This op-ed represents analysis and commentary by The Craig Bushon Show media team.
“The Reckoning: Why America Can’t Sleep Through mBridge”
As mBridge quietly rewires global finance from Beijing to Dubai, the United States faces a domestic reckoning it can no longer ignore. This isn’t just a story about technology or banking — it’s about power. mBridge, a Chinese-led central bank digital currency network, is building a new financial highway that doesn’t need the United States dollar, doesn’t run through Washington, and isn’t governed by U.S. rules.
For decades, America has been the traffic cop of the world’s money. Most major transactions passed through U.S. banks or systems like SWIFT, giving Washington the ability to see, shape, and sometimes stop the movement of funds. That power is now being challenged — not with tanks or sanctions, but with programmable money, CBDC networks, and strategic alliances that include the BRICS nations.
The Dollar’s Global Grip and What’s at Stake
Today, around 50% of all global trade is invoiced in dollars, according to International Monetary Fund 2024 data. Roughly 88% of foreign exchange transactions involve the dollar. That dominance has allowed the United States to use the dollar not just as currency but as a geopolitical tool. When nations violate international norms, access to the dollar can be cut off — a punishment that hits harder than any missile strike. It’s why sanctions have been so effective against countries like Iran and Russia. It’s why global banks follow U.S. directives. And it’s why America can borrow at lower rates than much of the world.
But what happens if countries no longer need to rely on the dollar? What happens when they can move money around the United States instead of through it?
What mBridge Is and Why It Matters
mBridge is a multi-CBDC cross-border payment platform that allows countries to settle transactions using their own central bank digital currencies, bypassing the dollar entirely. Originally developed with participation from China, Hong Kong, Thailand, and the UAE through the Bank for International Settlements Innovation Hub, it now functions as an independent, partner-led network.
In July 2025, Chinese state-owned banks began conducting live transactions on the platform using the e-CNY. By August, regional banks joined, expanding use into trade finance, cross-border remittances, and logistics supply chains. These transactions are fast, programmable, and transparent to participating governments — but crucially, not visible to Washington.
In October 2024, Bank for International Settlements formally exited the project after Vladimir Putin publicly proposed building a “BRICS Bridge” to bypass Western sanctions. Once BIS stepped out, China and its partners seized full control.
The BRICS Factor — Why It Matters
This shift isn’t happening in isolation. It’s happening alongside the rapid expansion of BRICS — an economic bloc originally composed of Brazil, Russia, India, China, and South Africa. In recent years, BRICS has expanded to include countries like Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia. Together, these nations represent:
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Over 45% of the global population
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More than 30% of global GDP (and growing)
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Around 43% of global oil production
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Major reserves of critical resources like lithium, rare earth minerals, and energy commodities
These nations share a common goal: to reduce reliance on the U.S. dollar in trade, finance, and settlement.
Many of them have experienced the leverage of U.S. sanctions or want to avoid being caught in Western political crossfire. mBridge and the proposed BRICS Bridge give them the technological and institutional tools to do exactly that.
For example, Russia can settle energy sales to China without using dollars. Saudi Arabia could sell oil in digital yuan. Iran can bypass U.S. banking restrictions altogether. This is how geopolitical power slowly tilts — not with one dramatic break, but through thousands of transactions moving through new channels.
The Scale of the Shift
According to BIS projections, mBridge alone could capture 10 to 20 percent of global cross-border payments by 2030. Combine that with the rapid growth of BRICS trade, and the network effect becomes clear. As more countries join or align with BRICS and Belt and Road economic corridors, the dollar’s share of international invoicing and reserves naturally erodes.
Already, BRICS trade settlements increasingly use local currencies, bilateral swaps, or digital payment infrastructure. Adding a shared CBDC bridge — like mBridge or a formal BRICS Bridge — locks that system into place.
The Economic Shockwave at Home
This shift will not be invisible to everyday Americans. As demand for dollars drops, so does foreign appetite for U.S. debt. That means higher interest rates, higher mortgage and loan costs, and more expensive imports. A weaker dollar also risks inflationary pressure, raising prices on everyday goods.
Perhaps even more importantly, the U.S. loses its ability to see where money is moving globally. Without dollar clearing, sanctions become less effective. Nations under U.S. pressure — like Iran, Russia, or future adversaries — gain financial escape hatches.
Washington’s Digital Dollar Paralysis
While China and BRICS nations build out their CBDC infrastructure, Washington is still arguing about whether to build at all. Privacy and cybersecurity concerns are real, but solvable. What isn’t solvable is being left behind while other nations set the rules of tomorrow’s money. If the U.S. doesn’t develop its own digital dollar or lead an alternative international network, it won’t just be reacting — it will be following.
The Strategic Cost of Doing Nothing
If the U.S. does nothing, the dollar’s share of trade could fall below 40% by the early 2030s. BRICS nations will continue to build parallel systems. Western sanctions will lose effectiveness. Allies will hedge their bets by participating in multiple systems. And China — through mBridge — will become the backbone of this new financial order. Once the network is established, the U.S. can’t just flip a switch to reverse it.
What a Bold U.S. Response Must Look Like
America must lead, not react. That means accelerating a digital dollar initiative that protects privacy and democratic oversight. It means working with trusted allies — the EU, Japan, Canada, Australia — to build an interoperable, rules-based alternative to BRICS and mBridge. It means modernizing sanctions strategies for a multipolar world, investing in secure payment infrastructure, and shaping global standards rather than watching others set them.
It also means clearly explaining to the American people why this matters. This isn’t a niche financial story. It’s about the cost of borrowing for your home. It’s about the strength of the U.S. economy. It’s about national security. And it’s about whether America leads or follows in the next era of global finance.
Final Word
mBridge isn’t dangerous simply because it exists. It’s dangerous because America is pretending it doesn’t. The plumbing of the global financial system is being rebuilt, and for the first time in modern history, the United States isn’t holding the wrench.
This is America’s financial Sputnik moment. In 1957, the Soviet Union launched the first satellite and forced the U.S. to act. Today, China and its BRICS partners are launching the world’s next payment architecture. If we don’t act now, we may find ourselves on the outside looking in.
Disclaimer:
This op-ed represents analysis and commentary intended for educational and media discussion purposes only. It does not constitute financial advice, investment guidance, or reflect any official government position. All data and projections are drawn from publicly available sources as of October 2025, including the Bank for International Settlements, the International Monetary Fund, BIS Innovation Hub reports, and central bank communications from participating nations. Additional trade and economic data is sourced from BRICS and Belt and Road Initiative reporting, IMF statistics, and global payment system studies. Readers and listeners are encouraged to consult multiple credible sources and exercise independent judgment when forming conclusions about global financial developments.
