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Project mBridge
Trends
- 1Saudi Arabia's exit from mBridge central bank digital currency project●Saudi Arabia’s mBridge Exit: Balancing China, Trump, and the Future of Global Finance
Saudi Arabia has withdrawn from mBridge, the cross-border central bank digital currency project that also involves China and other central banks. Analysts link the move to Riyadh's effort to balance ties between Washington and Beijing, as the project was seen as a potential challenge to dollar-based finance and drew attention during the Trump administration's scrutiny of alternatives to the US financial system.
- 2Saudi Arabia Quietly Left Major CBDC Project Over A Year Ago▼Saudi Arabia Left The World's Biggest CBDC Platform Sixteen Months Ago. It Took The FT To Notice.
Saudi Arabia withdrew from Project mBridge, the world's largest central bank digital currency platform, roughly sixteen months before the withdrawal drew public attention. The departure only became widely known after the Financial Times reported it, prompting questions about why the move went unnoticed and what it signals for cross-border CBDC cooperation.
- 3Saudi Arabia's mBridge exit exposes limits of de-dollarisation▼Opinion | Saudi Arabia’s mBridge exit shows the limits of financial de-dollarisation
Saudi Arabia has withdrawn from mBridge, the cross-border digital currency project backed by the Bank for International Settlements that aimed to enable central banks to settle payments without the dollar. Commentators argue the move shows the limits of efforts to build alternatives to dollar-based finance, with Riyadh prioritising its currency peg and close financial ties to the United States over BRICS-style de-dollarisation ambitions.