China’s mBridge CBDC Platform Surpasses $55 Billion in Transactions
- mBridge has settled over 4,000 cross-border transactions valued at approximately $55.5 billion.
- The platform experienced a nearly 2,500-fold increase in transaction volume since its pilot phase in 2022.
- China’s digital yuan (e-CNY) accounts for an estimated 95% of the total settlement volume on mBridge.
- The People’s Bank of China reported that e-CNY has processed over 3.4 billion transactions, totaling around $2.4 trillion.
- In 2024, the Bank for International Settlements distanced itself from mBridge amid concerns about sanctions evasion.
mBridge is currently being tested by central banks across several regions, including mainland China and the UAE, as part of a broader initiative to enhance cross-border payment systems using central bank digital currencies (CBDC). This shift aims to reduce reliance on traditional dollar-based systems.
The rapid growth of mBridge highlights the increasing adoption of digital currencies, with its transaction volume soaring to over $55 billion since inception.(Source)
