Saudi Arabia left mBridge, a digital currency network led by Beijing that uses blockchain technology to let central banks trade directly rather than through US dollar-dominated payment systems like SWIFT, the Financial Times reported.
The Saudi Central Bank (SAMA) confirmed it stopped participating after finishing a planned technical test in May 2025. While sources note Riyadh wanted to avoid public attention and US pressure, an insider said the bank keeps working with the programme quietly.
Eswar Prasad, a professor at Cornell University and senior fellow at the Brookings Institution, explained that nations use these digital tools to cut their reliance on the US dollar.