- mBridge has settled more than 4,000 cross-border transactions totaling about $55.5 billion.
- China’s digital yuan, e-CNY, makes up an estimated 95% of settlement volume on the platform.
- The platform is being tested by central banks in mainland China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia.
- The People’s Bank of China reports e-CNY has processed 3.4 billion transactions worth roughly 16.7 trillion yuan ($2.4 trillion), and a new framework will let banks pay interest on e-CNY balances to create a “digital deposit currency.”
- The Bank for International Settlements (BIS) stepped back from mBridge in 2024, while analysts say the effort helps build parallel settlement rails that reduce reliance on dollar-based systems.
mBridge, a multi-central bank digital currency platform led by China, has now settled over 4,000 cross-border transactions with a cumulative value of roughly $55.5 billion, according to data compiled by the Atlantic Council. The figure marks a large rise since the project’s initial pilot in 2022.
The platform is currently being tested by central banks in mainland China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia. An estimated 95% of mBridge’s settlement volume comes from the e-CNY.
Domestically, the People’s Bank of China says the e-CNY has processed more than 3.4 billion transactions worth around 16.7 trillion yuan ($2.4 trillion), an increase of over 800% compared with 2023. The central bank is also rolling out a framework that will allow commercial banks to pay interest on e-CNY wallet balances to support its use as a store of value.
PBOC Deputy Governor Lu Lei said the e-CNY will transition into a “digital deposit currency,” expanding beyond cash-like payments into value storage and cross-border settlement. Analysts note the moves support gradual internationalization of the yuan through digital infrastructure; as Alisha Chhangani told Reuters, “Taken together, these developments point to a gradual expansion of the yuan’s internationalization through digital infrastructure.”
In 2024 the Bank for International Settlements (BIS) described its exit from mBridge as a “graduation” after helping develop the project. The BIS has since shifted attention to Project Agorá, a separate CBDC testing effort among other central banks.
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