Saudi Arabia left Project mBridge. mBridge is the China-led payment rail built to settle cross-border trades without SWIFT. BIS helped start it. China’s central bank built the core. BIS handed it off in late 2024 after sanctions questions piled up. The Saudi central bank joined in 2024, finished a planned test in May 2025, and quietly dropped out. That only became public recently. The de-dollarization crowd is not going to like this one.