China-dominated central bank digital currency platform touts largest transactions to date

A leading Chinese bank has processed the largest cross-border transactions yet via mBridge, a multilateral Central Bank Digital Currency (CBDC) platform, marking a major milestone for the emerging payment network as well as Beijing’s global Yuan ambitions.Two transactions, worth more than US$1.7 billion each, were carried out by the China" class="entity-link entity-organization" data-entity-id="26029" data-entity-type="organization">Bank of China’s Shenzhen and Fujian branches in June and July, respectively. They showed mBridge’s ability to support high-value cross-border settlements across different currencies and business scenarios, according to the lender.In June, an outbound transfer of 11.3 billion Yuan (US$1.7 billion) delivered same-day, full-value funds to a corporate client via the network – which comprises central banks from mainland China, Hong Kong, Macau, Saudi Arabia, United Arab Emirates and Thailand.