Seeds of Wisdom RV and Economics Updates Friday Afternoon 9-26-25
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BRICS mBridge Project: What It Is & How It Could Shift Dollar Dominance
Project mBridge signals a quietly growing infrastructure that may undercut the dollar’s power in cross-border finance, shaping the financial realignment now underway.
What Is Project mBridge and Its Progre
Launched in 2021, Project mBridge is a multi-central bank digital currency (CBDC) platform led by the BIS Innovation Hub, China’s Digital Currency Institute, the Central Bank of UAE, Bank of Thailand, and Hong Kong Monetary Authority; Saudi Arabia joined as full participant in June 2024. BIS, CoinDesk
As of mid-2024, the project reached its Minimum Viable Product (MVP) stage. Founding central banks have each deployed validating nodes; commercial banks are processing real-value cross-border transactions. Finance Middle East, BIS, BIS
The system uses its own blockchain (mBridge Ledger), supports wholesale CBDCs for cross-border payments, foreign exchange, and settlement with reduced reliance on intermediaries. BIS, Forbes
Key Technical & Functional Features
Real-value transactions in pilot: In 2022, commercial banks across four jurisdictions (China, Hong Kong, Thailand, UAE) conducted transactions totalling over $22 million in value, over various foreign exchange and payment operations. BIS,BIS
Governance & Legal Framework: A bespoke rulebook and legal structure has been developed to accommodate decentralized node operations, cross-jurisdiction regulation, and compliance norms. BIS
Observation & expansion: Over 30 institutions (central banks, commercial banks) are observers to mBridge. Several have expressed interest in joining or developing use cases. OMFIF, BIS, Central Banking
Risks, Uncertainties & Political Overtone
BIS’s Departure: The BIS announced in late 2024 that it would remove itself from “active participation,” not due to failure, but because it believes partner central banks are ready to carry on independently and the project has matured to that point. Reuters
Geopolitical sensitivity: Observers warn that even though BIS claims project is not designed to sidestep sanctions, its capabilities (bypassing SWIFT, enabling non-dollar settlement) make it of interest to countries seeking alternatives to Western financial hegemony. Finance Magnates, Financial Times, OMFIF
How mBridge Fits into Global Finance Restructuring
Dollar alternatives and de-dollarization: By enabling payments and settlements directly via wholesale CBDCs, mBridge helps reduce dependence on the U.S. dollar and the SWIFT network. This aligns with BRICS and other emerging economies trying to build parallel systems. Financial Times, BIS
Efficiency, cost, inclusion: Existing cross-border systems are slow, expensive, fragmented. mBridge aims to cut costs, speed up settlement, and make payments more accessible especially for countries underserved by correspondent banking. Finance Middle East, PYMNTS.com
Structural leverage: The legal, governance, and infrastructural backbone being built could become standards: which currencies, which nodes, who validates, which rules. Whoever shapes those standards gains leverage in global finance.
Why This Matters
mBridge isn’t just another fintech pilot—it represents a real shift in how cross-border value might move in the coming decade. If fully operational:
Participating countries could settle trade and finance outside of dollar dominance.
Institutions (central and commercial) would gain new infrastructure that bypasses traditional western messaging and clearing networks.
The narrative of alternatives to U.S. monetary leverage becomes more concrete, not theoretical.
This is not just politics — it’s global finance restructuring before our eyes.
@ Newshounds News™ Exclusive
Sources:
BIS: Project mBridge: connecting economies through CBDC (joint report) Bank for International Settlements
Reuters: Saudi Arabia joins BIS‐ and China-led central bank digital currency project Reuters
UAE media: CBUAE launches mBridge MVP platform for early adopters Finance Middle East
OMFIF: Central banks’ role in ring-fencing mBridge OMFIF
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