Saudi Arabia has left the digital currency platform led by China, which is designed to simplify cross-border payments without using the US dollar, according to the Financial Times (FT).
Previously, Riyadh joined the mBridge project in 2024 along with China, Hong Kong, Thailand, the United Arab Emirates, and the Bank for International Settlements. However, the Central Bank of Saudi Arabia stated that it completed its participation in May 2025.
The mBridge platform utilizes blockchain technology, allowing central banks to conduct operations directly through digital currencies. This potentially could reduce transaction costs and decrease the intermediary role of the dollar.
The Central Bank of Saudi Arabia clarified that it participated as part of a planned research program and is no longer a member of the project after the conclusion of the proof of concept demonstration. Nevertheless, the FT reported that a second source familiar with the matter claimed that the Central Bank of Saudi Arabia continues to participate in the project quietly.
