Saudi Arabia Exits China-Backed mBridge CBDC Project
Saudi Arabia has ended its participation in mBridge, a China-backed cross-border CBDC platform, after completing a proof of concept in May 2025. The exit signals friction within the de-dollarization coalition and reshapes the geopolitical alignment of CBDC initiatives amid US scrutiny.
Saudi Arabia has ended its participation in mBridge, a China-backed cross-border CBDC platform, after completing a proof of concept in May 2025, according to Cointelegraph's reporting citing the Financial Times.
The exit marks a significant shift in the coalition backing alternative multilateral payment infrastructure. mBridge, which has drawn scrutiny from US policymakers, was positioned as a de-dollarization initiative enabling participating nations to settle transactions in their own currencies without reliance on US dollar settlement rails.
Saudi Arabia's decision to leave the project after its May 2025 proof of concept stage suggests the kingdom determined the initiative did not meet its strategic needs or operational requirements. No statement from Saudi Arabia regarding the rationale for the exit is available in the reporting.
Saudi Arabia's departure from mBridge, a cross-border CBDC platform backed by China and drawing US policymaker scrutiny, reflects a shift in how major regional powers are aligning on alternative payment infrastructure.
Whether other mBridge participants remain committed to the platform or announce exits in coming weeks will indicate whether Saudi Arabia's departure signals broader coalition weakness or reflects kingdom-specific calculations about payment infrastructure alignment.
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