Macro· ★★★★· neutral·

China launches DCEPS payment system and smart contract framework for digital yuan

  • —DCEPS combines issuance, payments, blockchain and smart contracts in one system
  • —e-CNY processed 4.3 billion transactions worth ~$4.6 trillion by end-September 2026
  • —The e-CNY SMART Contract framework sets common standards for programmable services
  • —PBOC expects lower access and liquidity management costs for institutions
Why it matters: The world's largest CBDC is moving into programmable payments, intensifying competition with private stablecoins and setting standards for banks.
Source: CoinTrust
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