Saudi Arabia exits China's CBDC-based mBridge payment system
- —SAMA completed the proof-of-concept on May 13, 2025 and did not continue its participation
- —The central banks of China, Hong Kong, Thailand and the UAE remain in mBridge
- —By the end of 2025, about $55.5 billion in transactions had passed through the platform
- —The BIS exited the project in October 2024
Why it matters: The departure of the largest oil exporter weakens a project for settlements bypassing SWIFT and dollar clearing, reducing risks to the dollar system.
Source: Crypto Briefing