Saudi Arabia exits China-led mBridge project; platform's dollar-challenge prospects unclear

Saudi Arabia has quietly exited the China-led mBridge digital currency project in 2025, describing the withdrawal as part of its original plan. The platform, designed to facilitate faster international payments while reducing dependence on the US dollar and the SWIFT system, continues to seek expansion despite the high-profile withdrawal.

The mBridge initiative aims to create an alternative cross-border payment mechanism among participating nations. Saudi Arabia's departure raises questions about whether the platform can achieve its ambition to challenge the dominance of the US dollar in global financial transactions.