PBOC Official: Stablecoin Surge and mBridge CBDC Mark New Era for Cross-Border Payments

Mu Changchun, director of the Digital Currency Research Institute at the People’s Bank of China (PBOC), said the rapid expansion of stablecoins and other cryptocurrencies is pushing the global cross-border payment system into a new development phase. Speaking at the 2026 Summer Davos Forum, Mu provided new data on the mBridge multilateral central bank digital currency (CBDC) project, which went live in June 2024.

mBridge Reaches 500 Billion Yuan in Transactions

According to Mu, the cumulative transaction value of the mBridge project reached approximately 500 billion yuan (about $69 billion) by the end of 2025. This milestone underscores the growing adoption of central bank digital currencies for wholesale cross-border settlements. The project, initially a collaboration between the central banks of China, Hong Kong, Thailand, and the United Arab Emirates, has expanded to include more than 20 observing members.

A New Financial Market Infrastructure

Mu explained that the ultimate vision for mBridge is to evolve into a new type of financial market infrastructure (FMI) built by central banks and involving financial institutions. He emphasized that this infrastructure would be based on multilateral governance and mutual benefit, rather than being dominated by any single country or private entity. This contrasts with the current SWIFT-based system, which is often criticized for its reliance on correspondent banking networks and varying settlement times.

Why This Matters for Global Payments

The combination of stablecoin growth and CBDC development is creating a more competitive and fragmented landscape for cross-border payments. Stablecoins offer near-instant settlement and lower fees, but raise concerns about regulatory oversight and financial stability. Meanwhile, mBridge and similar CBDC projects aim to provide a central bank-backed alternative that maintains monetary sovereignty. For businesses and consumers, this could mean faster, cheaper, and more transparent international transactions, but also a more complex regulatory environment.

Conclusion

Mu Changchun’s remarks at the Summer Davos Forum highlight a pivotal moment for cross-border payments. The rapid growth of stablecoins and the tangible success of the mBridge project are driving both innovation and regulatory scrutiny. As central banks and private issuers compete to shape the future of global finance, the next few years will likely see significant changes in how money moves across borders.

FAQs

Q1: What is the mBridge project?
mBridge is a multilateral central bank digital currency (CBDC) project designed to facilitate faster and cheaper cross-border payments using digital currencies issued by participating central banks. It went live in June 2024.

Q2: How much transaction volume has mBridge processed?
As of the end of 2025, the mBridge project had processed approximately 500 billion yuan in cumulative transaction value, according to PBOC official Mu Changchun.

Q3: Why are stablecoins relevant to this development?
Stablecoins, a type of cryptocurrency pegged to a stable asset like the US dollar, have grown rapidly and are increasingly used for cross-border payments. Their rise is pushing central banks to accelerate their own digital currency initiatives to maintain control over monetary systems and payment infrastructure.