China Expands Digital Yuan Network Amidst Regional CBDC Challenges

China has expanded its digital yuan operator network by adding 12 banks in early April, as momentum for central bank digital currencies (CBDCs) wanes in other parts of Asia. According to NS3.AI, by the end of November 2025, China had achieved 3.48 billion cumulative e-CNY transactions, amounting to 16.7 trillion yuan, or approximately $2.37 trillion. In contrast, South Korea halted its digital won project in mid-2025, Japan maintained an unclear stance on its digital yen, and India continued to struggle with low adoption of its digital rupee.