But have you noticed a strange phenomenon? In this list—there is no United States.
Not only has the U.S. not issued a CBDC, but it even pushed a bill in early 2025 to completely ban its issuance and testing.
Why? As the global financial hegemon, why would the U.S. choose to withdraw from this matter?
Let's briefly review the evolution of the U.S. attitude towards CBDC.
I. Attitude Review: From Research to Freeze#
In 2020, the Federal Reserve initiated research on CBDC, stating that advancement must obtain "Congress authorization + social consensus";
In 2022, the Biden administration's executive order mentioned support for researching CBDC but did not promote substantial implementation;
Starting in 2023, opposition voices in Congress and among the public gradually increased;
In January 2025, Trump signed an executive order to suspend all retail CBDC development, citing that it could be used as a government surveillance tool;
At the same time, the House of Representatives is also advancing HR5403, the "CBDC Anti-Surveillance National Act," hoping to permanently ban the issuance and testing of CBDC through legislation, but this bill has not yet passed. However, I estimate it will soon.
II. Three Major Reasons for U.S. Rejection of CBDC#
- Freedom vs. State Control
For many Americans, CBDC is not a "digital wallet," but a tool that the government can:
-
Track transactions and record the flow of funds,
-
Freeze accounts and restrict usage,
-
Intervene in personal financial freedom without judicial procedures.
This directly touches on the most deeply rooted belief in American society—limited government and personal sovereignty.
A poll in February 2025 showed that 74% of Americans oppose CBDC;
On social media, CBDC is widely referred to as "financial tyranny," "digital surveillance," and "anti-American tool."
Trump also directly stated in the executive order: it could be used to surveil Americans and restrict legitimate transactions.
So to some extent, this is not a financial means dispute, but a defense of ideological boundaries.
- Protection of the Financial and Sanction Hegemony System
CBDC also touches on two pillars of the U.S. in the global financial system:
One is the commercial banking system.
Once CBDC is launched, the central bank may directly face users, undermining the intermediary role of banks:
-
Deposits may flow massively to the central bank,
-
Banks' lending capacity may be weakened,
-
The Federal Reserve would need to assume unprecedented account management and credit responsibilities.
This fundamentally rewrites the U.S. "bank-driven economy" structure.
The second is the dollar hegemony and global sanction system.
CBDCs from other countries are widely seen as tools to bypass SWIFT and dollar clearing.
If the U.S. follows suit in issuing CBDC, it would be forced to redesign cross-border settlement paths, affecting:
-
The dominance of dollar clearing,
-
The effectiveness of SWIFT sanction tools,
-
The control over cross-border finance.
So, the U.S. is not afraid of being late to issue CBDC, but fundamentally unwilling to relinquish its long-held control over global finance.
- Finding a Path More Suitable for Itself
The U.S. has not given up on digitization; it has just changed its approach: letting the market complete the globalization of the digital dollar for it.
As of June 2025, the total market value of global stablecoins has reached $255.4 billion, with over 90% pegged to the dollar;
USDT and USDC have become the most mainstream currencies for trading and cross-border payments globally;
Congress is advancing the "Stablecoin Regulatory Act," intending to incorporate it into a legal and compliant system.
The core of this strategy is:
"We do not need to issue a national wallet ourselves. As long as the world uses dollar-pegged stablecoins, operating under rules we recognize, we remain the dominant force on the chain."
This is the American-style digital currency route—controlling the rules but not the accounts; letting the market run, not letting the state intervene.
III. Conclusion#
Why doesn’t the U.S. issue its own digital dollar?
Institutional Level: CBDC is incompatible with its freedom-centric social structure;
Power Structure Level: CBDC could undermine the existing financial architecture and the global dominance of the dollar;
Strategic Alternative Level: Stablecoins have already become the practical carrier of the digital dollar, eliminating the need for the state to intervene directly.
At this moment, the U.S. has embarked on a dual-track parallel path:
On one hand, suspending CBDC; on the other hand, accelerating the institutionalization of stablecoins.
If you were the U.S. government, would you issue CBDC and personally control everything?
Or would you let the market complete digitization for you while preserving the control and freedom of institutional red lines?
Welcome to Join the Community
Welcome to join the community WeChat: BQ221858
Welcome to follow Weibo: @QuarkMing202
Welcome to follow Twitter: @xian202766693