Overview
- The multi‑CBDC system has logged more than 4,000 cross‑border payments totaling about $55.5 billion, according to Atlantic Council data.
- Roughly 95% of settlement volume on mBridge uses China’s e‑CNY.
- The platform links the central banks of China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia and remains in pilot testing.
- The BIS exited the project in 2024, calling it a graduation and refocusing on Project Agorá as it reiterated it would not support platforms used by sanctioned countries.
- Analysts describe mBridge as an alternative settlement channel that could take on targeted trade and commodity flows, with a reported UAE wholesale‑dirham transaction indicating early real‑world use.