https://www.douglasinsights.com/virtual-cards-market/) and [Mainframe Modernization Services Market](https://www.douglasinsights.com/mainframe-modernization-services-market/) reports; every figure follows the Douglas Insights [research methodology](https://www.douglasinsights.com/research-methodology/).

## Which CBDC component earns the most: core ledgers, wallets or bank integration?

Core ledger, issuance and settlement platforms earn the most, 30.0% of 2025 CBDC spending or about USD 652.6 million, Douglas Insights estimates. Wallets, software development kits (SDKs) and offline front ends grow fastest, 11.2% a year.

| Component | Share 2025 | Value 2025 | CAGR 2026-2035 | Value 2035 |
| --- | --- | --- | --- | --- |
| Core ledger, issuance and settlement platforms | 30.0% | USD 652.6 million | 8.8% | USD 1.52 billion |
| Wallets, SDKs and offline payment front ends | 24.0% | USD 522.1 million | 11.2% | USD 1.51 billion |
| Intermediary integration and bank systems | 22.0% | USD 478.6 million | 10.2% | USD 1.26 billion |
| Fraud, AML, alias and security services | 12.0% | USD 261.0 million | 10.4% | USD 702.1 million |
| Research, advisory and programme management | 12.0% | USD 261.0 million | 5.0% | USD 425.2 million |

Core platforms lead because every programme needs an issuance and settlement engine before anything else, and most large central banks build or host it themselves: the ECB sources the digital euro settlement system internally, and the People's Bank of China (PBoC) runs e-CNY through its Digital Currency Institute. Core platform spending grows 8.8% a year to USD 1.52 billion by 2035, a Douglas Insights estimate.

Wallets and front ends, USD 522.1 million, grow fastest at 11.2% because a retail CBDC needs a public app, an SDK that banks embed in their own apps, and offline payment on cards or phones. Intermediary integration, USD 478.6 million, grows 10.2%: each commercial bank that distributes a CBDC must connect its core systems, customer onboarding and reporting. Fraud, anti-money-laundering (AML), alias lookup and security services, USD 261.0 million, grow 10.4%, while research and advisory work grows only 5.0% as programmes move from studies to builds. Component values for 2035 sum to USD 5.42 billion, 0.91% below the headline.

## Retail or wholesale: which kind of central bank digital currency attracts more spending?

Retail CBDCs, held by households and businesses, attract 68.0% of 2025 spending, about USD 1.48 billion, Douglas Insights estimates. Wholesale CBDCs for interbank settlement take 32.0% and grow faster, 11.4% a year to USD 2.05 billion.

| Type | Share 2025 | Value 2025 | CAGR 2026-2035 | Value 2035 |
| --- | --- | --- | --- | --- |
| Retail CBDC | 68.0% | USD 1.48 billion | 8.8% | USD 3.44 billion |
| Wholesale CBDC | 32.0% | USD 696.1 million | 11.4% | USD 2.05 billion |

Retail programmes cost more because they reach millions of users: the e-CNY alone had 225 million personal wallets at the end of September 2025, PBoC data [published by the State Council on 29 October 2025](https://english.www.gov.cn/archive/statistics/202510/29/content_WS6901a9c9c6d00ca5f9a0a566.html) show. Retail spending grows 8.8% a year to USD 3.44 billion by 2035.

Wholesale work is smaller but more advanced. Of 93 central banks surveyed by the Bank for International Settlements (BIS), 85, or 91%, were exploring a retail CBDC, a wholesale CBDC or both, and wholesale projects had reached later stages than retail ones, [BIS Paper 159 of 22 August 2025](https://www.bis.org/publ/bppdf/bispap159.htm) reports. Douglas Insights expects wholesale spending to reach USD 2.05 billion in 2035 as tokenised deposits and securities settle against central bank money. Type values for 2035 sum to USD 5.49 billion, 0.36% above the headline.

## What drives CBDC spending: the digital euro build, e-CNY scale-up or tokenised settlement?

CBDC spending rises 9.65% a year in our base case: programmes grow 0.6% a year, from 146 to about 155, and spending per programme 9.0%. Four drivers add 10.60 points; restraints remove 1.60.

Average spending per programme rises from USD 14.9 million in 2025 to USD 35.3 million in 2035, a Douglas Insights estimate, as builds turn into live systems.

