Director of the People's Bank of China Digital Currency Research Institute: Stablecoins and Various Cryptocurrencies Are Developing Rapidly, Multi-CBDC Bridge Cumulative Transaction Volume Approaches 500 Billion RMB

Odaily Planet Daily News Mu Changchun, Director of the Digital Currency Research Institute of the People's Bank of China, delivered a speech titled "Central Bank Digital Currencies Reshaping Cross-Border Payments" at the 2026 Summer Davos Forum. He stated that new variables have emerged in the international monetary system, with stablecoins and various cryptocurrencies developing rapidly, and the global cross-border payment system moving towards a new stage of development. According to Mu Changchun, since the mBridge project successfully entered the live transaction operational phase in June 2024, the platform's cumulative transaction volume had reached nearly 500 billion RMB by the end of 2025. Its ultimate goal is to evolve into a new type of financial market infrastructure (FMI) jointly built by central banks and participated in by financial institutions, based on multilateral governance, equality, and mutual benefit. (Caijing)