China-led cross-border digital currency platform sees surge

Transactions on a new China-led digital currency platform have surged to over $55 billion, a new report shows, the latest sign that efforts to build alternatives to ​dollar-dependent global payment systems are gaining traction. Data crunched by the Washington-based Atlantic Council showed the prototype 'mBridge' ‌platform, which is being tested by central banks in China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia, had now processed more ‌than 4,000 cross-border transactions. The cumulative $55.5 billion value of those payments represents a roughly 2,500-fold increase since the project's early days of 2022, with the digital yuan estimated to now account for approximately 95% of the volume.