The Financial Times reported on June 14 that Beijing is preparing to launch mBridge, a cross-border payments platform. mBridge is a blockchain-based multinational payments platform supported by the central banks of five locations: mainland China, Hong Kong, Thailand, the UAE, and Saudi Arabia. To date, it has processed nearly 4,700 billion yuan in transactions, and is expected to be operated by an organization headquartered in Hong Kong; fees are expected to be about half those of traditional international payment systems.
mBridge Confirms Data and Technical Architecture
According to the Financial Times and related reports, mBridge’s confirmed data are as follows:
Processed transaction volume: nearly 4,700 billion yuan (about $69 billion)
Fees: expected to be about half that of traditional international payment systems
Settlement time: can be reduced to a few seconds (traditional correspondent banking systems take days)
Operating entity: expected to be operated by a Hong Kong-based organization
Technical mechanism: allows participating central banks and commercial banks to directly settle via CBDC on a shared ledger, bypassing the traditional correspondent banking system (international payments may need to go through multiple banks before settlement)
The BIS (Bank for International Settlements) confirmed in 2024 that mBridge has reached the minimum viable product (MVP) stage, and the BIS subsequently announced that it had completed its work.
Participants’ Confirmations: Saudi Arabia Joins in 2024, BIS Confirms Compliant Design
Reuters reported in June 2024 that Saudi Arabia has joined the mBridge project, becoming an important participant for Gulf countries. The existing five participating jurisdictions are: mainland China, Hong Kong, Thailand, the UAE, and Saudi Arabia. The BIS said mBridge’s design is built around compliance controls at the level of jurisdictions.
A Contrast Route in the US: The GENIUS Bill and Stablecoin Framework
According to reports, the US has chosen a different digital payments route. On July 18, 2025, President Trump signed the GENIUS Act, establishing a federal framework for payment stablecoins backed by US dollars, short-term Treasury bills, and other liquid assets. US Treasury Secretary Scott Bessent said that stablecoins help maintain the US dollar’s dominance.
Confirmed comparison of the two China-US routes:
China’s mBridge route: a state-supported CBDC shared ledger, with settlement handled directly through central banks
US stablecoin route: stablecoins issued by regulated private issuers (such as Circle) and backed by the US dollar, with collateral held within the US financial system
FAQ
What is the relationship between mBridge and SWIFT—does it try to replace SWIFT?
According to reports, mBridge is not aimed at SWIFT (SWIFT is a messaging network, not the funds themselves). mBridge’s deeper goal is to challenge the correspondent banking system—the architecture in which international payments may need to pass through multiple banks before settlement. mBridge enables participants to settle directly through the CBDC shared ledger, bypassing multiple layers of correspondent banks.
What is the significance of Saudi Arabia joining mBridge?
According to reports, Saudi Arabia joined mBridge in 2024. Because Saudi Arabia is positioned at the core of energy trade, US dollar liquidity, and China’s demand, its participation gives mBridge an important Gulf-country participant on issues including oil, trade finance, and non-USD settlement.
What confirmed limitations does mBridge face?
According to reports, the confirmed limitations mBridge faces include: reliance on cooperation from participating jurisdictions, integration of commercial banks, trust in China’s financial infrastructure, and close attention from the US (because faster non-USD settlement could weaken the effectiveness of sanctions).
