China’s mBridge Platform Hits $55 Billion in Cross-Border Digital Currency Transactions

Saturday 17 January 2026 11:03

China’s cross-border payment platform, mBridge, has recorded a historic surge in transaction volume, signaling Beijing’s push to establish a digital settlement infrastructure that reduces reliance on U.S.-dollar-based global payment systems.

Recent data show that total transactions on mBridge have exceeded $55 billion, with over 4,000 international transfers executed using central bank digital currencies (CBDCs). Participating central banks include China, Hong Kong, Thailand, the UAE, and Saudi Arabia, all testing a direct settlement model bypassing traditional payment networks.

The digital yuan dominates the platform, accounting for roughly 95% of total transactions, making it the largest real-world use of a central bank digital currency globally. Domestically, the People’s Bank of China reported over 16 trillion yuan in digital currency transactions, an 800% increase from previous periods, reflecting rapid adoption within China’s financial system.

In a new incentive, Beijing plans to offer yields on digital yuan balances held in official wallets, aiming to transform the currency from a payment tool into a digital store of value. Analysts see mBridge as a strategic vehicle to expand yuan usage internationally, gradually creating a multi-currency settlement network alongside, but not in direct conflict with, the U.S. dollar.