### The digital euro build: 4.20 points

The euro area is the largest driver, worth 4.20 points. The ECB expects EU legislation in 2026, a pilot with first transactions from mid-2027 and readiness for issuance in 2029, with about EUR 265 million of the EUR 1.3 billion development cost spent externally, its [30 October 2025 release](https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html) states. The Council of the EU agreed its negotiating position, including holding limits and merchant fee caps for at least five years, on [19 December 2025](https://www.consilium.europa.eu/en/press/press-releases/2025/12/19/single-currency-council-agrees-position-on-the-digital-euro-and-on-strengthening-the-role-of-cash/). Douglas Insights estimates that euro-area banks will spend about 1.6 times the ECB's own external budget connecting to the digital euro by 2029.

### e-CNY scale-up and interest-bearing wallets: 2.90 points

China adds 2.90 points. Cumulative e-CNY transactions reached 3.32 billion worth RMB 14.2 trillion by the end of September 2025, the [State Council release](https://english.www.gov.cn/archive/statistics/202510/29/content_WS6901a9c9c6d00ca5f9a0a566.html) shows, and a PBoC action plan let banks pay interest on real-name e-CNY wallets from 1 January 2026, [Caixin reported on 29 December 2025](https://www.caixinglobal.com/2025-12-29/china-to-allow-interest-on-digital-yuan-in-major-overhaul-102398302.html). About 80,000 cross-boundary e-CNY wallets were registered in Hong Kong by January 2026, and accepting merchants rose from about 300 to 5,200, the [Hong Kong government said on 25 March 2026](https://www.info.gov.hk/gia/general/202603/25/P2026032500231.htm). Douglas Insights estimates that paying interest moves e-CNY into bank core-ledger systems and adds about USD 70 million a year of bank integration work.

### Wholesale tokenised settlement: 2.10 points

Wholesale projects add 2.10 points. Project Agorá found atomic settlement of tokenised reserves and deposits workable and legally final in all seven jurisdictions, and moves to real-value testing, the [BIS said on 27 May 2026](https://www.bis.org/press/p260527.htm). The Hong Kong Monetary Authority (HKMA) said EnsembleTX now settles tokenised deposits around the clock in tokenised central bank money with 12 banks, in a [release of 2 November 2026](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/11/20261102-5/).

### Pilots reaching an advanced stage: 1.40 points

Programmes moving up the ladder add the last 1.40 points. The Atlantic Council counts 146 countries and currency unions exploring a CBDC, 77 at development, pilot or launch stage, 41 pilots and 3 launches, in its [tracker updated in May 2026](https://www.atlanticcouncil.org/cbdctracker/). India's retail e-rupee in circulation rose from INR 234.04 crore to INR 1,016.46 crore in the year to 31 March 2025, the [Reserve Bank of India annual report of 29 May 2025](https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1442) shows. Summed, 4.20 + 2.90 + 2.10 + 1.40 = 10.60 points, a Douglas Insights estimate.

## What holds central bank digital currency programmes back: US prohibition, UK hesitation or Brazil's rethink?

Three restraints remove 1.60 points a year from CBDC spending growth: the United States ban takes 0.60 points, the Bank of England's undecided digital pound 0.50 points and Brazil's technology-agnostic turn 0.50 points.

The US ban is the heaviest drag because it removes the largest economy as a buyer. Executive Order 14178 of [23 January 2025](https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/) bars federal agencies from any action to establish, issue or promote a CBDC and ends existing plans, and the House passed the Anti-CBDC Surveillance State Act 219 to 210 on 17 July 2025, the [House Majority Whip's office](https://emmer.house.gov/media-center/press-releases/whip-emmer-s-cbdc-ban-legislation-sent-to-senate) said. Douglas Insights removes any US retail programme from the forecast, worth about USD 290 million a year by 2030 in a world without the ban.

The United Kingdom is the second drag, worth 0.50 points. The Bank of England said on [4 March 2026](https://www.bankofengland.co.uk/the-digital-pound/progress-update-digital-pound-design-phase) that no decision has been made on a digital pound and that it and HM Treasury will decide later in 2026 whether to proceed or focus on other payment upgrades. Brazil takes the final 0.50 points: Banco Central do Brasil found Drex handled 150 transactions a second against 300 for its real-time gross settlement system, and under 10 with privacy tools, and said it would stay technology-agnostic, in a [presentation of 20 May 2025](https://www.bcb.gov.br/conteudo/home-ptbr/TextosApresentacoes/RG_Digital%20Money%20Summit%202025_20_5_2025.pdf). Douglas Insights estimates that such retreats cut about USD 35 million of yearly platform spending.

