China’s mBridge Tops $55B in Cross-Border CBDC Deals

• mBridge processed about $55.5B in over 4,000 cross-border CBDC settlements among Asian and Middle East central banks.

• China’s digital yuan dominates mBridge usage, accounting for roughly 95% of total transaction volume on the platform.

• The project reflects growing interest in non-dollar settlement systems as global CBDC strategies diverge.

China-led Project mBridge crossed $55 billion in cumulative cross-border transactions, according to Reuters citing Atlantic Council data. The milestone reflects more than 4,000 settlements among central banks in Asia and the Middle East. The activity involves China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia using shared digital currency infrastructure.

mBridge Volume Growth and Participating Central Banks

According to the Atlantic Council, mBridge’s transaction volume reached about $55.5 billion. Notably, this marks a roughly 2,500-fold increase since 2022. The platform supports wholesale cross-border settlements using multiple central bank digital currencies.

The project launched in 2021 through the BIS Innovation Hub with regional central banks. Since then, participating authorities completed thousands of live transactions. The activity shows renewed interest in alternatives to dollar-based settlement systems.

Within this structure, China’s digital yuan dominates platform usage. Data cited by the Atlantic Council shows the e-CNY accounts for about 95% of total volume. This concentration highlights China’s central role in driving settlement flows across the network.

Digital Yuan Expansion and Policy Changes

The People’s Bank of China reported that the e-CNY processed over $2 trillion in transactions during 2025. This marked the sixth consecutive year of volume growth since its 2021 launch. Moreover, the central bank continues testing the currency with dozens of commercial banks.

On December 29, PBOC Deputy Governor Lu Lei outlined a new policy shift. Commercial banks operating e-CNY wallets will begin paying interest, based on balances held. This change moves the digital yuan beyond a cash-like function.

Atlantic Council analyst Alisha Chhangani told Reuters the goal is not dollar displacement. Instead, she said authorities are building parallel settlement rails that reduce reliance on existing systems.

BIS Exit and Global Policy Contrast

In October 2024, the Bank for International Settlements exited mBridge, calling the move a “graduation.” BIS General Manager Agustín Carstens rejected claims that the platform enables sanctions evasion. He stated that BIS systems cannot serve sanctioned entities.

Following the exit, the BIS shifted focus to Project Agorá with Western central banks. Meanwhile, policy paths diverged elsewhere. On January 23, U.S. President Donald Trump signed an order banning federal CBDC issuance. He cited privacy and financial stability concerns.