Macao Joins $56B mBridge CBDC Platform, 11 Banks Onboarded

Macao has officially joined the mBridge central bank digital currency (CBDC) project, becoming the sixth full member of the multinational cross-border payment platform, according to Caixin Global. The Monetary Authority of Macao (AMCM) launched trading on the platform for 11 local banks on June 2, while simultaneously announcing that its own digital currency, the Digital Macao Pataca, has entered sandbox testing.

What is mBridge?

mBridge (Multiple CBDC Bridge) is a multi-central bank digital currency platform developed to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions using CBDCs. Built on a proprietary blockchain called the mBridge Ledger, the project was initiated in 2021 by the BIS Innovation Hub Hong Kong Centre in collaboration with the People’s Bank of China, Hong Kong Monetary Authority, Bank of Thailand, and Central Bank of the UAE. As the Bank for International Settlements notes, the project reached minimum viable product (MVP) stage in mid-2024, with the BIS handing operational control to participating central banks in October 2024.

As of January 2026, the mBridge blockchain had processed over 4,000 transactions worth a cumulative $56 billion, demonstrating the platform’s growing scale and adoption.

Macao’s Membership and First Transactions

Macao becomes the sixth full member of mBridge, joining the People’s Bank of China, Hong Kong Monetary Authority, Bank of Thailand, Central Bank of the UAE, and Saudi Central Bank. The first batch of 11 local banks authorized to trade on the platform includes major institutions such as Bank of China (Macao Branch), Industrial and Commercial Bank of China (Macau), Tai Fung Bank, and Luso International Banking Group.

According to the South China Morning Post, China National Petroleum Corp. (CNPC) executed the first cross-border mBridge transactions via Macao, alongside Bank of China Macao branch. These included transfers between Macao and Hong Kong, and a direct remittance to the UAE — clearing in seconds and establishing a new yuan channel in the Middle East.

Digital Macao Pataca Enters Sandbox Testing

Concurrently with its mBridge membership, Macao announced that the Digital Macao Pataca has entered sandbox testing. Henrietta Lau Hang-kun, Executive Director of the Monetary Authority of Macao, stated that testing is proceeding smoothly and that the next phase will extend to e-government services, public transport, and campus scenarios, eventually integrating with Macao’s existing “Union Easy Pay” mobile payment system.

Wong Sin Man, Chairman of the Monetary Authority of Macao, emphasized the strategic significance of the move, stating that Macao is “pragmatically advancing the construction of the ‘Digital Macao Pataca’ in accordance with the national ‘15th Five-Year Plan’ requirements, boosting the internationalization of the RMB and consolidating the hub function of the China-Portuguese-speaking countries financial services platform.”

Strategic Implications

Macao’s entry into mBridge carries significant geopolitical and financial implications. The territory’s deep institutional and cultural ties with Portuguese-speaking countries — spanning an estimated 250 million people across Portugal, Brazil, Angola, Mozambique, and others — position it as a natural hub for trade and financial settlements between China and the Lusophone world.

Lu Lei, Deputy Governor of the People’s Bank of China, noted that “Macao’s participation in the platform and progress in testing the digital Macau pataca will help deepen financial connectivity between China and Portuguese-speaking countries.” He also expressed expectations that the Digital Macao Pataca system would connect with the PBoC’s CBETS bilateral cross-border settlement platform.

Wang Pengbo, Chief Analyst at Botong Consulting, described Macao’s potential as a “testing ground” and “router” for digital RMB cross-border payments between China and Portuguese-speaking countries, potentially forming a unique “Macao Model.”

Broader Context: De-dollarization and CBDC Competition

mBridge is widely seen as part of Beijing’s broader push to establish alternatives to traditional US-dollar-centric payment networks, alongside China’s Cross-Border Interbank Payment System (CIPS). This effort has gained momentum amid heightened US-China tensions and concerns over the weaponization of the US dollar. The 16th BRICS Summit discussed creating a “BRICS Bridge” based on mBridge technology, which would allow BRICS countries to become partly independent of the US-supervised financial system and SWIFT.

What’s Next

With Macao’s membership now formalized, attention turns to several key questions: Will additional Portuguese-speaking countries such as Brazil, Portugal, or Angola join mBridge? How will the Digital Macao Pataca integrate with China’s digital RMB and other CBDCs? And what timeline will govern the Digital Macao Pataca’s full public rollout?

Macao’s dual approach — participating in the wholesale mBridge platform for interbank settlements while developing the retail Digital Macao Pataca for everyday consumer payments — mirrors China’s own strategy and positions the territory at the forefront of the evolving global CBDC landscape.