China-led cross-border CBDC platform mBridge surges past $55 billion in transaction volume: Reuters
The China-led mBridge platform has processed over $55.5 billion in cross-border transactions, with the digital yuan dominating settlements.Summary
Project mBridge, a multi-central bank digital currency platform spearheaded by China, has achieved significant growth, processing approximately $55.5 billion across more than 4,000 cross-border transactions, according to a Reuters report citing the Atlantic Council. The digital yuan (e-CNY) accounts for about 95% of this total settlement volume. This surge coincides with broader expansion of China's domestic CBDC, which recently processed $2.4 trillion in transactions. Furthermore, China has started allowing commercial banks to pay interest on e-CNY holdings, shifting its function toward a "digital deposit currency." Despite the Bank for International Settlements (BIS) exiting mBridge in October 2024, framing it as a "graduation," the platform is seen as potentially eroding, but not directly challenging, the dominance of the US dollar, according to analysis from the Atlantic Council.
(Source：The Block)