According to the latest annual payment future survey by the independent think tank Official Monetary and Financial Institutions Forum (OMFIF), despite CBDCs once being considered a promising tool for enhancing cross-border payments, their popularity has sharply declined.
The report shows that in 2024, only 13% of respondents support CBDCs as a solution, down from 31% in 2023, while nearly half (47%) of the surveyed central bank governors chose interconnected instant payment systems (such as the FedNow service in the United States) as their preferred future approach.
In contrast, stablecoins received zero support for the second consecutive year, reflecting central bank governors' lack of confidence in their ability to enhance the global financial infrastructure.
The decline in CBDC interest coincides with the Bank for International Settlements (BIS) exiting the mBridge project. Although the BIS denies any political motivation, this move highlights the tensions arising globally around the adoption of CBDCs.
Additionally, the survey emphasizes the enduring dominance of the US dollar, with only 11% of central banks reporting a reduction in dollar usage, primarily due to geopolitical uncertainty driving demand for the dollar as a safe haven.

The survey also highlights the challenges facing the correspondent banking system, which has long facilitated international settlements but is increasingly seen as outdated and costly due to complex KYC and anti-money laundering (AML) requirements.
The delayed adoption of the ISO 20022 messaging standard may exacerbate this downward trend, forcing central banks to explore alternatives like tokenization. Over 40% of central banks in developed markets view tokenization as a promising innovation and plan to begin research within the next three to five years.

#CBDC