Cross-Border Digital Currency Payments Reach Inflection Point, Central Bank Official Outlines Vision

At the recent Summer Davos Forum, Mu Changchun, Director of the Digital Currency Research Institute at the People's Bank of China, delivered a keynote address on how central bank digital currencies are reshaping cross-border payments. His remarks painted a clear picture of a shifting global monetary landscape.

Crypto Assets Emerge as a Systemic Variable

Mu Changchun pointed out that the international monetary system is facing new dynamics. The rapid development of stablecoins and various other cryptocurrencies is not merely a technological trend; these digital assets have become significant variables influencing global capital flows and payment behaviors. This momentum is propelling the entire cross-border payment system toward a new, more efficient, and potentially more decentralized phase of development.

‘mBridge’ Project Demonstrates Substantial Traction

Discussing concrete progress in CBDC implementation, Mu shared pivotal updates on the multi-central bank digital currency bridge project, known as mBridge.

  • Significant Transaction Volume: As of the end of 2025, the platform has accumulated a total transaction value equivalent to nearly 500 billion Chinese yuan.
  • Operational Stability Achieved: The project has successfully transitioned from its pilot phase into a stage of sustained, real-world commercial operation.

This data underscores that cross-border payment solutions built on CBDCs are rapidly moving from conceptual frameworks to large-scale, practical application.

A Vision for Collaborative Financial Infrastructure

Mu Changchun elaborated on the project's long-term ambition. It is designed not as a tool for a single jurisdiction but to evolve into a new type of financial market infrastructure built jointly by multiple central banks and with broad participation from global financial institutions.

The core principles of this model are multilateral governance and mutual benefit. The ultimate goal is to create a fairer, more transparent, and more efficient cross-border payment network, reducing the costs and frictions inherent in traditional systems and providing a new foundational layer for future international trade and financial cooperation.

This speech highlights how major economies are actively positioning themselves in the face of both competition and collaboration in global digital finance, responding to the wave of private digital assets while seeking to shape the rules and architecture of the next-generation financial infrastructure.