Bank for International Settlements Coordinates mBridge Platform for Cross-Border CBDC Settlements
The Bank for International Settlements (BIS) is playing a crucial role in coordinating the mBridge platform, a multi-CBDC initiative that allows participating central banks to settle cross-border payments directly using their own digital currencies. This platform, developed by the BIS Innovation Hub alongside the Central Bank of the UAE, the People’s Bank of China, the Hong Kong Monetary Authority, and the Bank of Thailand, aims to streamline cross-border transactions by reducing reliance on traditional correspondent banking networks. The mBridge platform uses a distributed ledger maintained by the participating central banks, enabling faster and more transparent settlements. The UAE Digital Dirham has completed its first live wholesale CBDC settlement through mBridge, marking a significant milestone in the operational status of the platform. 
