Project mBridge Cross-Border Payment Platform Surpasses $55 Billion in Transaction Volume

Source: Coinspaidmedia Original Title: Transaction Volume Under Project mBridge Exceeds $55 Billion Original Link: The cumulative transaction volume of the cross-border payments platform under the Project mBridge initiative exceeded $55 billion, with the number of transactions growing by more than 2,300% since the completion of the pilot phase.

According to a report by the Atlantic Council, there was a sharp increase in activity on the platform launched as part of Project mBridge, which brings together the central banks of China, Hong Kong, Thailand, the UAE, and Saudi Arabia. The total settlement volume surpassed $55.49 billion, around 2,500 times higher than during the pilot tests.

At an early testing stage in 2022, Project mBridge processed 164 transactions totaling approximately $22 million. After the project transitioned to central bank management in 2024, activity on the platform surged, with more than 4,000 cross-border transactions processed.

Atlantic Council analysts also noted that the key settlement instrument within Project mBridge is the digital yuan (e-CNY). China’s CBDC accounts for about 95.3% of all settlements under the initiative, underscoring China’s dominant role in the project’s current configuration.

The platform was initially developed within the BIS Innovation Hub. However, in 2023, Project mBridge reached the minimum viable product (MVP) stage, and in October 2024, the BIS exited operational management, transferring full control to the participating regulators.

In 2024-2025, the platform moved into practical operations, including the first government payments without intermediaries, and began increasingly focusing on trade settlements, including in the commodities and energy sectors. In addition, the project engaged private sector participants for testing in 2024.