I. What is mBridge? The Multiple Central Bank Digital Currency Bridge (mBridge) is a cross-border payment and settlement platform built on Distributed Ledger Technology (DLT). It aims to enable central banks and commercial banks of participating countries to conduct peer-to-peer cross-border transactions and synchronized foreign exchange settlements using their respective Central Bank Digital Currencies (CBDCs). The project originated in 2019 as a bilateral pilot between the

Introduction: The Collision of Two Parallel Universes Standing at the close of 2025 and looking back, the global financial system is undergoing a silent yet violent tectonic shift. On one side, the United States is attempting to "tokenize" dollar hegemony through the GENIUS Act , utilizing stablecoins to absorb massive amounts of national debt. On the other side, China is standing firm on its financial security baseline, erecting a "Digital Siege" to strictly prevent irregula