## Which region spends the most on CBDC programmes, and where does spending grow fastest?

Asia Pacific spends the most on CBDC programmes, USD 1.00 billion or 46.0% of 2025 spending, led by China and India. Europe grows fastest, 11.3% a year to USD 1.97 billion by 2035, on the digital euro build.

| Region | Value 2025 | Share 2025 | Value 2026 | CAGR 2026-2035 | Value 2035 |
| --- | --- | --- | --- | --- | --- |
| Asia Pacific | USD 1.00 billion | 46.0% | USD 1.09 billion | 9.0% | USD 2.37 billion |
| Europe | USD 674.4 million | 31.0% | USD 750.6 million | 11.3% | USD 1.97 billion |
| Middle East and Africa | USD 239.3 million | 11.0% | USD 265.6 million | 11.0% | USD 679.5 million |
| Latin America and Caribbean | USD 152.3 million | 7.0% | USD 163.0 million | 7.0% | USD 299.6 million |
| North America | USD 108.8 million | 5.0% | USD 113.2 million | 4.0% | USD 161.0 million |

Asia Pacific leads because it holds the two largest live retail programmes, the e-CNY and India's e-rupee, plus wholesale work in Hong Kong, Thailand, Singapore and South Korea. Its spending grows 9.0% a year to USD 2.37 billion. Europe, USD 674.4 million in 2025, grows fastest as the ECB and euro-area banks build the digital euro for a 2029 issuance, while Sweden, Norway and Switzerland run their own research.

The Middle East and Africa, USD 239.3 million, grows 11.0%: the Central Bank of the UAE said its Digital Dirham "will soon be launching" in phases, and could reach about 5% of broad money (M3), in [Policy Paper 1/2025 of July 2025](https://www.centralbank.ae/media/lczb23l4/cbdc-short-report_july.pdf), and Nigeria runs a launched retail CBDC. Latin America and the Caribbean, USD 152.3 million, grow 7.0% on the Bahamas and Jamaica launches and Brazil's slower Drex. North America, USD 108.8 million, grows only 4.0%, mostly Canadian research and New York Federal Reserve wholesale work in Agorá. Regional values sum to USD 2.38 billion in 2026 and USD 5.48 billion in 2035, 0.16% above the headline.

## Which vendors and central bank units lead CBDC delivery?

Central banks' own technology units lead CBDC delivery, building about 38% of 2025 spending in-house, Douglas Insights estimates. Among outside vendors, the ECB's framework winners, led by Giesecke+Devrient, Feedzai and equensWorldline, hold the largest contracted pipeline.

| Digital euro component | First-ranked provider | Second-ranked provider |
| --- | --- | --- |
| Offline solution | Giesecke+Devrient, with Nexi and Capgemini | equensWorldline |
| Risk and fraud management | Feedzai | Capgemini Deutschland |
| App and SDK | Almaviva with Fabrick | Sapient with Tremend |
| Alias lookup | Sapient with Tremend | equensWorldline |
| Secure exchange of payment information | Senacor FCS | equensWorldline |

The ECB named these providers in framework agreements of 2 October 2025, updated on 15 October 2025, and said the agreements involve no payment at this stage, its [market infrastructure news](https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews251002.en.html) states. Giesecke+Devrient will handle development, implementation and partial operation of the offline digital euro with Nexi and Capgemini, its [release of 2 October 2025](https://www.gi-de.com/en/group/press/press-releases/ecb-concludes-a-framework-agreement-with-giesecke-devrient-and-its-partners-nexi-and-capgemini-to-deliver-offline-solution-for-the-digital-euro) says. The offline tender alone carried an estimated value of EUR 220.7 million and a maximum of EUR 662.1 million over up to 15 years, the [ECB contract notice dispatched on 3 January 2024](https://www.ecb.europa.eu/ecb/jobsproc/proc/pdf/pro-009494_digital_euro_-_offline_solution_-_cn_3901-2024.pdf) shows.

