Data compiled by the Atlantic Council shows mBridge has settled over 4,000 cross-border transactions totaling about $55.5 billion as testing expands. Central banks in mainland China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia run trials to build payment rails outside dollar-based systems.
e-CNY accounts for an estimated 95% of settlement volume on mBridge. (Ed. note: this concentration gives China outsized influence over settlement flows.)
The People’s Bank of China said the e-CNY processed more than 3.4 billion transactions worth about $2.4 trillion. That total rose more than 800% compared with 2023.
The central bank will allow commercial banks to pay interest on e-CNY wallet balances to widen its functions. PBOC Deputy Governor Lu Lei said the e-CNY will transition into a “digital deposit currency”.
In 2024, the BIS stepped back from the project, calling its move a “graduation” rather than a withdrawal. BIS General Manager AgustÃn Carstens added “mBridge is not the BRICS bridge.”
Atlantic Council analyst Alisha Chhangani told Reuters these developments point to gradual yuan internationalization through digital infrastructure. She said partners are building parallel settlement rails that reduce dependence on dollar-centric systems.
Since then, the BIS shifted its focus to Project Agorá, a separate effort involving several major Western central banks.
