HAMPSHIRE, UK, October 28, 2024 (Globe Newswire) — New research from Juniper Research, a leading expert in the fintech and payments market, shows that by 2031, central bank We predict that the number of global payments will increase by 2031. digital currency) is expected to reach 7.8 billion, up from 307.1 million in 2024.
This impressive 2,430% growth will be driven by central banks seeking to protect monetary sovereignty in the face of the dominance of card networks and the growing popularity of stablecoins. Collaborative projects such as mBridge and Project Icebreak that aim to connect national CBDCs will make countries less dependent on established payment rails.
CBDCs are digital versions of existing fiat currencies issued by central banks.
Excerpts from our new report “Global CBDC and Stablecoins Market 2024-2031” are now available for free download.
Demand for simplified cross-border payments fuels CBDC momentum
The study predicts that the use of CBDCs and stablecoins could save $45 billion in cross-border payments by 2031. Remittance senders and global businesses are currently burdened with high fees and limited visibility. CBDCs and stablecoins streamline money transfers by bypassing costly intermediaries and enable direct transactions on decentralized or central bank-managed networks.
Study author Lorianne Carter commented: “Emerging payment technologies such as CBDCs and stablecoins will streamline international payments. These innovative technologies will support the growth of the digital economy and global finance by reducing dependence on the US dollar for international payments. Contribute to greater inclusion.”
Prioritize interoperability when building a CBDC
The study highlights that interoperability between different CBDCs is essential to fully unleash cross-border growth. CBDC vendors should be able to participate in projects pioneered by global organizations such as BIS to test their infrastructure and contribute to the design of multilateral interoperability standards. Without this collaboration, the CBDC ecosystem risks becoming fragmented, resulting in “digital islands” that cannot achieve cross-border payment efficiencies.
research suite
The new market research suite provides the most comprehensive assessment of the CBDC and stablecoin market to date, providing analysis and forecasting of over 45,600 data points from 60 countries over eight years. This includes researching “competitors leaderboards” and current and future market opportunities.
Juniper Research has been providing market intelligence and advisory services to the global financial sector for 20 years and is used by many of the world’s largest banks, intermediaries and providers.
Press Contact Sam Smith
Phone: +44(0)1256 830002
E: sam.smith@juniperresearch.com
