3 Major Active CBDC Paradigms

Wiki route

This entry sits under fintech index. Read it with Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments for adjacent context and Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax) for the broader system boundary.

[!info] TL;DR 3 CBDC projects each represent 3 distinct architectural paradigms: China’s e-CNY = the canonical two-tier architecture (central bank → 6 commercial banks → users); Brazil’s DREX = token-based multi-tier (BCB → commercial-bank tokenised deposits → users · Hyperledger Besu); digital euro = hybrid architecture (ECB → PSP → users · €3000-4000 holding cap). The 3 illustrate how central banks trade off between protecting financial intermediation and introducing programmability.

Key facts

• e-CNY research began 2014 , pilot operations 2020.04 ; cumulative transaction volume as of 2025 exceeds ¥7 兆 ^•
• e-CNY operating institutions: ICBC / ABC / BOC / CCB / BoCom + 6 commercial banks ^•
• e-CNY cross-border interconnects with Hong Kong / Thailand / UAE via mBridge ^•
• DREX technology stack: Hyperledger Besu (EVM-compatible) + smart contract programmability ^•
• DREX pilot operations 2024-2025 ; 14 institutional consortium participants ^•
• Digital euro: legislation began 2025 年; holding cap €3000-4000 ^•
• Digital euro offline transactions have cash-type privacy; online is account-based ^•

Mechanism / How it works

China e-CNY · Canonical two-tier architecture:

• Central bank (PBoC) → operating institutions (6 commercial banks) → user wallets
• Mixed account-based and value-token model; controllable anonymity (small amounts anonymous, large amounts traceable)
• Fully preserves commercial bank intermediation; does not destabilise the 4 major-bank system
• Cross-border interconnection with HKD / THB / AED via mBridge

Brazil DREX · Token-based multi-tier:

• BCB (Banco Central do Brasil) → commercial banks (issuing tokenised deposits) → users
• Hyperledger Besu (EVM-compatible) + smart contracts
• DREX is not a direct retail CBDC but a two-tier structure of wholesale CBDC + tokenised deposits
• Core design choice: make commercial banks the drivers of innovation through tokenised deposits

Digital euro · Hybrid architecture:

• ECB → regulated payment service providers (PSPs) → users
• Technology not yet finalised; legislation began 2025 年
• Offline transactions have cash-type privacy; online is account-based
• Holding cap €3000-4000 → explicitly protects commercial bank deposit base; avoids disintermediation

Origin & evolution

2014 China’s PBoC initiated e-CNY → the world’s longest-running CBDC research project. 2020.04 First 4 -city e-CNY pilot; expanded to 23 cities by 2022.04 . 2023 Brazil’s DREX (formerly Real Digital) launched → choosing Hyperledger Besu was a significant decision from the perspective of “chain-native + EVM ecosystem.” 2023 ECB completed the digital euro Investigation Phase; 2024 Preparation Phase; 2025.06 legislation began → the holding cap became the political focal point in design discussions. The 3 projects respectively embody 3 political paths: China (state-led), emerging market (bank empowerment), and the euro area (cautious intermediary protection). For Japan’s DC-JPY, see DCJPY / DCP Co., Ltd. · a deposit-token platform established by public materials.

Related

• Wiki Index
• CBDC Multi-Tier Architecture Overview
• CBDC Architecture Choice: the 4 Major Tradeoffs
• Agorá vs mBridge · Strategic Comparison of the Dual-Track Cross-Border Payment System

Sources