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    CBDCS and Stable Coins Market

    ID: MRFR/BFSI/22390-HCR
    200 Pages
    Garvit Vyas
    September 2025

    CBDCS and Stable Coins Market Research Report By Coin Type (CBDCs, Stablecoins), By Issuance (Central Bank Issued, Private Sector Issued), By Use Case (Payments, Investments, Remittances, Cross-Border Transactions), By Technology (Blockchain-Based, Centralized Ledger-Based), By Regulation (Regulated, Unregulated) and By Regional (North America, Europe, South America, Asia-Pacific, Middle East and Africa) - Forecast to 2034.

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    CBDCS and Stable Coins Market Research Report- Forecast Till 2034 Infographic
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    Summary Table of Contents Segmentation Infographic

    CBDCS and Stable Coins Market Summary

    The Global CBDCs and Stable Coins Market is projected to grow from 60.6 USD Billion in 2024 to 165.8 USD Billion by 2035.

    Key Market Trends & Highlights

    CBDCs and Stable Coins Key Trends and Highlights

    • The market is expected to experience a compound annual growth rate (CAGR) of 9.58 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 165.8 USD Billion, reflecting substantial growth.
    • In 2024, the market is valued at 60.6 USD Billion, indicating a robust starting point for future expansion.
    • Growing adoption of digital currencies due to increased financial inclusion is a major market driver.

    Market Size & Forecast

    2024 Market Size 60.6 (USD Billion)
    2035 Market Size 165.8 (USD Billion)
    CAGR (2025-2035) 9.58%

    Major Players

    Bank of Ghana, Bank of Thailand, USD Coin, Binance USD, Paxos Standard, National Bank of Cambodia, The Digital Currency Initiative, Central Bank of the Bahamas, Bank of Canada, Peoples Bank of China, Eastern Caribbean Central Bank, Diem, Monetary Authority of Singapore, Tether

    CBDCS and Stable Coins Market Trends

    Global adoption of stablecoins and central bank digital currencies (CBDCs) is rapidly increasing. Stablecoins, linked to fiat currencies or other assets, give price stability and ease cross-border transactions; CBDCs, on the other hand, are issued and backed by central banks and have the potential to be safe, effective, and easily accessible digital payments.

    The increasing interest in Central Bank Digital Currencies (CBDCs) and stable coins reflects a broader shift towards digital financial systems that promise enhanced efficiency, security, and accessibility in monetary transactions.

    European Central Bank

    CBDCS and Stable Coins Market Drivers

    Rising Demand for Digital Payments

    The Global CBDCs and Stable Coins Market Industry experiences a notable surge in demand for digital payment solutions. As consumers increasingly prefer cashless transactions, central banks and financial institutions are exploring the implementation of Central Bank Digital Currencies (CBDCs) and stable coins. This shift is driven by the need for faster, more secure payment methods that can enhance financial inclusion. For instance, countries like China and Sweden are actively piloting their digital currencies, aiming to streamline payment processes. The market is projected to reach 60.6 USD Billion in 2024, reflecting the growing acceptance of digital currencies in everyday transactions.

    Market Segment Insights

    CBDCS and Stable Coins Market Coin Type Insights

    The CBDCS and Stable Coins Market is segmented by Coin Type, which includes CBDCs and Stablecoins. CBDCs are digital currencies issued by central banks, while stablecoins are digital currencies pegged to a fiat currency such as the US dollar.

    In 2023, the CBDCs segment accounted for the largest share of the CBDCS and Stable Coins Market revenue and is expected to continue to dominate the market over the forecast period. This growth is attributed to the increasing adoption of CBDCs by central banks around the world.

    For instance, in 2023, the Central Bank of China launched the digital yuan, which is currently being piloted in several cities in China.

    The Stablecoins segment is also expected to witness significant growth over the forecast period. This growth is attributed to the increasing popularity of stablecoins as a means of payment and a store of value.

    This growth is attributed to the increasing adoption of digital currencies by businesses and consumers, as well as the growing regulatory clarity around digital currencies.

