A new cross-border payment solution mBridge is being explored by China, Thailand other others.
The payment bridge has a primary goal of bypassing Dollar settlement schemes.
A collaborative effort between China, Thailand, Hong Kong, and the United Arab Emirates (UAE) is swiftly advancing to create a digital prototype that could potentially challenge the dominance of the US Dollar (USD) in global finance. 
This Beijing-backed project, known as mBridge, aims to develop a digital alternative for sending money across borders, bypassing the need for reliance on US banks.
The Promise of mBridge
The mBridge project has been under development publicly since 2017 and is being carried out in collaboration with the Bank for International Settlements (BIS), a prominent institution in global central-bank cooperation. 
The purpose is to develop a digital platform that allows cross-border transactions using digital currencies (Central Bank Digital Currencies, or CBDCs), providing a potential alterna

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