Bank of England Chooses Polygon Labs for Digital Pound Lab Phase 2
The Bank of England has chosen Polygon Labs, NOBO Finance, and Dun & Bradstreet to participate in the next phase of its Digital Pound Lab. This initiative aims to test how a central bank digital pound (CBDC) and private stablecoins can settle different parts of the same cross-border trade deal.
The pilot program will examine CBDC-stablecoin co-settlement, tokenized payment rails, and interoperability to assess their impacts on cross-border settlement efficiency, security, and crypto/DeFi adoption. The goal is to improve the speed, reliability, and cost-effectiveness of international transactions.
No specific timeline or milestones have been announced for this phase of the Digital Pound Lab. However, the Bank of England has stated that it will continue to work with industry partners to develop a CBDC that meets the needs of businesses and consumers in the UK.