mBridge: List of 6 Central Banks and Their Roles (2026-Q2)

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This entry sits under fintech index. Read it with Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments for adjacent context and Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax) for the broader system boundary.

[!info] TL;DR As of 2026-Q2 , mBridge has 5 actual participating central banks plus 1 associate member: PBoC (de facto lead) / HKMA (the No. 2 node plus Ensemble interconnection) / BoT / CBUAE / SAMA (joined in 2024-06 ) / BCB (interoperability testing in 2026-Q2 ). After the BIS withdrew in 2025-10 , this 6 行 has become a non-USD settlement prototype spanning China + the Middle East + Southeast Asia + Latin America.

Key facts

• PBoC + e-CNY is the de facto leader of mBridge and provides the largest CBDC flow ^•
• HKMA is the No. 2 node and interconnects Project Ensemble with mBridge ^•
• BoT and CBUAE are 2 行 of the 4 founding central banks in 2021 年 ^•
• Saudi central bank SAMA joined in 2024-06 ^•
• Brazil’s central bank BCB has run DREX interoperability tests since 2026-Q2 and is an associate member ^•
• JPMorgan / Kinexys participated in the JPM China PoC, but is not a core node ^•
• No USD-side institutions (Circle / Arc / Tempo / Base) participate ^•

Mechanism / How it works

mBridge validators are central banks (100% sovereignty), while commercial banks are sub-participants connected through central banks. This differs from BIS Agora’s model of joint validation by central banks and commercial banks: mBridge excludes private actors entirely from the consensus layer. PBoC’s de facto leadership means e-CNY effectively serves as the “bridge base currency.” Cross-border settlement can also happen bilaterally (for example, renminbi-real), but more commonly routes through e-CNY. HKMA’s special position is that it is both an mBridge node and the leader of Project Ensemble (Hong Kong’s multi-tokenized-asset settlement platform; see HKMA Project Ensemble overview), making Hong Kong a dual hub for offshore renminbi CBDC and tokenized assets. SAMA’s entry implies a potential shift of oil settlement onto mBridge, the most direct challenge to the petrodollar system (see Sovereign capital pool size anchor · Aramco $7T as upper limit for Middle East digital asset allocation). BCB’s DREX interoperability connects South America’s largest economy and completes mBridge’s first expansion into a major non-African continent.

Origin & evolution

2021 年 mBridge launched with 4 central banks: PBoC + HKMA + BoT + CBUAE, coordinated by the BIS Innovation Hub Hong Kong. In 2022-2023 年 it completed cross-currency PoC experiments. In 2024-06 SAMA joined, expanding the platform to 5 central banks and moving mBridge into its MVP phase. In 2024-Q4 it tested links for Aramco oil settlement, China-Brazil soybeans, and China-Arab gold delivery. In 2025-10 the BIS withdrew from operations and the 5 central banks shifted to self-governance. In 2026-Q2 BCB completed DREX interoperability testing as an associate member and is expected to formally join after governance approval. Central banks that could join next include the Bank of Russia (motivated by SWIFT sanctions avoidance), India’s RBI (existing e-Rupee but geopolitically cautious toward China), South Africa’s SARB (BRICS member), and the Central Bank of Iran (politically sensitive).

Related

• Wiki Index
• mBridge · BIS Multi-CBDC Cross-Border Payment Bridge (Overview)
• mBridge vs Agora · BIS's 2025 two-track contrast of a same-year switch
• Comparison of US, EU, and Japanese stablecoin regimes — No confirmed MRA; market access reviewed separately
• GENIUS Act Section 18: Comparison of Foreign Regulatory Regimes

Sources