In 2024, the Bank for International Settlements stepped back from mBridge, seeking to distance itself from sanctions-related speculation surrounding the platform.
China-led cross-border digital currency platform mBridge has processed more than $55 billion in transactions as efforts to build payment rails that operate outside traditional dollar-based systems find momentum.
Project mBridge, a multi-central bank digital currency (CBDC) platform, has now settled over 4,000 cross-border transactions with a cumulative value of roughly $55.5 billion, according to data compiled by the Washington-based Atlantic Council. That figure marks a nearly 2,500-fold increase since the project’s early pilot phase in 2022.
The platform is currently being tested by central banks in mainland China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia. China’s digital yuan, or e-CNY, accounts for an estimated 95% of total settlement volume on mBridge.
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