Core Focus: The operational expansion of mBridge through the CBETS platform, the internationalisation of China’s digital yuan (e-CNY), and the strategic implications for the international monetary system.

In-Depth Notes:
The internationalisation of China’s digital yuan (e-CNY) is proceeding in parallel with the development of Project mBridge. The Cross-border e-CNY Transfer Services (CBETS) platform represents a significant step in connecting China’s CBDC infrastructure with the global financial system.

The CBETS Platform:
In June 2026, twenty-six financial institutions signed direct participant agreements with e-CNY Center International Co in Shanghai, becoming the first group to gain access to CBETS, a cross-border blockchain-based infrastructure service platform designed to support the international use of the digital yuan . The platform enables participating institutions to connect with the payment and digital fiat currency systems of monetary authorities in different jurisdictions. Direct access to the platform also allows institutions to utilize its round-the-clock smart digital payment solutions that operate both on-chain and off-chain .

First-Batch Participants:
The first batch of participants includes Standard Chartered Bank (China) Ltd, along with overseas branches of multiple Chinese banks located in Thailand, Singapore, Laos, the United Arab Emirates, Qatar, Brazil, and the Hong Kong and Macao special administrative regions . Jerry Zhang, Standard Chartered’s global head of RMB commercialization, noted that “digital infrastructure development is a crucial pillar in advancing the internationalization of the RMB” . Standard Chartered’s global head of digital assets, Rene Michau, stated that the institution is “committed to becoming a bridge between the global digital asset economy and traditional finance” .

The Benefits of CBETS:
CBETS is expected to deliver substantial improvements in cross-border payments :

  • Efficiency: The platform leverages the central bank direct connect mechanism and DLT to reduce settlement times from several days to seconds.

  • Cost Reduction: Peer-to-peer clearing bypasses multiple layers of correspondent bank fees, significantly reducing transaction fees.

  • Compliance: Smart contracts ensure the entire transaction process is verifiable and traceable, effectively mitigating money laundering risks.

Future Expansion:
Analysts expect that e-CNY Center International Co will attract more eligible commercial banks, financial infrastructure providers, and payment service providers to join CBETS . The platform’s use is expected to extend into more complex areas such as investment and financing, supply chain finance, and digital assets. In the future, CBETS is expected to connect with the CBDC systems of more countries and regions .

The Chinese-UAE JISR Platform:
Complementing CBETS, China and the UAE have jointly completed their first cross-border CBDC payment via the JISR network, marking a breakthrough in global financial innovation and bilateral financial cooperation . The payment was finalized during a visit by Pan Gongsheng, governor of the People’s Bank of China, to Abu Dhabi, with Sheikh Mansour bin Zayed Al Nahyan conducting the inaugural transaction . The JISR platform aims to facilitate cross-border payments, significantly reduce transaction costs, and enable instant settlement .

 

PreviousNext