Saudi Central Bank · Full chronicle and history

The Saudi Central Bank withdrew from the mBridge project in May 2025 after completing a proof of concept. The project had previously been seen as a potential pathway for Saudi Arabia to promote oil trade with reduced reliance on the U.S. dollar. Despite its withdrawal, some media outlets continued to list Saudi Arabia as a participant as late as August 2026.

In June 2024, the Saudi Central Bank officially joined the multilateral central bank digital currency bridge mBridge project; its entry was then seen as a potential step toward reducing dollar dependence in some oil trades.