24th July 2026
By Shubhii Verma
Record-Breaking Cross-Border Transactions on mBridge
China’s Bank of China has processed its largest-ever cross-border transactions through the mBridge central bank digital currency (CBDC) platform, highlighting the growing role of blockchain-based payment infrastructure in international settlements and Beijing’s efforts to expand the global use of the yuan.
Two transactions worth more than US$1.7 billion each were processed by the bank’s Shenzhen and Fujian branches in June and July. The transactions demonstrated mBridge’s ability to support high-value settlements across borders and different currencies, according to the lender.
In June, an outbound transfer of approximately 11.3 billion yuan delivered same-day, full-value funds to a corporate customer through the mBridge network. The platform connects central banks and financial institutions from mainland China, Hong Kong, Macau, Saudi Arabia, the United Arab Emirates and Thailand.
A second transaction, conducted in Hong Kong dollars, involved an inbound transfer from an overseas sender to an onshore corporate account. The funds were received in less than an hour. Bank of China described the transaction as the largest ever processed on the platform, although it did not disclose the exact amount.
Transforming International Payments with CBDCs
The record transactions underscore mBridge’s potential to transform international payments by using blockchain technology and CBDCs to facilitate direct settlement. Traditional cross-border payment systems often rely on multiple intermediary banks, which can increase costs and lead to delays. mBridge aims to reduce these inefficiencies by enabling more direct transactions between participating financial institutions.
Bank of China, an early participant in mBridge’s pilot programmes, has significantly increased its activity on the platform since commercial services began in April 2024. In June, the bank processed Macau’s first mBridge transaction since the city joined the network, involving an e-CNY transfer to Hong Kong worth more than 20 million yuan.
Bank of China’s Macau branch also completed the city’s first mBridge payment to the UAE, expanding potential digital currency payment links between China and the Middle East.
Cumulative Transactions and Market Impact
By late June, cumulative transactions on the mBridge platform had exceeded 600 billion yuan (US$88.6 billion), according to data from the lender.
The platform is gaining momentum as China seeks to build alternative cross-border payment infrastructure and reduce dependence on traditional, Western-dominated financial networks. Analysts say mBridge could help mitigate geopolitical risks while creating new channels for yuan-denominated settlements.
However, international yuan adoption remains relatively limited. The currency accounted for less than 2% of global foreign exchange reserves in the first quarter of 2026, while its share of payments processed through Swift stood at 2.75% in May.
Bank of China plans to expand mBridge services by supporting additional currencies, upgrading infrastructure and widening the platform’s geographic reach.
