The mBridge platform, a multilateral central bank digital currency (CBDC) initiative, has reached nearly 500 billion yuan in cumulative transactions since its operational launch in June 2024. Mu Changchun, director of the Digital Currency Institute of the People's Bank of China, announced the milestone during the 2026 Summer Davos Forum. He highlighted the rapid development of stablecoins and cryptocurrencies, noting that the global cross-border payment system is entering a new phase. Mu emphasized that mBridge aims to become a new type of financial market infrastructure, collaboratively developed by central banks and financial institutions under a multilateral governance model. This initiative seeks to reshape cross-border payments by promoting equality and mutual benefit among participating entities.