Core Focus: The history, architecture, and institutional development of Project mBridge as the most advanced multi-CBDC arrangement, including its governance framework and the path to MVP.

In-Depth Notes:
Project mBridge represents the most advanced multi-CBDC arrangement in the world. It is a pioneering international initiative jointly developed by the Bank for International Settlements (BIS) Innovation Hub, the Hong Kong Monetary Authority, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China, the Bank of Thailand, and the Saudi Central Bank . The project aims to enable real-time cross-border payments using CBDCs through a shared platform based on distributed ledger technology (DLT), with the goal of reducing payment costs, increasing transaction speed, and improving operational efficiency .

The Genesis and Evolution:
Project mBridge began in 2021 as a collaboration between the BIS Innovation Hub and four founding participants: China, Hong Kong SAR, Thailand, and the UAE . The project built a platform on a new blockchain—the mBridge Ledger—to support real-time, peer-to-peer cross-border payments and foreign exchange transactions. In 2022, a pilot with real-value transactions was conducted, validating the technical feasibility of the approach. The Saudi Central Bank joined in 2024 as a full participant .

The MVP Milestone:
In mid-2024, Project mBridge reached the minimum viable product (MVP) stage . To achieve this milestone, the four founding central banks each deployed a validating node, while commercial banks conducted more real-value transactions in preparation for the MVP release. The project steering committee created a bespoke governance and legal framework, including a rulebook tailored to match the platform’s decentralised nature . The MVP platform is enabled to undertake real-value transactions and is compatible with the Ethereum Virtual Machine, allowing it to serve as a testbed for add-on technology solutions, new use cases, and interoperability with other platforms .

Expanding Participation:
The project has attracted significant international interest. As of 2024, there were more than 26 observing members, including central banks and international organizations from Asia, Africa, Europe, and the Americas . In June 2026, the Bank of Mongolia officially joined as a full member and became part of the Steering Committee, granting it the same rights and responsibilities as the founding members . Observing members have included the Bank of France, Bank of Italy, European Central Bank, Federal Reserve Bank of New York, IMF, World Bank, and the Reserve Bank of India, among others .

The Governance Framework:
The mBridge project’s governance framework is a critical element of its success. The steering committee, including founding members and now full members like the Bank of Mongolia, is responsible for the project’s governance, strategic direction, policy development, and key decision-making processes . This governance structure reflects the principle that cross-border CBDC platforms must respect every central bank’s monetary sovereignty .