Saudi Arabia exits China’s mBridge digital payment platform
Saudi Arabia has withdrawn from China's mBridge digital currency initiative, marking another setback for Beijing's efforts to reduce the global dominance of the U.S. dollar. The Saudi Central Bank (SAMA) joined mBridge in 2023 as an observer and participated in a proof-of-concept project that concluded on May 13, 2025. After completing this phase, SAMA announced it would no longer be involved with the platform. The departure of Saudi Arabia is significant because its participation was seen as crucial for mBridge's credibility given Riyadh’s role in maintaining the petrodollar system since a 1974 agreement to price oil in dollars. The U.S. dollar remains dominant, used in about 90% of global transactions due largely to this legacy and supply chain dependencies. Despite losing key participants like Saudi Arabia and the Bank for International Settlements (BIS), mBridge continues to expand with new members such as Macau.
Topics: China de-dollarization digital currency mBridge Saudi Arabia exit SWIFT alternative