US quietly advances CBDC research amid opposition

Despite public opposition, US officials are quietly advancing CBDC research and participating in global projects, making a digital dollar increasingly likely.

Despite strong public opposition and executive orders against a central bank digital currency (CBDC) in the US, former CFTC chair Timothy Massad revealed that officials are quietly exploring CBDC infrastructure behind the scenes. Speaking at the Digital Money Summit 2026 in London, Massad emphasized that global trends and international competition, particularly from Europe and China, make a US CBDC or government-backed stablecoin increasingly likely. He highlighted ongoing US participation in the Bank for International Settlements’ Project Agora, which focuses on tokenized settlement infrastructure, as clear evidence of continued research and development. While public statements and legislative actions, including a Senate-approved bill and executive orders, oppose a digital dollar, technical work on wholesale settlement and tokenized deposits continues. Federal Reserve officials have not publicly endorsed a CBDC, but acknowledge that any government-backed digital dollar would fall under their oversight. The contrast between public resistance and private institutional efforts underscores the growing momentum for a digital dollar in response to global market dynamics.