BIS also noted that after three years, the mBridge project has reached the MVP (Minimum Viable Product) stage and has called on private financial firms to propose new solutions and options to demonstrate the platform’s capabilities. According to official data, the experiment includes six full participants and 27 official organizations as observers.
Major global financial institutions, including Goldman Sachs, HSBC, and six state-owned banks in China, are also working on this project.
The mBridge project was launched in 2021 to facilitate collaboration between the BIS innovation division and the central banks of China, Hong Kong, Thailand, and the United Arab Emirates (UAE) to test and verify the viability of CBDCs (central bank digital currencies) for instant cross-border trade and other payments using the blockchain-based mBridge Ledger.