The architecture of global CBDC settlements does not develop as a single system launched by a single solution, but as a network of two-way bridges connecting national digital currencies. The analogy is not the Internet, created using a single protocol, but telephone networks that were gradually connected through inter—operator agreements.
Bridges existing or under development: Drex (Brazil) — UAE digital dirham (pilot successful, June 2026); mBridge (China, Hong Kong, Thailand, UAE) — commercially ready, expanding to the Persian Gulf; digital yuan (e-CNY) — integration with a number of Asian partners.
The UAE as a connection point
The UAE has been involved in both the Drex pilot and mBridge since its inception. This creates a transit route: Brazil → Drex → dirhams of the UAE → mBridge → China (and further along the mBridge network).
This is not an ideal route — transit through the UAE adds conversion and transaction costs. But in the absence of a direct Drex–mBridge bridge, this is a working scheme already today, if the UAE bank participates in both systems.
Technical negotiations: at what stage are they
There have been no public statements about the start of official negotiations between the Central Bank of Brazil and the NBK on the direct integration of Drex into mBridge. However, both central banks are actively developing international CBDC instruments, both countries are key partners in BRICS, and the political will to move closer is maximum.
Technically, a direct Drex–mBridge bridge is a feasible task. By analogy with the Drex–dirham pilot: development and testing take about 12-18 months if there is a political decision. If the decision is made in 2026, the bridge will be operational by 2028.
What does this give Russian companies?
Russia trades with Brazil through the yuan (China as an intermediary) or the dirham (UAE) circuit. With the advent of a working Drex–mBridge, settlements with Brazil via China or the UAE are simplified - the chain becomes more transparent, cheaper and faster.
Additional effect: with an increase in the liquidity of the yuan in the international market (mBridge + Hong Kong bonds of the Ministry of Finance), transaction costs along the entire route decrease. For small shipments, where fixed transaction costs eat up a significant portion of the margin, this can be critically important.
