A new crypto platform headed by China has emerged in the spotlight after hitting $55 billion in cross-border transactions. The value was reportedly attained from over 4,000 transactions from central banks in Asian countries such as China, Saudi Arabia, and Thailand.
A new Chinese-led crypto platform has seen a significant surge in transaction volume to over $55 billion, according to a new report by the Washington-based Atlantic Council. The report explained that the prototype ‘mBridge’ platform is being spearheaded by central banks in Asian countries such as Saudi Arabia, China, the United Arab Emirates, and Thailand.
mBridge transaction volume has seen a 2,500-fold increase since 2022
The report showed that the central banks have completed over 4,000 transactions through the platform, signaling renewed efforts by the countries involved to develop alternatives to dollar-dependent global payment systems. The report emphasized that the cumulative transaction volume of $55.5 billion represents a 2,500-fold increase since 2022.
The mBridge project was launched in 2021 as a collaboration between the Bank for International Settlements (BIS) Innovation Hub and the central banks of Asian countries, including China, Hong Kong, Thailand, and the United Arab Emirates. The digital yuan (e-CNY) accounts for 95% of the platform’s transaction volume and is the world’s largest live central bank digital currency project.
Source: People’s Bank of China. Cumulative transaction volumes (2021-2025)
According to data from the People’s Bank of China published by the Atlantic Council, the e-CNY processed transactions worth more than $2 trillion in 2025, marking the 6th year of positive volume growth since its inception in 2021. This week, the coalition announced further rigorous testing of the e-CNY alongside 40 other central commercial banks.
On December 29, an article by Lu Lei, the Deputy Governor of the People’s Bank of China, published by Financial News, indicated that commercial banks that operate e-CNY wallets will begin paying interest to holders of the digital currency, depending on the amount they hold.
Alisha Chhangani, associate director at the Atlantic Council’s GeoEconomics Center, said that the role of e-CNY’s development is not to “displace the dollar outright but to build parallel settlement rails that limit reliance on existing dollar-based systems.” She also added that the project is unlikely to replace the U.S. dollar’s dominance, but it could erode it over time.
Donald Trump bans CBDCs, endorses privately issued stablecoins
On the other side of the world, U.S. President Donald Trump signed an executive order on January 23 that prevents federal agencies from issuing or endorsing central bank digital currencies (CBDCs), citing associated risks to user privacy and financial stability.
Trump said his administration would take measures to protect U.S. citizens from the risks of CBDCs. He also added that the central bank’s issuance of digital currencies threatens the United States’ sovereignty. Before Trump took office for his second term in January 2025, CBDC development in the U.S. was still in its early theoretical stages, with progress primarily based on research.
In contrast, Trump has publicly endorsed privately issued stablecoins and provided clarity for institutions to join the stablecoin bandwagon. His administration passed the GENIUS Act back in July last year, a legislation that became the first national law regulating stablecoin issuers through the Treasury and law enforcement rules. The law requires stablecoin issuers to register as financial institutions under the Bank Secrecy Act.
Following regulatory developments, Stablecoins have attracted growing interest from larger players, including institutions and banks. A previous report by Cryptopolitan highlighted that the Stablecoin market hit a new peak at $310.117 billion. Tether’s USDT currently dominates the stablecoin sector, with a market cap of $186 billion, while Circle’s USDC follows with a market cap of $75 billion, according to CoinGecko.
