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Digital RMB center signs first 26 Shanghai participant agreements as mBridge nears rollout

Digital RMB center signs first 26 Shanghai participant agreements as mBridge nears rollout

At the June 17 Lujiazui Forum, PBOC official Wang Xin urged closer scrutiny of stablecoins as China expanded cross-border digital yuan infrastructure and reports said mBridge had processed more than $69 billion.

Fact Check
The claim is corroborated by official Chinese state media Xinhua, which confirms 26 financial institutions signed as direct participants with e-CNY Center International in Shanghai, naming Standard Chartered China and Chinese-funded bank branches in Thailand, Singapore, Laos, and Qatar. PANews (citing Shanghai Securities News) and CoinPost independently report the same 26-institution signing and the PBOC/Digital Currency Institute backing. All sources agree on the key facts: the entity (e-CNY Center International), number (26), Shanghai location, overseas Chinese bank participants, and the cross-border settlement acceleration purpose via the CBETS platform. The only minor framing nuance is that the center operates under the PBOC's Digital Currency Institute (consistent with 'PBOC-backed').
    Reference: 123
Summary

China is advancing cross-border digital yuan infrastructure on two tracks while signaling tighter attention to stablecoins. At the Lujiazui Forum on June 17, Wang Xin, head of the People’s Bank of China Research Bureau, said international payment systems should be safer, more neutral, efficient and better interconnected across central bank and retail networks, and that authorities should prudently explore new payment tools while closely monitoring stablecoins’ effects on the international monetary system and cross-border payments. Hours later, 26 financial institutions signed agreements to become the first direct participants on CBETS, a blockchain-based cross-border platform operated by e-CNY Center International Co. Separately, reports said mBridge, a multi-CBDC settlement network backed by central banks in Asia and the Middle East, had processed more than $69 billion in transactions and was nearing commercial rollout. Both initiatives are presented as faster, lower-cost alternatives to traditional correspondent banking and SWIFT, while Beijing continues to restrict unauthorized yuan-pegged stablecoins and expand state-controlled digital currency rails.

Terms & Concepts
  • mBridge: A blockchain-based cross-border settlement network using multiple central bank digital currencies backed by central banks in Asia and the Middle East.
  • CBDCs: Central bank digital currencies, which are digital forms of sovereign money issued by central banks.
  • stablecoins: Digital tokens designed to hold a stable value, whose potential impact on cross-border payments and the international monetary system is being closely monitored by regulators.