China signs 26 banks to digital yuan cross-border platform

mBridge Cross-Border CBDC Platform Moves Toward Commercial Launch

China is preparing to commercialize mBridge, the multi-central bank digital currency platform that has processed over $55 billion in cross-border transactions, as the country simultaneously expands its digital yuan’s international reach through a separate settlement system.

Hong Kong Entity to Oversee Operations

A new entity based in Hong Kong will manage the commercial operations of mBridge, the Financial Times reported, citing people familiar with the preparations. The platform, backed by the central banks of mainland China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia, is expected to charge fees roughly half those of conventional systems such as SWIFT.newsmax

The Bank for International Settlements handed the project to its central bank partners in late 2024, a move the Financial Times previously reported was driven by pressure from Washington. Since then, transaction volumes have continued to grow. Atlantic Council data published in January showed the platform had processed more than 4,000 transactions worth approximately $55.5 billion — a 2,500-fold increase from early 2022 pilots — with China’s digital yuan accounting for over 95 percent of settlement volume.ft

No firm launch date has been disclosed, but sources told the Financial Times that preparations are at an advanced stage. Small businesses, which often find international payment systems expensive and complex, are expected to be early adopters of the platform once commercial operations begin.paymentsjournal

Digital Yuan Expands Cross-Border Infrastructure

In a parallel development on Monday, the People’s Bank of China’s e-CNY International Operation Center signed service agreements with 26 financial institutions in Shanghai, formally launching the Cross-border e-CNY Transfer Services platform, known as CBETS. Standard Chartered Bank (China) was among the first foreign banks to join as a direct participant.reuters

The CBETS platform, which upgrades earlier e-CNY cross-border infrastructure launched in September 2025, will cover Hong Kong, Macau, Singapore, Laos, Thailand, the UAE, Qatar, and Brazil. Overseas participants can connect through a Hong Kong access point and access services including QR-code payments, remittances, trade settlement, and investment financing on a 24/7 basis.sina

Competing Visions for Global Payments

The two developments underscore China’s multi-track strategy to internationalize the digital yuan and reduce dependence on dollar-denominated settlement systems. While mBridge operates as a wholesale platform enabling direct central bank-to-central bank transactions, CBETS offers a complementary channel for commercial banks to access cross-border digital yuan services directly.paymentsjournal

The Irish Times noted that proponents of the European Central Bank’s digital euro project are watching China’s progress with concern, as the digital euro is not expected until around 2030.irishtimes