The multi-central bank digital currency (CBDC) platform, mBridge, spearheaded by the People’s Bank of China (PBoC) and the Bank for International Settlements (BIS) Innovation Hub, has achieved a critical milestone, exceeding $55 billion in cross-border transaction volume, according to a report by Reuters. This figure highlights the platform’s rapid expansion and demonstrated operational success since its initial pilot phase. mBridge is a collaborative effort involving four primary central banking authorities: the PBoC, the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), and the Central Bank of the UAE (CBUAE).
Designed to radically improve the efficiency of international payments, the platform utilizes Distributed Ledger Technology (DLT) to facilitate instant, low-cost settlement between participating central banks’ digital currencies. This structure directly challenges the complex and often slow traditional correspondent banking network based on fiat currencies, positioning mBridge as a significant contender in reforming global trade finance. The substantial transaction volume validates the platform’s scalability and its real-world applicability in commercial international trade.
Analysts suggest that the mBridge initiative, which recently moved into its Minimum Viable Product (MVP) stage, represents a major strategic step towards developing a new global financial infrastructure. The platform’s success is viewed as a strategic win for China and its partner nations, demonstrating practical, efficient, and secure alternatives for rapid cross-border settlements outside of existing Western-led financial systems like SWIFT.
Source: China-led cross-border CBDC platform mBridge surges past $55 billion in transaction volume: Reuters
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