Outside Europe, the PBoC Digital Currency Institute builds e-CNY, and the Reserve Bank of India runs the e-rupee with participating banks. Japan's Soramitsu was reported by [Dawn on 13 August 2025](https://www.dawn.com/news/1930568) to have been chosen for a State Bank of Pakistan pilot, which the central bank had not confirmed. Douglas Insights estimates that the five named lead providers in the digital euro table will hold about 9% of world CBDC spending by 2029, and that no outside vendor held more than 4% in 2025.

The market is fragmented because each central bank buys by component and by country. Card and payments firms such as Giesecke+Devrient, Nexi and Worldline's equensWorldline win where a CBDC must work offline or at the point of sale; fraud specialists such as Feedzai win the risk layer; consultancies such as Capgemini and Publicis Sapient win integration and app work. Douglas Insights estimates that consultancies and system integrators took about 27% of outside-vendor spending in 2025, payment technology firms 24%, ledger and platform specialists 21% and security and fraud firms 14%, with the rest spread across local software houses.

## How much does a CBDC programme cost a central bank to build and run?

A CBDC programme costs an average USD 14.9 million a year in 2025, Douglas Insights estimates, from USD 1.25 million for a research study to about USD 230 million for a national build like the digital euro.

The ECB gives the clearest benchmark. Its EUR 1.3 billion development estimate covers the years to 2029, and it expects EUR 320 million a year to run the digital euro once issued, offset by seigniorage income, the [October 2025 release](https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html) shows. Douglas Insights groups the 146 programmes into 3 national builds averaging USD 230 million a year, 42 launched and pilot programmes at USD 14.0 million, 32 development-stage programmes at USD 6.2 million and 69 research programmes at USD 1.25 million, which sum to USD 1.56 billion of central bank spending; bank and intermediary spending adds USD 612.8 million.

Average spending per programme rises 9.0% a year to USD 35.3 million in 2035 because running costs outlast build costs: once a CBDC is live, wallets, fraud monitoring and support continue every year. Douglas Insights estimates that run costs pass build costs in total world spending in 2031, when the digital euro, e-CNY, e-rupee and about 12 smaller launched programmes are in operation.

Spending also depends on how a central bank buys. The ECB splits the digital euro into five components with separate framework agreements, which spreads work across about ten firms and keeps the core settlement engine in-house. China and India keep most design work inside the central bank and lean on participating commercial banks for wallets and distribution, so a larger share of their spending lands in the intermediary integration segment, about 31% against 22% worldwide, a Douglas Insights estimate. Smaller central banks in the Caribbean, Africa and Central Asia more often buy a complete platform from one vendor under a licence, at about USD 3 million to USD 8 million a year including hosting and support. Frameworks of up to 15 years, like the ECB's offline contract, also mean that vendor revenue lags central bank decisions by one to two years, because call-offs follow each development phase rather than the award itself.

## What if the digital euro slips or wholesale settlement scales: how large is the CBDC market in 2035?

The CBDC market ends 2035 between USD 3.90 billion and USD 7.48 billion across our three cases, around a base of USD 5.47 billion. The digital euro's timing and wholesale settlement uptake set most of the spread.

| Case | Programme leg | Spend per programme leg | Revenue rate | 2035 value |
| --- | --- | --- | --- | --- |
| Slower | 0.00% | 6.00% | 6.00% | USD 3.90 billion |
| Base case | 0.60% | 9.00% | 9.65% | USD 5.47 billion |
| Faster | 1.20% | 11.80% | 13.14% | USD 7.48 billion |

In the slower case the European Parliament delays the digital euro law beyond 2027, the UK drops the digital pound and more programmes stall at research, taking 3.0 points off spending per programme. In the faster case Agorá and EnsembleTX move to live wholesale settlement and the UAE and India scale retail use, adding 2.8 points. One extra point of yearly growth adds about USD 500 million to 2035 spending, a Douglas Insights estimate.

Live signals sit near the base case. The Atlantic Council's count of advanced-stage programmes reached a new high of 77, India's e-rupee circulation grew more than fourfold in a year and Hong Kong's e-CNY merchants rose about 17 times, the sources above show, while the US and UK pulled back. Our 9.65% rate reflects slow growth in programme numbers and faster growth in spending per live programme.

