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In 2024, the Bank for International Settlements stepped back from mBridge, seeking to distance itself from sanctions-related speculation surrounding the platform.<\/p>\n
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.<\/p>\n
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<\/a> by the Washington-based Atlantic Council. That figure marks a nearly 2,500-fold increase since the project\u2019s early pilot phase in 2022.<\/p>\n The platform is currently being tested by central banks in mainland China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia. China\u2019s digital yuan, or e-CNY, accounts for an estimated 95% of total settlement volume on mBridge.<\/p>\n Read more<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n