SWIFT faces disruption as China pushes mBridge, a blockchain-based settlement network - Cryptopolitan

Crypto Insight Summary: * China is reportedly pushing to roll out a commercial blockchain-based settlement network that will be a direct competitor to SWIFT. * The cross-border settlement platform, mBridge, is backed by the central banks of China, Hong Kong, Thailand, the UAE, and Saudi Arabia. * The cross-border settlement network will primarily target small- and mid-sized businesses as early adopters. **China is closing in on a commercial rollout of mBridge, a proposed blockchain-based settlement network that will directly compete with SWIFT. Beijing is pushing for the newly proposed settlement network, which already has over $69 billion in successful transactions outside the legacy SWIFT messaging system.** China’s mBridge project poses a direct threat to the dollar and the SWIFT ecosystem. As of now, mBridge has processed over $69 billion outside traditional frameworks and aims to internationalize the Chinese yuan as an alternative to the dominant USD. According to reports, the[mBridge](https://www.bis.org/innovation_hub/projects/mbridge_brochure_2311.pdf)platform offers significantly lower transaction costs, estimated at approximately half the typical costs in the SWIFT network. Saudi Arabia and the BIS later joined the 2024. mBridge first went live in 2025, when the UAE became the first major country to test live transactions directly on its network. Currently, mBridge operates in 6 territories with hopes to expand in the future. Crypto Insight Analysis: Direction: Bullish ETH / Neutral BTC Impact: Minor Impact Horizon: Mid-term (1-8 weeks) Reasoning: Blockchain-based mBridge could boost ETH's utility as a settlement layer while not directly impacting BTC's store of value narrative.