Saudi Arabia has ended its formal participation in mBridge, a cross-border central bank digital currency (CBDC) initiative designed to enable multi-currency settlement directly between central banks.
The Saudi Central Bank (SAMA) confirmed that its involvement concluded following the completion of a scheduled proof of concept (PoC) on May 13, 2025. SAMA originally joined the project as an observer in 2023 before becoming a full participant in June 2024 alongside the central banks of China, Hong Kong, Thailand, and the United Arab Emirates.
SAMA noted that the exit aligned with its original testing schedule. “As planned, SAMA successfully completed its mBridge [proof of concept] on 13 May 2025. Following the completion of the PoC, SAMA is no longer a participating member of mBridge,” the central bank stated. Despite the formal withdrawal, sources familiar with the matter noted that the central bank may continue engaging with the initiative on an informal basis.
Architecture and Western Scrutiny Over Settlement Rails
Established in 2021 as a collaborative effort between participating central banks and the Bank for International Settlements (BIS) Innovation Hub, mBridge operates on a shared distributed ledger. Rather than relying on a single stablecoin or routing transactions through traditional correspondent banking networks like SWIFT, the architecture enables participating central banks to issue, trade, and settle transactions in their respective sovereign digital currencies.
The platform reached its minimum viable product (MVP) phase in 2024, prompting the BIS to transition operational governance entirely to the participating central banks in October 2024. Former BIS General Manager Agustín Carstens clarified at the time that the departure was a planned handover rather than a politically motivated exit.
Nonetheless, mBridge has drawn heightened attention from Western policymakers and intelligence bodies. A report by the US-China Economic and Security Review Commission highlighted concerns that multi-CBDC rails could offer nations a framework to bypass conventional dollar-denominated payment networks and mitigate the impact of international sanctions.
China Focuses on Cross-Border Rules as Digital Asset Oversight Expands
While mBridge moves toward broader commercial execution with remaining participants, Chinese authorities continue to evaluate regulatory frameworks for international digital asset flows.
At an industry forum, People’s Bank of China (PBoC) Research Bureau Director General Wang Xin called for heightened international coordination and monitoring of stablecoins and CBDCs in cross-border settlements. His comments follow stricter regulatory measures enacted by Chinese authorities to curb unauthorized issuance of renminbi-pegged stablecoins and off-shore real-world asset (RWA) tokenization products.
With Saudi Arabia stepping back from public participation, remaining participants, including the recent addition of the Monetary Authority of Macau, continue to refine governance structures for multi-currency digital settlement.
Disclaimer: CoinScreamer is an independent media brand owned and operated by NuvexMedia LLC, publishing news, research, and market insights on digital assets and related technologies. NuvexMedia LLC invests in and collaborates with companies across the digital asset, blockchain, and technology sectors. These relationships do not influence CoinScreamer’s editorial coverage, and the publication maintains full editorial independence to provide accurate, timely, and objective information. © 2025 NuvexMedia LLC. All rights reserved. This content is for informational purposes only and should not be considered legal, tax, investment, financial, or other professional advice.
