Saudi Arabia Exits China-Led Cross-Border Digital Currency Platform mBridge
nashnova research
Saudi Arabia's central bank confirmed it formally exited mBridge, the China-led cross-border digital currency platform, on May 13 — a departure that, combined with the earlier withdrawal of the BIS, puts the platform's narrative as a dollar-alternative payment system under fresh pressure.
What is mBridge, and what problem does it solve?
mBridge is a cross-border digital currency platform — it lets central banks settle international payments directly in their own digital currencies, bypassing the dollar as a middleman. The goal: cut the cost and time of cross-border transactions.
Participants include the People's Bank of China, the Hong Kong Monetary Authority, the central banks of Thailand and the UAE, and formerly the Bank for International Settlements (BIS — the central bank of central banks).
This means → mBridge is essentially a payment rail that routes around SWIFT and the dollar. Who joins and who leaves signals where each country stands on the dollar system.
Why did Saudi Arabia leave, and what is the official line?
The Saudi central bank (SAMA) told the Financial Times it formally exited on May 13, 2025, after completing a "proof of concept" phase, calling the move consistent with its "original plan."
Saudi Arabia joined as an observer in 2023, upgraded to an active participant in 2024, and took part in developing the minimum viable product (MVP — the platform's earliest working version).
People familiar with the matter say SAMA no longer wants to be publicly associated with the project but is still engaged in a quieter capacity. In plain terms = the official story is "graduated on schedule," but the reality is they don't want the label — without fully cutting ties.
What role does US pressure play?
The BIS exited mBridge in October 2024. The Financial Times previously reported that the US pressured the BIS to withdraw. Then-BIS chief Agustín Carstens later called it a "natural graduation" — "not because of failure, nor for political reasons."
President Trump threatened 100% tariffs on BRICS nations if they pursue dollar alternatives. Under Biden, deputy national security adviser Daleep Singh warned that China could use mBridge to exert "enormous influence" over privacy, security, interoperability, and sanctions-enforcement standards.
This means → whether or not Saudi Arabia faced direct pressure, the US has drawn a clear red line around de-dollarization tools — and the political cost for participants is rising fast.
What is the dilemma for US allies?
Eswar Prasad, a Cornell professor and Brookings senior fellow, notes that many US allies see mBridge-type initiatives as beneficial for their economies and a way to reduce over-reliance on the dollar system.
Yet those same countries are "highly sensitive to US pushback — especially against moves seen as potentially undermining the dollar's standing, or even elevating the renminbi's international role."
Prasad adds: "Pulling back in the face of potential gains is putting caution above courage." This reflects a deeper structural tension — the economic incentive points toward diversification, but the political cost is too high to bear.
What comes next?
The Macao Monetary Authority joined mBridge this year and is set to go live in June, making it the newest participant.
After the successive exits of Saudi Arabia and the BIS, whether mBridge can expand participation among major economies will be the critical test of whether its de-dollarization narrative can move from concept to reality.
In plain terms = the platform works technically; the real threshold is who dares to use it at scale, politically.
市场有风险，内容仅供研究参考，不构成投资建议。