Bitcoin recovered from a sharp drop to $750 and climbed back above $800, while major altcoins including Ethereum, Litecoin, and Monero also stabilized. The rebound comes amid continued scrutiny of Chinese exchanges and shifting market sentiment.
China's CBDC, the e-CNY, has processed $55 billion through the mBridge platform, with 95% settled in digital yuan. The Atlantic Council reports 136 countries are exploring CBDCs, while China leads in cross-border payments.
China's digital yuan (e-CNY) has processed $55 billion in cross-border transactions through the mBridge platform, with 95% settled in the Chinese CBDC, according to Reuters and Atlantic Council data. The platform handles real-time settlements at near-zero cost, signaling a gradual shift in global payment infrastructure.
China’s central bank says Mbridge could improve cross-border payments by cutting friction without creating new barriers. The CBDC platform, now expanding participation, is increasingly seen as a potential force in reshaping settlement networks and the broader currency landscape.
Chinese central bank officials highlighted Mbridge as a CBDC-based platform designed to improve cross-border payments, expand access in underserved regions, and potentially reshape parts of the global financial order.
Lu Lei, deputy governor of the People's Bank of China, emphasized the need for careful coordination and legal alignment to avoid disrupting the international monetary system as the Mbridge CBDC platform expands. The platform targets underserved regions like ASEAN and may challenge the US dollar's supremacy.
Circle CEO Jeremy Allaire predicts China will launch a yuan-backed stablecoin within 3-5 years, seeing it as a technological race. USDC market cap exceeds $78B, and Hong Kong has issued stablecoin licenses to HSBC and others, positioning it as a launchpad.
Multiple U.S. agencies are intensifying scrutiny of China's digital yuan, concerned it may challenge the dollar's reserve currency status. Meanwhile, the Fed accelerates digital dollar research but prioritizes accuracy over speed.
