Core Insights - The new China-led digital currency platform, mBridge, has seen transactions exceed $55 billion, indicating a growing alternative to dollar-dependent payment systems [1][2] - The digital yuan accounts for approximately 95% of the transaction volume on the mBridge platform, which has processed over 4,000 cross-border transactions since its inception [2][3] - The e-CNY, the world's largest central bank digital currency experiment, has processed over 3.4 billion transactions worth around $2.4 trillion, marking an 800% increase from 2023 [3] Industry Developments - The Atlantic Council highlights that the developments in digital currency infrastructure suggest a gradual internationalization of the yuan, aiming to create parallel settlement systems rather than directly displacing the dollar [4] - The progress of mBridge is being monitored by global policymakers, especially after the Bank for International Settlements withdrew from the project in late 2024 [6] - A separate initiative involving seven major Western central banks is underway, focusing on enhancing testing and collaboration with over 40 commercial banks [7]