The cross-border payment transaction volume of the digital currency project mBridge has exceeded $55 billion.

According to a report by Jinse Finance, data compiled by the Washington-based Atlantic Council shows that the multi-central bank digital currency (CBDC) platform mBridge has now completed over 4,000 cross-border transactions, with a total transaction volume of approximately $55.5 billions. This figure represents an increase of nearly 2,500 times compared to the project's early pilot phase in 2022. Currently, the central banks of Mainland China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia are testing the platform. It is estimated that China's digital yuan (e-CNY) accounts for 95% of the total settlement volume on the mBridge platform. The rapid expansion of mBridge comes as China continues to expand its domestic central bank digital currency (CBDC) infrastructure. According to the latest data from the People's Bank of China, the digital yuan has processed over 3.4 billions transactions, with a transaction volume of approximately 16.7 trillion yuan ($2.4 trillions), representing an increase of more than 800% compared to 2023.