China-led cross-border digital currency platform mBridge has processed more than $55 billion in transactions as efforts to build payment rails that operate outside traditional dollar-based systems find momentum.

Project mBridge, a multi-central bank digital currency (CBDC) platform, has now settled over 4,000 cross-border transactions with a cumulative value of roughly $55.5 billion, according to data compiled by the Washington-based Atlantic Council. That figure marks a nearly 2,500-fold i