China’s Digital Yuan Reaches $1 Trillion in Transactions

The digital yuan (e-CNY), China’s state-backed digital currency, has reached a major milestone, surpassing $1 trillion in transaction volume in 2024. This marks a significant achievement for China’s central bank digital currency (CBDC), which continues to expand its role in both domestic and international commerce.

The People’s Bank of China reported that e-CNY has been increasingly adopted across the country, and its success demonstrates China’s leading position in the global race to develop and implement a functional CBDC. The growth of the digital yuan also highlights its potential for wider adoption in international trade, which could challenge the dominance of the U.S. dollar in some markets.