China-led mBridge CBDC platform handles record US$1.7B+ cross-border transactions

The mBridge platform, a multilateral central bank digital currency (CBDC) initiative primarily involving China, has facilitated its largest transactions to date. The Bank of China processed two cross-border transfers exceeding US$1.7 billion each, utilizing the platform for high-value settlements in both renminbi and Hong Kong dollars. This development signifies progress in China's strategy to establish alternative cross-border payment systems and promote the international use of its currency, bypassing traditional financial networks through blockchain technology. AI

IMPACT Accelerates development of alternative cross-border payment rails and promotes the internationalization of digital currencies.

RANK_REASON The cluster reports on a significant milestone for a major cross-border payment platform involving multiple central banks, indicating progress in digital currency adoption and international finance. [lever_c_demoted from significant: ic=1 ai=0.4]

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• Bank of China
• China
• Fujian
• Hong Kong
• Hong Kong dollar
• Macau
• mBridge
• renminbi
• Saudi Arabia
• Shenzhen
• Thailand
• United Arab Emirates

• product
• policy

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