mBridge Faces Uncertain Future Amid Saudi Arabia's Exit

Saudi Arabia's withdrawal from mBridge has left some wondering whether the China-led digital currency platform can still challenge the US dollar as a global cross-border payment system.

mBridge, which aims to reduce dependency on US dollars for international trade and lower transaction costs, was introduced in 2024 with participation from countries including China, Hong Kong, Thailand, and the UAE. However, it appears that Saudi Arabia left the project as part of its original plan, although this decision was not made public until now.

The platform has faced opposition from the US, which has threatened BRICS countries with tariffs if they try to create a currency replacing the US dollar in international transactions. Despite this, mBridge continues to expand, with new institutions joining and completing cross-border transactions using the system.