China’s central bank digital currency, the e-CNY, has moved $55 billion across the international mBridge platform, according to data reported by Reuters and compiled by the Atlantic Council. Of that total, 95% was settled directly in e-CNY, and the mBridge protocol has processed more than 4,000 transfers. The platform connects multiple central banks and a network of commercial banks to enable cross-border settlements using participating digital currencies.
China’s Digital Yuan Hits $55 Billion in Cross-Border Transactions
The $55 billion figure reflects transfers routed through mBridge, a multi-CBDC bridge built for real-time cross-border payments and foreign-exchange operations using digital currencies of participating jurisdictions. Reported data also show that the People’s Bank of China’s e-CNY has reached large-scale retail and institutional usage domestically, with roughly 3.4 billion settled transactions valued at about 16.7 trillion yuan.
- Participating central banks: People’s Bank of China; Hong Kong Monetary Authority; Bank of Thailand; Central Bank of the UAE; Bank of Saudi Arabia.
- Additional participation: around 20 commercial banks use the mBridge technology for cross-border rails.
How mBridge Works: Speed, Cost, and Technology
mBridge is designed to execute cross-border transfers in near real time and at very low cost by using direct CBDC settlement between participants. The platform uses smart-contract mechanisms and cryptographic security for compliance checks and fixed-rate exchange operations, and it operates as an alternative rail to traditional messaging systems like SWIFT.
By settling in native CBDCs and automating compliance via protocol rules, mBridge reduces the number of intermediaries involved in a transfer and shortens settlement windows. Those features are central to the platform’s design and help explain why most of the recorded volume was settled in e-CNY.
Global CBDC Landscape: China Leads, Others Follow
China’s e-CNY stands out by transaction volume and by the scale of its pilot and institutional use, while other countries continue development, pilot and launch work on CBDCs. The Atlantic Council’s data cited by Reuters note that many jurisdictions are experimenting with digital currencies and cross-border testing.
- Fully rolled-out retail CBDCs: Bahamas (Sand Dollar); Jamaica (JAM-DEX); Nigeria (eNaira).
- Not classified as a full CBDC: Venezuela’s PETRO, which operated more like a state-backed token rather than a sovereign central-bank issuance.
Impact on the US Dollar and Global Payments
Observers quoted in the reporting say mBridge and rising e-CNY transaction volumes are unlikely to displace the dollar directly, but could gradually change cross-border settlement dynamics. The Atlantic Council suggested that incremental shifts in infrastructure and usage may slowly affect how some transactions are routed internationally.
Why this matters
If you run mining hardware, this development does not change your day-to-day mining operations, electricity usage or device management. However, stronger international rails for e-CNY can affect how counterparties, exchanges and payment providers move funds across borders, which may influence settlement options available to you when converting or transferring proceeds.
Follow policy changes and provider announcements because they determine whether new rails become practical for retail participants. For background on complementary policy moves — for example, discussions about interest on digital yuan — check official releases and explainers from central banks and trusted reporting.
What to do?
Practical steps are simple and focus on preparedness and information. First, keep custody and transfers secure: use reputable wallets and exchanges, enable two-factor authentication, and back up access keys. Second, monitor which payment rails and partners your chosen exchanges or service providers support for withdrawals and cross-border transfers.
- Stay informed about central-bank announcements and service updates related to CBDC rails and settlement options.
- Confirm with your exchange or payment provider which currencies and rails they support before moving funds internationally.
- Review local legal and tax rules on crypto proceeds and cross-border transfers; consult official guidance where available.
Further reading
For context on related domestic developments, see reporting on digital ruble plans and on measures affecting e-CNY adoption such as deposit interest coverage in other pieces of coverage. These help trace how central-bank policies interact with technical rails like mBridge.
FAQ
What is the mBridge platform? mBridge is a multi-CBDC network that enables near-real-time cross-border payments and foreign-exchange operations using participating central bank digital currencies.
How much value has e-CNY processed via mBridge? Reported data show mBridge processed $55 billion in transfers, with 95% of the total settled in e-CNY.
Have any countries fully launched retail CBDCs? Yes. The Bahamas (Sand Dollar), Jamaica (JAM-DEX) and Nigeria (eNaira) have fully rolled out retail CBDCs; Venezuela’s PETRO is not classified as a full CBDC.
