Saudi Arabia has withdrawn from the China-led mBridge digital currency platform, a blockchain-based system designed to enable direct cross-border payments between central banks using their own digital currencies, reducing reliance on the dollar and systems like Swift. The Saudi Central Bank (SAMA) confirmed it completed its planned proof of concept on May 13, 2025, and is no longer a participating member. Riyadh joined in 2024 alongside China, Hong Kong, Thailand, the UAE, and the Bank for International Settlements (BIS), which exited in October 2024.

The FT reported that Washington pressured the BIS to withdraw, though former BIS general manager Agustín Carstens denied political motives. US officials, including Daleep Singh under the Biden administration and President Donald Trump, have warned against alternatives to the dollar, with Trump threatening 100% tariffs on Brics nations pursuing such systems. Cornell professor Eswar Prasad noted US allies see benefits in reducing dollar dependence but remain sensitive to US pushback.

SAMA stated its involvement was always limited and research-focused, though sources say it continues to engage discreetly. Other central banks, including the PBoC and Hong Kong Monetary Authority, declined comment, while the Monetary Authority of Macau joined and launched the system in June.