Could XRP Supplant the Bank of International Settlements in Global Settlement? BIS Exits Project mBridge as CBDC Experiments Mature In October 2024, the Bank for International Settlements (BIS) officially announced its withdrawal from Project mBridge, a cross-border central bank digital currency (CBDC) initiative it co-developed with central banks from China, Hong Kong, Thailand, and the UAE. BIS General Manager Agustín Carstens stated the project had reached a "minimum viable product" phase, and could now continue without BIS involvement.
Though BIS called it a "graduation," the move raised questions. The exit came shortly after BRICS leaders proposed using mBridge to settle trade outside the U.S. dollar, causing some to speculate whether geopolitical pressure or internal shifts were behind the BIS’s retreat.
XRP Highlighted by IIF in BIS-Linked G20 Consultation In January 2025, the Institute of International Finance (IIF) — a consortium representing the world's largest banks — submitted a response to a BIS consultation under the G20’s cross-border payments roadmap.
In that document, the IIF specifically named XRP as a promising bridge asset, citing its speed, transparency, and cost-efficiency compared to traditional settlement rails like SWIFT. XRP was positioned as a viable tool for future global settlement infrastructure, capable of replacing layers of intermediaries.
This marked a rare public recognition of XRP’s institutional utility, further supported by Ripple’s growing involvement in central bank pilot projects and regulatory consultations worldwide.
Realignment of Global Infrastructure? While XRP hasn’t directly replaced the BIS, key facts signal a shift in influence:
The BIS exited a major CBDC project (mBridge) after four years, handing over development to its partner central banks.
The IIF, in coordination with the BIS’s G20 roadmap, highlighted XRP as a next-generation solution for cross-border settlement.
Ripple’s tokenization and liquidity products (like ODL and XRPL-based solutions) continue to gain institutional adoption, especially in Asia, the Middle East, and Latin America.
Implications Decentralized Settlement Models Rise: XRP enables near-instant cross-border transactions without requiring central intermediaries — a sharp contrast to the multi-tiered approach supported by BIS-backed projects.
Geopolitical and Regulatory Overlap: BIS stepping back from mBridge while Ripple steps forward into institutional pilots reflects a broader transition from intergovernmental to protocol-level settlement.
BIS’s New Focus: The BIS is now championing “Project Agorá,” a more U.S.-aligned initiative combining tokenized money with centralized bank control — a slower and more conservative approach compared to XRP’s real-world usage.
✅ Final Takeaway While XRP hasn’t officially replaced the BIS, the pieces are aligning:
BIS has stepped aside from critical infrastructure.
XRP has gained validation from global financial institutions like the IIF.
And the XRPL is quietly becoming a key layer in the next generation of cross-border finance.
The era of top-down global control through BIS-style architecture may be ending. A decentralized, protocol-driven model like XRP is rapidly filling the void.
Key Fact Sources:
BIS exits Project mBridge: Reuters
IIF recognizes XRP in BIS G20 consultation: Ainvest
Project Agorá background: Financial Times
Published by Banx Network. This article is part of the Banx decentralized media programme, powered by the BXE token on the XRP Ledger.