    CBDCS and Stable Coins Market Issuance Insights

    The Issuance segment of the CBDCS and Stable Coins Market is segmented into Central Bank Issued and Private Sector Issued. The Central Bank Issued segment is expected to dominate the market in the coming years due to the increasing adoption of CBDCs by central banks around the world.

    The Private Sector Issued segment is also expected to grow significantly, as stablecoins are becoming increasingly popular as a means of payment and investment. The CBDCS and Stable Coins Market is expected to grow from USD 50.47 billion in 2023 to USD 115.0 billion by 2032, at a CAGR of 9.58%.

    The growth of the market is attributed to the increasing adoption of CBDCs and stablecoins, the growing use of cryptocurrencies for payments and investments, and the increasing number of government initiatives to regulate the cryptocurrency market.

    CBDCS and Stable Coins Market Use Case Insights

    The CBDCS and Stable Coins Market segmentation by Use Case comprises sub-segments Payments, Investments, Remittances, and Cross-Border Transactions. Payment’s segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period.

    This dominance can be attributed to the increasing adoption of CBDCs and stablecoins for retail payments due to their low transaction fees and faster processing times.

    The Investments segment is also expected to witness significant growth during the forecast period, owing to the growing demand for stablecoins as an alternative investment asset due to their price stability.

    The Remittances segment is projected to grow at a steady pace, driven by the need for faster and cheaper international money transfer options. The Cross-Border Transactions segment is also expected to grow steadily, fueled by the increasing adoption of CBDCs and stablecoins for cross-border payments due to their ability to reduce transaction costs and settlement times.

    CBDCS and Stable Coins Market Technology Insights

    Blockchain-Based technology is expected to hold a significant share in the CBDCS and Stable Coins Market due to its decentralized and immutable nature. Blockchain technology provides a secure and transparent platform for issuing, tracking, and managing digital currencies.

    It eliminates the need for intermediaries and reduces the risk of fraud and cyberattacks. Centralized Ledger-Based technology, on the other hand, is more centralized and controlled by a single entity or authority.

    It offers faster transaction processing speeds and lower costs compared to Blockchain-Based technology. However, it raises concerns about data privacy, security, and censorship.

    CBDCS and Stable Coins Market Regulation Insights

    Regulation The regulatory landscape for CBDCS and Stable Coins is constantly evolving, with different jurisdictions taking varying approaches. Some countries have implemented comprehensive regulations for CBDCS and Stable Coins, while others are still in the early stages of developing their regulatory frameworks.

    In 2023, the CBDCS and Stable Coins Market was segmented into regulated and unregulated markets. The regulated market is expected to register a CAGR of 10.2% from 2024 to 2032, reaching a market value of USD 63.5 billion by 2032. The unregulated market is expected to register a CAGR of 8.9% from 2024 to 2032, reaching a market value of USD 51.5 billion by 2032.

    The growth of the regulated market is being driven by the increasing adoption of CBDCS and Stable Coins by financial institutions and businesses. The unregulated market is being driven by the growing popularity of decentralized finance (DeFi) applications.

    The regulatory landscape for CBDCS and Stable Coins is expected to continue to evolve in the coming years. As more countries implement comprehensive regulations, the market is expected to become more consolidated. This is likely to lead to increased competition and innovation in the CBDCS and Stable Coins industry.

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    Regional Insights

    The regional segmentation of the CBDCS and Stable Coins Market provides insights into the geographical distribution of the market. North America held the largest market share in 2023, with a significant contribution from the United States.

    Europe is projected to be the second-largest market, driven by the adoption of digital currencies in countries like Germany and the United Kingdom. The Asia-Pacific region is anticipated to witness substantial growth due to the rising adoption of cryptocurrencies in countries like China and India.

    South America and the Middle East and Africa (MEA) regions are expected to contribute to the overall market growth with emerging economies embracing digital currencies.

    This growth is attributed to the increasing adoption of digital currencies, government initiatives, and the rising popularity of stablecoins as a store of value and medium of exchange.

    CBDCS and Stable Coins Market Regional Insights

    Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

    Key Players and Competitive Insights

    Major players in the CBDCS and Stable Coins Market are focusing on developing innovative products and services to cater to the evolving needs of customers. They are also investing in research and development to stay ahead of the competition.

