🌍 Digital Yuan Leads Global Race to Replace the U.S. Dollar
China’s digital yuan (e-CNY) has hit a major milestone, processing over $986 billion in transactions as of June 2024. This makes it the most advanced central bank digital currency (CBDC) in the world. As 134 countries representing 98% of global GDP race to develop their own CBDCs, the digital yuan is already being used across 17 provinces in China and in key sectors like healthcare and education.
What’s more, China is pushing for global adoption. Its cross-border payment system now connects with 10 ASEAN countries and 6 nations in the Middle East, supporting 38% of global trade outside the U.S. - led SWIFT system.
The rise of CBDCs signals a growing shift away from U.S. dollar dominance, as countries look for faster, more independent ways to trade and manage money in the digital age. China’s lead could reshape the future of global finance.