Bank of China processes $1.7B+ CBDC transfers via mBridge platform

A leading Chinese bank has processed the largest cross-border transactions yet via mBridge, a multilateral central bank digital currency (CBDC) platform. The Bank of China’s Shenzhen and Fujian branches executed two transfers worth more than US$1.7 billion each in June and July 2026, respectively. In June, an outbound transfer of 11.3 billion yuan (US$1.7 billion) delivered same-day, full-value funds to a corporate client. The following month, an inbound transaction in Hong Kong dollars moved from an overseas sender to an onshore corporate account in under 60 minutes, setting a record for the largest transaction on the platform since its inception (the exact amount was not disclosed).

The mBridge project, which comprises central banks from mainland China, Hong Kong, Macau, Saudi Arabia, United Arab Emirates, and Thailand, uses blockchain technology to enable direct, peer-to-peer settlement via CBDCs. Unlike traditional international payment channels that rely on chains of intermediary banks—incurring high fees and settlement delays—mBridge offers faster, cheaper, and more transparent cross-border payments. These landmark transfers signal China’s broader strategic effort to construct alternative cross-border clearing rails, accelerating the internationalization of the yuan while bypassing Western-centric financial networks like SWIFT.