    Leading CBDCS and Stable Coins Market players are adopting various strategies to gain a competitive edge in the market, such as partnerships, acquisitions, and collaborations. The CBDCS and Stable Coins Market is expected to witness significant growth in the coming years, driven by the increasing adoption of digital currencies and the growing popularity of stablecoins.

    A leading player in the CBDCS and Stable Coins Market, Circle is a global financial technology company that provides a range of digital asset products and services. The company's mission is to make digital currencies more accessible and useful for everyone.

    Circle offers a suite of products and services, including a stablecoin called USDC, a digital currency exchange, and a payment platform. The company has a strong track record of innovation and has been recognized as one of the leading companies in the digital currency space.

    A competitor company in the CBDCS and Stable Coins Market, Paxos, is a regulated financial institution that offers a suite of digital asset products and services. The company's mission is to build a more open and accessible financial system.

    Paxos offers a range of products and services, including a stablecoin called Paxos Standard, a digital currency exchange, and a custody solution. The company has a strong focus on regulatory compliance and has been granted several licenses and approvals from financial regulators around the world.

    Key Companies in the CBDCS and Stable Coins Market market include

    Industry Developments

    • Q3 2025: The GENIUS Act of 2025 Stablecoin Legislation Adopted in the US On July 18, 2025, President Trump signed the GENIUS Act into law, creating the first federal regulatory framework for payment stablecoins in the United States. The law establishes oversight by federal and state regulators, sets reserve and disclosure requirements, and mandates transition to federal oversight for issuers exceeding $10 billion in market capitalization.[3]
    • Q3 2025: Stablecoin Regulation Takes Effect Under Newly Enacted GENIUS Act The GENIUS Act, signed into law on July 18, 2025, prohibits non-financial public companies from issuing stablecoins without unanimous approval from the Stablecoin Certification Review Committee and imposes strict reserve, redemption, and compliance requirements on all issuers.[4]
    • Q3 2025: The GENIUS Act: Transforming U.S. Stablecoin Regulation President Trump signed the GENIUS Act into law on July 18, 2025, establishing the first statutory federal regulatory framework for payment stablecoins, with strong bipartisan support in both chambers of Congress.[5]
    • Q2 2025: GENIUS Act Passes Senate: What Stablecoin Regulation Means for Amazon, Walmart, and Banks In June 2025, the U.S. Senate passed the GENIUS Act by a bipartisan vote, marking the first time federal legislation explicitly addresses stablecoins and setting the stage for mainstream adoption and regulatory clarity for payment stablecoins.[1]
    • Q4 2024: The regulation of stablecoins in the United States On October 25, 2024, the Federal Reserve clarified that state member banks must receive written non-objection before engaging in stablecoin-related activities, subjecting them to heightened monitoring and supervisory review under the Novel Activities Supervision Program.[2]

    Future Outlook

    CBDCS and Stable Coins Market Future Outlook

    The Global CBDCs and Stable Coins Market is projected to grow at a 9.58% CAGR from 2024 to 2035, driven by technological advancements, regulatory support, and increasing demand for digital currencies.

    New opportunities lie in:

    • Develop interoperable CBDC platforms to enhance cross-border transactions.
    • Invest in blockchain technology to improve transaction security and efficiency.
    • Create tailored stablecoin solutions for specific industries, such as remittances or e-commerce.

    By 2035, the market is expected to solidify its role as a cornerstone of the global financial ecosystem.

    Market Segmentation

    CBDCS and Stable Coins Market Issuance Outlook

    • Payments
    • Investments
    • Remittances
    • Cross-Border Transactions

    CBDCS and Stable Coins Market Regional Outlook

    • North America
    • Europe
    • South America
    • Asia-Pacific
    • Middle East and Africa

    CBDCS and Stable Coins Market Use Case Outlook

    • Blockchain-Based
    • Centralized Ledger-Based

    CBDCS and Stable Coins Market Coin Type Outlook

    • Central Bank Issued
    • Private Sector Issued

    CBDCS and Stable Coins Market Regulation Outlook

    • North America
    • Europe
    • South America
    • Asia-Pacific
    • Middle East and Africa

