The mBridge project, which involves 23 central banks including the BIS, is a payment platform designed to bypass the US dollar-based global financial system. It is nearing completion and has the potential to impact international flows, trade agreements, and the power of sanctions. The project has been working with commercial banks and exchanges to trial blockchain-based security issuance, multi-jurisdiction insurance payments, programmable trade finance, and FX settlement. The project has committees focused on key issues such as legal framework, policy implications, governance, redemption terms, ownership rights, and AML compliance, and has attracted observers from around the world, including the US central bank and the European Central Bank.