What countries have CBDC pilots with Ripple?
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As of February 2026, Ripple has confirmed CBDC partnerships with at least 3-5 countries publicly, with multiple additional engagements under non-disclosure agreements (NDAs).
Confirmed Public CBDC Projects:
1. Republic of Palau - Palau Stablecoin (PSC)
Status: Live on mainnet (Phase 1 operational) Launch: 2023 Type: USD-backed national stablecoin (CBDC-equivalent) Technology: Public XRP Ledger Population: ~18,000 citizens
Project Details: Palau, a Pacific island nation, partnered with Ripple to create a government-backed USD stablecoin: - Purpose: Financial inclusion, reduce reliance on physical cash - Functionality: Digital payments for citizens, businesses, tourists - Distribution: Through licensed payment service providers - Regulatory framework: Palau Stablecoin Act passed by national congress - Cross-border: Enables remittances and international payments
Significance: First live implementation of government-backed currency on XRPL mainnet, proving concept for larger economies.
Current Status (2026): Phase 1 complete, expansion phases ongoing.
2. Kingdom of Bhutan - Digital Ngultrum (eNgultrum)
Status: Active pilot program Announcement: 2021 Launch: Pilot began 2023 Type: Retail and wholesale CBDC Technology: XRPL-based private ledger Population: ~775,000 citizens
Project Details: Bhutan's Royal Monetary Authority (RMA) partnered with Ripple for CBDC pilot: - Scope: Digital version of Bhutanese Ngultrum - Infrastructure: Ripple CBDC Private Ledger - Use cases: Domestic payments, cross-border settlements - Policy goals: Financial inclusion (many remote areas), economic modernization - Timeline: Multi-phase rollout extending through 2026-2027
Strategic Context: Bhutan, measuring prosperity through "Gross National Happiness," sees CBDC as tool for equitable economic development without environmental damage (XRPL's energy efficiency critical).
Current Status (2026): Pilot expanded to additional regions, preparing for national rollout.
3. Montenegro - Digital Euro/Dinar Pilot
Status: Active exploration/pilot Announcement: 2022-2023 Type: Retail CBDC exploration Technology: Ripple CBDC platform Population: ~620,000 citizens
Project Details: Montenegro, a candidate for European Union membership, is exploring CBDC options: - Currency context: Montenegro uses Euro despite not being EU member - CBDC purpose: Prepare for potential Digital Euro integration - Ripple role: Technology provider and advisory - Policy alignment: Demonstrate EU regulatory readiness
Strategic Context: Montenegro's pilot demonstrates compatibility with EU digital currency initiatives while maintaining sovereignty over monetary infrastructure.
Current Status (2026): Ongoing pilot, limited public information due to EU accession negotiations.
4. Georgia - Digital Lari Exploration
Status: Research and evaluation phase Engagement: Reported 2024-2025 timeframe Type: CBDC feasibility study Technology: Evaluating Ripple platform Population: ~3.7 million
Project Details: National Bank of Georgia exploring CBDC options with multiple technology providers including Ripple: - Scope: Wholesale and retail CBDC potential - Focus: Cross-border payments (Georgia major remittance recipient) - Regional context: Caucasus region financial modernization
Current Status (2026): Evaluation phase, no pilot confirmed.
Additional Undisclosed Partnerships:
Ripple has publicly stated it has "over a dozen" CBDC engagements, with most under NDA.
