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mBridge · BIS Multi-CBDC Cross-Border Payment Bridge (Overview)

Confidence: Likely Updated 2026-05-26 Review by 2026-09-21 Sources 5 Machine-translated Original (JA)
#fintech#cbdc#bridge#mbridge#bis#china
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[!info] TL;DR mBridge is a wholesale CBDC network that directly settles between central banks. It is based on HotStuff BFT + DLT permissioned ledger, bypasses SWIFT + Fedwire, and performs point-to-point PvP atomic settlements in each country’s local currency CBDC. The withdrawal of BIS from 2025-10 freed China-led freedom, forming a bipolar structure with the 3-yen MRA-US dollar system.

Key facts

  • Incubated in 2021 by BIS Innovation Hub, PBoC, HKMA, BoT, and CBUAE.
  • 2024-06 Expanded to 5 central bank by joining Saudi SAMA · 2024 MVP stage
  • 2025-10 BIS withdraws from operations due to “geopolitical risks”
  • Consensus is HotStuff BFT · Central banks 100% Validators · Commercial banks are sub-participants
  • Payment model is PvP (Payment-versus-Payment) atomic · Testnet < 10 seconds
  • Total GDP of covered countries approx. 35%
  • 2030 Estimated processing volume $35-75B/year · Equivalent to SWIFT cross-border 0.5-1%

mBridge ledger, PvP settlement, and validator model

Each central bank operates an mBridge validator node 1 + its own CBDC ledger, and shares the mBridge ledger to perform cross-currency payments. The PvP model ensures that 2 items’s CBDC transfers are simultaneous successes or simultaneous rollbacks, eliminating Herstatt risk. Commercial banks are connected via each country’s central bank as sub-participants — there are no private nodes. HotStuff BFT provides < 10 seconds finality, contrasted with SWIFT MT cross-border 1-3 days. The withdrawal of BIS (2025-10) has rather freed China’s PBoC to lead the protocol — with the BIS neutrality constraint removed, mBridge can more aggressively expand into the BRICS+ currency and commodity trade scenario. See Cross-border smart contracts via SWIFT API for comparison with SWIFT API channel.

Origin & evolution

The BIS Innovation Hub Hong Kong Centre launched the project in 2021 with PBoC, HKMA, BoT, and CBUAE. The 2022-2023 PoC completed cross-currency tests; Saudi SAMA joined in 2024-06, expanding the group to five central banks. In 2024 the MVP reached commercial-ready status and was tested against Aramco oil settlement, China-Brazil soybean trade, and China-Arab gold-delivery scenarios. BIS withdrew from operation in 2025-10, publicly citing geopolitical risk. In 2026-Q2, interoperability testing with Brazil BCB DREX pointed toward a cross-continental non-USD settlement loop; see mBridge non-USD settlement-ring scale.

Sources