Saudi Exit Deals Blow to China-Led mBridge’s Challenge to Dollar Dominance
What Happened
Saudi Arabia has exited mBridge, a China-backed cross-border payments platform that uses central bank digital currencies (CBDCs) to enable direct international transactions without relying heavily on the US dollar or the SWIFT network. The Saudi Central Bank (SAMA) said its participation ended after completing a planned proof-of-concept phase in May 2025 and described the withdrawal as part of its original roadmap.
Key Takeaways
Saudi Arabia’s departure removes one of the most influential economies from a project often viewed as a potential challenger to the dollar-dominated global payments system. However, mBridge continues with participation from China, Hong Kong, Thailand and the UAE, and remains aimed at making cross-border payments faster and cheaper. The development also highlights the balancing act many US allies face between exploring alternative payment systems and maintaining close ties with the dollar-based financial order.