Why NDAs? - Sovereignty concerns: Countries don't want to announce before formal government approval - Competitive sensitivity: Central banks evaluate multiple vendors confidentially - Political optics: Some governments face domestic criticism of "crypto" involvement - Regulatory coordination: Announcements timed with regulatory framework completion
Likely Candidates (Unconfirmed): Based on Ripple executive comments and industry reports:
Pacific Island Nations: - Similar profiles to Palau (small populations, financial inclusion needs) - Potential: Federated States of Micronesia, Marshall Islands
Caribbean Nations: - High remittance dependence, tourism-based economies - Eastern Caribbean already has DCash CBDC (different provider)
Central/South Asia: - Multiple countries exploring CBDCs in region - Ripple has strong Asia-Pacific relationships through SBI Ripple Asia
Middle East: - Several Gulf nations in CBDC development - Ripple has significant Middle East presence
Latin America: - Beyond major economies, smaller nations exploring options - High remittance flows create CBDC demand
Regional Patterns:
Ripple's CBDC wins share characteristics:
Small to Medium Economies: - Population: 18,000 (Palau) to 3-4 million (potential larger pilots) - Why: Smaller nations can move faster, face less bureaucracy - Strategy: Prove technology at small scale, expand to larger economies
Financial Inclusion Focus: - High unbanked populations - Limited traditional banking infrastructure - Remote/rural areas difficult to serve - CBDC solution: Instant digital payments without bank accounts
Cross-Border Payment Needs: - Heavy reliance on remittances - Tourism-dependent economies - International trade challenges - CBDC solution: Faster, cheaper international transfers
Environmental Commitments: - Countries with ESG/carbon neutrality goals - XRPL's energy efficiency (vs. Bitcoin) critical factor
Technology Partnerships: - Open to private sector partnerships - Limited internal blockchain expertise - Prefer turnkey solutions over build-from-scratch
Competitive Landscape:
Ripple vs. Other CBDC Vendors:
Market leaders: 1. Ripple (XRPL): 3-5+ confirmed pilots 2. ConsenSys (Ethereum): Multiple pilots (including Hong Kong) 3. R3 (Corda): Several wholesale CBDC projects 4. IBM/Hyperledger: Some adoption (Nigeria's eNaira) 5. Central bank proprietary: Many countries building custom solutions
Ripple's Competitive Advantages: - Proven payments focus: XRPL designed for value transfer - Live implementations: Palau provides reference customer - Regulatory experience: Post-SEC lawsuit, strong compliance credentials - Enterprise relationships: 300+ RippleNet partners provide credibility - Interoperability: XRPL DEX, ILP enable cross-CBDC integration
Why Countries Choose Ripple:
Technical Merit: - 1,500 TPS sufficient for national payment systems - 3-5 second finality matches traditional payments - $0.0002 per transaction economically viable - 12-year track record proves reliability
Business Model: - Turnkey solution: Full CBDC platform, not just blockchain - Managed service: Ongoing support, not one-time implementation - Regulatory guidance: Compliance expertise included - Rapid deployment: 6-12 months to pilot vs. 2-4 years building custom
Strategic Positioning: - Not Chinese: Western alternative to China's CBDC technology exports - Not decentralized crypto: Government-friendly, controllable infrastructure - Not traditional fintech: Innovative but proven technology
Geopolitical Considerations:
US-China Technology Competition:
China's aggressive e-CNY deployment and Belt & Road digital currency initiatives created urgency for Western alternatives: - Concern: Chinese CBDC infrastructure in developing nations could challenge dollar dominance - Ripple position: US-based company providing Western-aligned CBDC technology - Strategic value: Counter Chinese influence through alternative infrastructure
Digital Dollar Project: Ripple is founding member of Digital Dollar Project, positioning for potential US CBDC role (though US remains uncommitted to CBDC).
2026 Pipeline:
Active Pilots: 3-5 confirmed (Palau live, Bhutan, Montenegro, possibly others) Under Evaluation: 10-15 countries assessing Ripple platform NDA Projects: Unknown number in various stages Expected 2026-2027 Announcements: 3-5 new public partnerships likely
Long-Term Outlook:
Ripple's strategy: 1. Prove concept: Small nation pilots (Palau, Bhutan) 2. Build credibility: Multiple successful deployments 3. Scale up: Win mid-size economies (1-50 million population) 4. Major wins: Potential large economy adoption (50+ million)
Most Likely Timeframe: - 2026-2027: 5-10 small/mid-size nation CBDCs - 2028-2030: Potential major economy adoption - 2030+: XRPL as standard CBDC infrastructure for dozens of countries
Skeptical Perspective:
Critical analysts note: - Small scale: Current wins are tiny populations (Palau has 18,000 people) - Slow rollout: Announcements 2021-2023, limited deployment by 2026 - Competitive: Dozens of vendors, no clear winner yet - US uncertainty: If US doesn't adopt CBDC, dampens global momentum
However, Ripple's strategy of starting small and scaling is consistent with technology adoption patterns (nobody starts nationwide without pilots).
*Last updated: February 2026*