## Which laws and mandates govern CBDCs, from the EU digital euro regulation to US prohibition?

Three legal layers govern CBDCs: issuing laws such as the proposed EU digital euro regulation, national prohibitions such as US Executive Order 14178, and central bank mandates set by statute and policy papers in China, India and the UAE.

The EU layer is the most consequential. The European Parliament's rapporteur, Fernando Navarrete Rojas, presented a draft report with an amendment deadline of 12 December, and committee negotiations continue, the [Parliament's legislative train](https://www.europarl.europa.eu/legislative-train/theme-an-economy-that-works-for-people/file-digital-euro) shows; the ECB will decide to issue only after the law is adopted. Holding limits set by the Council, reviewed at least every two years, cap how much a person may keep, which shapes wallet and waterfall design for every bank.

The prohibition layer is narrower but firm: the US order of 23 January 2025 stops federal agency work on a CBDC, and the House bill awaits Senate action. The mandate layer lets central banks act without new laws: the PBoC's 2026 action plan brought e-CNY into reserve requirements, the [Hong Kong government noted](https://www.info.gov.hk/gia/general/202603/25/P2026032500231.htm), and the UAE central bank issued its digital dirham policy paper in July 2025. Douglas Insights assumes no new national prohibitions outside the United States in the base case.

## Douglas Exclusive: the CBDC Build-to-Run Spending Clock

The Build-to-Run Spending Clock is a Douglas Insights model built from 12 inputs: 8 official releases, 2 legislative records, 1 tracker and 1 tender notice, listed below. It times when CBDC spending shifts from building to running.

| Date | Input | What it moves |
| --- | --- | --- |
| 3 January 2024 | ECB offline tender: EUR 220.7 million estimated | Vendor budget |
| 23 January 2025 | US Executive Order 14178 bars CBDC work | US removal |
| 20 May 2025 | Brazil: Drex 150 transactions a second, technology-agnostic | Platform choice |
| 29 May 2025 | RBI: e-rupee INR 1,016.46 crore in circulation | Retail use |
| 17 July 2025 | House passes Anti-CBDC Surveillance State Act, 219 to 210 | US removal |
| July 2025 | UAE Digital Dirham policy paper: about 5% of M3 | Gulf build |
| 22 August 2025 | BIS: 91% of central banks exploring | Programme count |
| 2 October 2025 | ECB framework agreements with five component providers | Vendor pipeline |
| 30 October 2025 | ECB: EUR 1.3 billion build, EUR 320 million a year to run | Build-to-run ratio |
| 19 December 2025 | Council of the EU agrees digital euro position | Legal timing |
| May 2026 | Atlantic Council: 146 exploring, 77 advanced, 3 launched | Programme stage |
| 27 May 2026 | BIS: Project Agorá moves to real-value testing | Wholesale spending |

The finding, a Douglas Insights estimate: build spending peaks at about USD 1.9 billion in 2028, the year before the digital euro's possible first issuance, and run spending passes it in 2031. The ECB's own ratio, EUR 320 million a year to run against about EUR 217 million a year to build over six years, shows that a live CBDC costs more each year than building it did.

The clock changes how to read announcements. A pilot launch adds little spending; a decision to issue adds a permanent running cost. Douglas Insights therefore weights issuance decisions, such as the ECB's after EU law passes, about four times more than new pilots in the forecast.

## How does the methodology turn 146 programmes into USD 2.18 billion?

Our methodology multiplies about 146 active CBDC programmes by an average USD 14.9 million of yearly spending to reach USD 2.18 billion in 2025, then grows programmes 0.6% and spending per programme 9.0% a year.

The model covers 5 components, 2 types and 5 regions, using 54 data points, 18 sourced and 36 modelled. Programme counts come from the Atlantic Council tracker and the BIS survey; spending per programme comes from ECB cost disclosures, tender notices and Douglas Insights estimates for programmes that publish no budget. Arithmetic: 146 x USD 14.9 million = USD 2.175 billion; USD 2.175 billion x (1.006 x 1.090)^10 = USD 5.47 billion. Programmes reach about 155 in 2035.

Two cross-checks agree. First, the ECB's roughly EUR 217 million a year of build spending sits inside our USD 230 million average for the three national builds. Second, our USD 674.4 million for Europe equals about 2.8 times the ECB's yearly build budget, consistent with banks spending more than the ECB on connection. AI tools help draft the text and automated checks test the arithmetic and links; the Douglas Insights research desk chooses the sources, builds the model and approves publication, as our [editorial standards](https://www.douglasinsights.com/research-methodology/) explain.

