China’s central bank digital currency push is gaining international traction, with the mBridge cross-border payment network surpassing $55 billion in transactions, according to new data from the Atlantic Council. The platform, jointly developed by China, Hong Kong, Thailand, the UAE, and Saudi Arabia, has recorded over 4,000 cross-border deals marking a surge of more than 2,500 times since its pilot phase in 2022.
The rapid expansion follows the Bank for International Settlements’ (BIS) withdrawal from the project in late 2024. BIS chief Agustín Carstens described the move as a sign of maturity rather than retreat, saying the pilot had “graduated.” Since then, partner central banks have taken full control, with the UAE executing its first government transaction using the wholesale digital dirham on mBridge in November 2024.
The People’s Bank of China (PBOC) has also advanced domestically, reporting 3.4 billion e‑CNY transactions valued at 16.7 trillion yuan ($2.3 trillion) by the end of 2025 an 800% jump from 2023. On January 1, 2026, Beijing introduced a new framework allowing interest-bearing e‑CNY wallets, shifting the digital yuan from a cash substitute to a deposit‑like instrument.
Analysts say the platform’s focus on trade and energy settlements could gradually reduce global reliance on the U.S. dollar, though not upend it entirely. The U.S., in contrast, has halted CBDC development following President Donald Trump’s 2025 executive order banning federal involvement in such projects while the BIS now channels global collaboration through its new initiative, Project Agorá, backed by central banks in Europe, Japan, South Korea, and the U.S.
