Saudi Arabia has quit mBridge, the cross-border digital currency project backed by China. SAMA, the kingdom’s central bank, entered the project as a full participant in June 2024, and the two sides wrapped up a proof of concept on May 13, 2025. That ended Saudi Arabia’s involvement in the initiative.
According to the Financial Times, SAMA announced its intention to end its participation. The central bank cited a statement in support of that decision.
Completion of the Proof
After finishing its work in May 2025, the central bank’s involvement with the project began in June 2024, when it joined and then completed the proof of concept.
A shared ledger enables central banks to conduct transactions with each other directly, and each bank issues and trades in its own digital currency rather than relying on a single stablecoin.
What mBridge Is
The central banks of China, Hong Kong, Thailand and the United Arab Emirates came together with the Bank for International Settlements (BIS) Innovation Hub to form MBridge, which dates back to 2021.
By October 2024, the BIS had reached minimum viable product stage with mBridge, at which point the participating central banks took it over from the BIS.
US Scrutiny
US policymakers have turned their attention to the project. One 2024 report from the US-China Economic and Security Review Commission detailed how mBridge could eventually become an alternative cross-border settlement system for countries trying to evade US sanctions.
Where the paper stands
The paper backs SAMA’s decision to end its participation in mBridge and is against a trade standoff arising from the move. The central bank’s withdrawal follows a proof of concept completed in May 2025 and SAMA’s own announcement. The project remains a working system, but Saudi Arabia’s exit was its own choice, not a demand from any other party.
The paper’s position on foreign entanglements is sceptical, and its view on trade wars is equally doubtful. It backs the deal, not the standoff, and SAMA’s decision to end its participation fits that approach.
The paper would prefer that the move be seen for what it is — a central bank ending its participation in a project after completing a proof of concept — rather than as the opening of a wider conflict. Readers should watch for any claims that SAMA’s withdrawal is a response to US pressure, since the article presents it as its own decision with its own statement in support.
Key Facts
- SAMA joined mBridge: June 2024
- Proof of concept completed: May 13, 2025
- Project founded: 2021
- BIS handover: October 2024
The Handover
After the BIS had reached minimum viable product stage with mBridge, it handed the project over to the participating central banks.
What SAMA Said
SAMA announced that it had planned to stop its involvement. The central bank’s statement confirmed that the timing of its withdrawal was correct.
The US Report
The apprehension centers on a proposal put forward in the US-China Economic and Security Review Commission’s report — one that points toward a separate settlement system for nations attempting to evade sanctions.
| Party | Role |
|---|---|
| SAMA | Exited after proof of concept |
| BIS Innovation Hub | Built the project until October 2024 |
| Participating central banks | Took over from BIS in October 2024 |
Cointelegraph approached the Saudi Central Bank for a response, but the bank did not reply before the article was published.
The team has finished the proof of concept phase of its project, and the rest of the world will now be watching to see what follows.
Source material: “Saudi Arabia exits China-backed mBridge CBDC project: FT,” Cointelegraph.
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