The People's Bank of China has authorized eight additional regional banks to join its digital yuan network, aiming to improve access for small businesses and cross-border trade clients as operator participation rises to 30 institutions
The People's Bank of China (PBOC) has approved eight more regional banks to join its digital yuan (e-CNY) network, bringing the total number of authorized operators to 30. The newly cleared banks-Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank-must still complete technical and operational preparations before offering e-CNY services to customers. The PBOC announced the expansion on August 17, signaling a continued push to broaden the reach of its central bank digital currency.
Accelerating Expansion
China's digital yuan operator network has grown rapidly in 2026. At the start of the year, only 10 banks were authorized, with Industrial Bank the most recent addition in 2022. In April, the PBOC added 12 city commercial banks in a single round. With the latest group, 20 new operators have joined the network this year alone. The central bank has stated that it intends to keep expanding the operator base to foster competition and improve public access to the e-CNY, but has not set a public deadline for when the new banks must complete their onboarding.
Focus on SMEs and Trade
According to the PBOC, the inclusion of more regional banks is intended to address service gaps for small and medium-sized enterprises (SMEs) and businesses engaged in cross-border trade. Larger national banks have not fully met the needs of these segments through the digital yuan system, according to Dong Ximiao, chief researcher at Merchants Union Consumer Finance. The e-CNY initiative, which began with research in 2014 and pilot programs in 2019, has since expanded to cover merchant payments, public utilities, and government services. China has not announced a timeline for a full national rollout.
Global Context and Market Data
The expansion of China's digital yuan network comes as global payment giants are also moving to integrate digital assets into their services. For example, Visa recently announced the integration of stablecoin payouts into its Visa Direct platform, enabling businesses to move funds onchain to endpoints in 195 countries. This development, covered in EgonCoin's report on Visa's stablecoin expansion, highlights the growing competition among payment networks and central banks to shape the future of digital currency infrastructure. As of June 2026, the e-CNY pilot has reached millions of users and thousands of merchants, but the PBOC has not published detailed figures on total transaction volume or active wallet counts.
China's digital yuan project remains one of the world's largest central bank digital currency pilots. The PBOC's approach contrasts with stablecoin initiatives led by private companies, as the e-CNY is issued and managed directly by the central bank. The network's expansion to 30 authorized operators in 2026 marks a significant increase in institutional participation compared to previous years, but the pace and scale of user adoption remain closely watched by international observers and market participants.
Central bank digital currencies (CBDCs) like the e-CNY are designed to provide a state-backed alternative to private payment systems and stablecoins. Unlike decentralized cryptocurrencies, CBDCs are issued and controlled by central banks, which can set rules for access, privacy, and transaction monitoring. The expansion of operator networks is intended to improve distribution and usability, but also raises questions about interoperability, privacy, and the role of commercial banks in a digital currency ecosystem. As more countries explore CBDCs, the balance between innovation, competition, and regulatory oversight will remain a central challenge for policymakers and market participants.
