Saudi Arabia has withdrawn from mBridge, China’s blockchain-based cross-border CBDC payment platform designed to enable faster, cheaper settlements and bypass the US dollar and SWIFT. Saudi Central Bank (SAMA) joined as a full participant in 2024, completed its proof of concept by May 2025, and then exited, while China, Hong Kong, the UAE, and Thailand continue advancing the project. The withdrawal reflects Saudi Arabia’s cautious approach to balancing US alliances with de-dollarization experiments, as mBridge processed billions in transactions mostly in digital yuan despite BIS earlier stepping back.
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