China-led mBridge CBDC network surpasses $55 billion in volume
The new mBridge crypto platform, launched by the Bank for International Settlements (BIS) together with central banks from several Asian countries—including China, Hong Kong, Thailand, and the United Arab Emirates—has reached $55.5 billion in cross-border transaction volume, as the United States moves toward banning central bank digital currencies (CBDCs), citing risks to user privacy and financial stability.
According to a new report by the Washington-based Atlantic Council, the China-dominated mBridge platform has demonstrated significant growth, with transaction volumes exceeding $55 billion.
The report explains that the mBridge prototype has been developed by the BIS Innovation Hub in collaboration with central banks from Asia, including China, Hong Kong, Thailand, and the UAE, and began pilot transactions in 2021.
Currently, the digital yuan (e-CNY) accounts for 95% of the platform’s transaction volume and represents the world’s largest active central bank digital currency project. The reported $55 billion volume resulted from more than 4,000 transactions involving participating central banks.
A push to reduce dollar dominance
The Atlantic Council report notes that the platform’s activity signals renewed efforts to develop alternatives to global payment systems dependent on the U.S. dollar. The cumulative transaction volume of $55.5 billion represents a 2,500-fold increase compared to 2022 levels.
According to data from the People’s Bank of China, more than $2 trillion in transactions were processed via the digital yuan in 2025, marking the sixth consecutive year of positive volume growth since its launch in 2021. This week, the mBridge coalition announced further extensive testing of the e-CNY in cooperation with 40 additional central and commercial banks.
On December 29, an article by Lu Lei, Deputy Governor of the People’s Bank of China, published in Financial News, stated that commercial banks managing digital yuan wallets will begin paying interest to holders of the currency based on their balances.
Alisha Chhangani, Deputy Director of the Atlantic Council’s GeoEconomics Center, said the goal of developing the e-CNY is not to “fully replace the dollar, but to create parallel settlement channels that reduce reliance on existing dollar-based systems.” She added that while the project is unlikely to displace the U.S. dollar’s dominance, it could gradually weaken it over time.
As we wrote, China moves digital yuan from pilot phase to full-scale supervision
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