A China-led cross-border digital currency platform, mBridge, has grown its transaction volume to around $55 billion, Cointelegraph reported on Jan. 18 local time.
mBridge is a multi-central bank digital currency (CBDC) platform. It has processed more than 4,000 cross-border transactions since the pilot stage in 2022. The digital yuan (e-CNY) accounted for 95 percent of all transactions.
Recent People's Bank of China statistics showed the e-CNY has processed more than 3.4 billion transactions, worth about 16.7 trillion yuan. That is an increase of more than 800 percent from 2023.
China recently introduced a new framework that can apply interest to digital yuan wallets, Cointelegraph said. It is expanding the digital yuan's role beyond a payment method to function as a deposit currency.
Chi-gyu Hwang
delight@d-today.co.kr