    CBDCS and Stable Coins Market Technology Outlook

    • Regulated
    • Unregulated

    Report Scope

    Report Attribute/Metric Details
    Market Size 2024 USD 60.59 Billion
    Market Size 2025 USD 66.40 Billion
    Market Size 2034 USD 151.30 Billion
    Compound Annual Growth Rate (CAGR) 9.58% (2025-2034)
    Base Year 2024
    Market Forecast Period 2025-2034
    Historical Data 2020-2023
    Market Forecast Units USD Billion
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Key Companies Profiled Bank of Ghana, Bank of Thailand, USD Coin, Binance USD, Paxos Standard, National Bank of Cambodia, The Digital Currency Initiative, Central Bank of the Bahamas, Bank of Canada, Peoples Bank of China, Eastern Caribbean Central Bank, Diem, Monetary Authority of Singapore, Tether
    Segments Covered Coin Type, Issuance, Use Case, Technology, Regulation, Regional
    Key Market Opportunities Increased Adoption of Digital Currencies. Rising demand for digital payment methods and the growing acceptance of cryptocurrencies. Expansion of Cross-border Transactions. Seamless cross-border payments with reduced fees and faster settlement times. Enhanced Financial Inclusion. Provision of financial services to unbanked and underbanked populations, increasing access to financial markets. Government Support and Regulations Positive regulatory frameworks and government initiatives support the growth of CBDCs and stablecoins. Integration with Existing Infrastructure. Interoperability between CBDCs stablecoins and traditional financial systems enhances convenience and accessibility.
    Key Market Dynamics Rising demand for secure and transparent financial transactions. Government initiatives and regulations to promote CBDCs. Increasing adoptions of stablecoins as a payment method. Technological advancements are supporting the development of CBDCs and stablecoins. Growing awareness of the benefits of CBDCs and stablecoins.
    Countries Covered North America, Europe, APAC, South America, MEA

    FAQs

    What is the expected market size of the CBDCS and Stable Coins Market in 2025?

    The CBDCS and Stable Coins Market is anticipated to reach a valuation of 66.40 billion USD in 2025.

    What is the projected CAGR of the CBDCS and Stable Coins Market?

    The CBDCS and Stable Coins Market is anticipated to expand at a CAGR of 9.58% from 2025 to 2034.

    What are the key regions contributing to the growth of the CBDCS and Stable Coins Market?

    The major regions driving the growth of the CBDCS and Stable Coins Market include North America, Europe, Asia-Pacific, and the Rest of the World.

    What are the primary applications of CBDCS and Stable Coins?

    CBDCS and Stable Coins find applications in various sectors, including cross-border payments, remittances, retail payments, and decentralized finance (DeFi).

    Who are the leading competitors in the CBDCS and Stable Coins Market?

    Some of the key competitors in the CBDCS and Stable Coins Market include Tether, USD Coin, Binance USD, Dai, and TrueUSD.

    What are the key factors driving the growth of the CBDCS and Stable Coins Market?

    The growth of the CBDCS and Stable Coins Market is primarily driven by factors such as the increasing adoption of digital currencies, the need for faster and cheaper cross-border payments, and the rising popularity of decentralized finance (DeFi).

    What challenges does the CBDCS and Stable Coins Market face?

    The CBDCS and Stable Coins Market faces challenges related to regulatory uncertainty, scalability issues, and the volatility of cryptocurrencies.

    What are the future trends expected to shape the CBDCS and Stable Coins Market?

    Future trends expected to shape the CBDCS and Stable Coins Market include the increasing adoption of central bank digital currencies (CBDCs), the development of new stablecoin use cases, and the integration of CBDCS and Stable Coins with traditional financial systems.

    What is the expected market size of the CBDCS and Stable Coins Market in 2034?

    The CBDCS and Stable Coins Market is projected to reach a valuation of 151.30 billion USD by 2034.

    What are the key opportunities for growth in the CBDCS and Stable Coins Market?

    Key opportunities for growth in the CBDCS and Stable Coins Market lie in areas such as the development of new applications, the expansion into new markets, and the increasing adoption of CBDCS and Stable Coins by businesses and consumers.

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