## What counts in the CBDC study, and what is excluded?

The CBDC study counts technology, integration and advisory spending by central banks and their bank intermediaries on retail and wholesale CBDCs, on blockchain or conventional ledgers. CBDC in circulation, stablecoins and tokenised deposits are excluded.

The study splits spending by 5 components, 2 types and 5 regions: Asia Pacific, Europe, the Middle East and Africa, Latin America and the Caribbean, and North America. Private-sector stablecoin and tokenisation technology appears in our [Blockchain Market](https://www.douglasinsights.com/blockchain-market/) report, and crypto infrastructure in the [Cryptocurrency Mining Market](https://www.douglasinsights.com/cryptocurrency-mining-market/) report.

## Market by segment

| Segment | Share | Value |
| --- | --- | --- |
| Core ledger, issuance and settlement platforms | 30% | $652.6 Mn |
| Wallets, SDKs and offline payment front ends | 24% | $522.1 Mn |
| Intermediary integration and bank systems | 22% | $478.6 Mn |
| Fraud, AML, alias and security services | 12% | $261.0 Mn |
| Research, advisory and programme management | 12% | $261.0 Mn |

## Market by region (USD million)

| Region | 2025 | 2026 | 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| Global | 2,175.4 | 2,385.4 | 5,467.4 | 9.65% |
| Asia Pacific | 1,000.7 | 1,090.8 | 2,369 | 9% |
| Europe | 674.4 | 750.6 | 1,967.2 | 11.3% |
| Middle East and Africa | 239.3 | 265.6 | 679.5 | 11% |
| Latin America and Caribbean | 152.3 | 163 | 299.6 | 7% |
| North America | 108.8 | 113.2 | 161 | 4% |

## Dataset

| Series | Value | Unit |
| --- | --- | --- |
| Market size 2025 | 2,175.4 | USD million |
| Market size 2035 | 5,467.4 | USD million |
| Revenue CAGR 2026-2035 | 9.65 | percent |
| Volume CAGR 2026-2035 | 0.6 | percent |
| Spend per programme CAGR 2026-2035 | 9 | percent |

## Frequently asked questions

### How big is the central bank digital currency (CBDC) market in 2025 and 2035?

USD 2.18 billion in 2025, from about 146 active programmes at USD 14.9 million each, rising to USD 5.47 billion by 2035 at a 9.65% CAGR.

### Which CBDC component earns the most?

30.0% of 2025 spending, about USD 652.6 million, goes to core ledger, issuance and settlement platforms; wallets and front ends grow fastest at 11.2% a year.

### How much will the digital euro cost?

EUR 1.3 billion of development cost to a possible first issuance in 2029 and about EUR 320 million a year to run, the ECB said on 30 October 2025.

### How many countries are working on a CBDC?

146 countries and currency unions are exploring a CBDC, 77 are at an advanced stage, 41 run pilots and 3 have launched (Bahamas, Jamaica, Nigeria), the Atlantic Council tracker shows.

### Is a US CBDC planned?

23 January 2025: Executive Order 14178 bars federal agencies from establishing, issuing or promoting a CBDC; the House passed an anti-CBDC bill 219 to 210 on 17 July 2025.

### Which region spends the most on CBDCs?

46.0% of 2025 spending, USD 1.00 billion, is in Asia Pacific, led by e-CNY and India's e-rupee; Europe grows fastest at 11.3% a year.

### Which companies build the digital euro?

Giesecke+Devrient, Feedzai, Almaviva with Fabrick, Sapient with Tremend and Senacor FCS were first-ranked in ECB framework agreements of 2 October 2025.

### How far apart are the slower and faster 2035 cases?

USD 3.90 billion in the slower case and USD 7.48 billion in the faster case, against a USD 5.47 billion base.

## Sources

- [European Central Bank, Eurosystem moves to next phase of the digital euro project](https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html)
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## How to cite

Douglas Insights, "Central Bank Blockchain Digital Currency (CBDC) Market", DI-IT-10815, updated 2026-11-06, https://www.douglasinsights.com/central-bank-blockchain-digital-currency-cbdc-market/