Para desafiar a posição internacional do SWIFT, a taxa de transação do mBridge na China foi reduzida pela metade, atacando fortemente os pagamentos internacionais

China joins forces with four countries to prepare for the launch of the cross-border blockchain payment platform mBridge, focusing on low fees and high efficiency, challenging the SWIFT system and the dominance of the US dollar.

China is preparing to launch a blockchain-based cross-border payment network called "mBridge" (Multilateral Central Bank Digital Currency Bridge), supported by five major central banks. To date, it has processed transactions totaling up to 69 billion USD (about 470 billion RMB). As the system prepares to enter the commercial operation stage, this is seen not only as a significant step for China to challenge the US dollar's global trade dominance but also as a potential reshaping of the current international payment landscape.

China joins four countries to promote mBridge, pushing for a new de-dollarized cross-border payment platform

The mBridge platform is led by the People's Bank of China, with key participants including Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia. According to sources, a dedicated agency will be established in Hong Kong to oversee its operations. The commercialization of this digital currency project is expected to significantly reduce reliance on the US dollar among participating countries and further strengthen economic ties between Beijing and "Belt and Road" trade partners.

Fees cut in half! mBridge targets small and medium-sized enterprises, challenging SWIFT's dominance

According to the Financial Times, although the specific launch date has not been publicly announced, internal preparations are in the final stages. Compared to the traditional international payment system SWIFT, mBridge's main advantage lies in its use of blockchain technology, reducing foreign exchange transaction times to just a few seconds, with fees lowered by 50%. For many small and medium-sized enterprises that find current cross-border payment costs too high and procedures cumbersome, mBridge offers a more attractive and practical alternative.

Expanding digital yuan applications, geopolitical tensions boost yuan settlement volume

Recent international geopolitical conflicts have led to a surge in the use of China's traditional cross-border payment system (CIPS, China's version of SWIFT). As a supplementary system, mBridge is expanding the market share of the "digital yuan" (e-CNY). Tom Keatinge, director of the Royal United Services Institute (RUSI) Financial and Security Center in the UK, pointed out that a "military competition for alternative financial systems" is quietly unfolding, prompting the US, under President Trump, to begin embracing stablecoins pegged to the dollar.

Transaction volume reaches 69 billion USD, blockchain technology disrupts traditional foreign exchange settlement

mBridge not only adopts blockchain technology but also allows central banks to conduct direct transactions using their own digital currencies. This weakens the role of the US dollar as an intermediary currency and reduces foreign exchange transaction times to just a few seconds.

According to insiders, under the supervision of central banks, commercial banks can also participate. Currently, the platform has processed approximately 470 billion RMB (about 69 billion USD). Gene Ma, head of China research at the Institute of International Finance (IIF), stated that the global payment landscape, once dominated by SWIFT, is fragmenting into multiple competing networks, and mBridge is poised to become a key player in this new environment.

Unfazed by international political pressure, the new system complies with global anti-money laundering standards

Looking back at its development, mBridge originated from the Inthanon-LionRock project, a collaboration between the Hong Kong Monetary Authority and the Bank of Thailand. It expanded in 2021 with the inclusion of the Bank for International Settlements (BIS), China, and the United Arab Emirates.

Although BIS plans to transfer the project to partners in 2024 (with rumors that this was due to political pressure from Washington, which BIS denies), officials from BIS and the People's Bank of China emphasize that the platform fully complies with the Financial Action Task Force (FATF) international standards for anti-money laundering, strictly preventing illegal fund flows. In the long run, this will enhance China's influence in the global monetary order.

• This article is reprinted with permission from: 《Chain News》
• Original title: 《Fees cut directly in half! China launches mBridge blockchain international payment, challenging SWIFT's dominance》
• Original author: Co2