Saudi Arabia exits China-led mBridge CBDC payment system amid U.S. pressure, weakening Beijing's cross-border digital currency ambitions.
DeFi & Yields ·
Saudi Arabia has withdrawn from mBridge, a China-led cross-border payment system backed by central banks in Hong Kong, Thailand, and the UAE. The platform uses central bank digital currencies to process international transactions and was established after the Bank for International Settlements exited in October 2024. Observers attribute the Saudi withdrawal to potential U.S. pressure, marking a setback for Beijing's effort to build alternatives to dollar-based settlement systems.