Sou Hu Cai Jing·2026-02-03 18:12Group 1 - The report analyzes the dynamics of cross-border applications of Central Bank Digital Currencies (CBDCs), the progress of the digital yuan, and future prospects [1][10][30] - CBDC exploration began in the 2010s, accelerating between 2019 and 2020, with only a few countries expected to officially launch retail CBDCs by the end of 2024, while 85 out of 93 surveyed central banks are exploring CBDCs [1][11][30] - The stablecoin market is rapidly growing, projected to exceed $310 billion by the end of 2025, primarily serving digital asset transactions, with significant growth in B2B cross-border payment applications [1][19][22] Group 2 - The digital yuan (e-CNY) is continuously optimizing its technical architecture and management mechanisms, with a mixed architecture of "account system + currency string + smart contracts" and a dual-layer operational framework [2][24][30] - As of November 2025, the e-CNY has processed 3.48 billion transactions amounting to 16.7 trillion yuan, covering multiple sectors and forming replicable models [2][27][30] - The cross-border application of e-CNY is steadily advancing, with significant participation in the mBridge project, where the cumulative transaction amount is approximately 387.2 billion yuan, with e-CNY accounting for about 95.3% [2][28][30] Group 3 - The cross-border application of CBDCs is still in its early stages, with the digital yuan expected to achieve greater breakthroughs through multilateral collaboration, technological interoperability, and ecosystem building [3][10][30] - The report highlights the advantages of CBDCs over stablecoins, including clear legal status and adherence to traditional financial regulatory principles [2][30] - Future trends for the cross-border application of the digital yuan include the implementation of interest mechanisms, deepening participation in the mBridge project, and expanding the application ecosystem [2][30]