Saudi Arabia's central bank, SAMA, has withdrawn from mBridge, a cross-border digital currency project established to enable direct transactions between central banks. The central bank ended its participation after completing a proof of concept on May 13, 2025, having joined as a full participant in June 2024.
mBridge was created in 2021 through collaboration between the Bank for International Settlements Innovation Hub and the central banks of China, Hong Kong, Thailand, and the United Arab Emirates. The platform allows participating central banks to issue and transact in their own digital currencies on a shared ledger for cross-border payments and foreign exchange transactions, rather than relying on a single stablecoin.
The BIS managed the project's development until October 2024, when it transferred oversight to the participating central banks after mBridge reached its minimum viable product stage. BIS General Manager AgustÃn Carstens stated the transfer was not politically motivated.
The project has attracted attention from US policymakers. A 2024 report from the US-China Economic and Security Review Commission noted that mBridge could potentially provide an alternative cross-border settlement system for countries seeking to avoid US sanctions.
China's central bank has meanwhile prioritized the role of stablecoins in cross-border payments. In June, People's Bank of China Research Bureau director Wang Xin called for enhanced monitoring of stablecoins and central bank digital currencies in cross-border transactions, alongside increased international coordination. Chinese authorities have restricted the unauthorized issuance of renminbi-pegged stablecoins and tokenized real-world assets by foreign entities.
