Bank of England Expands Digital Pound Lab With Polygon, NOBO Finance

The Bank of England has expanded its Digital Pound Lab to Phase 2, joining forces with NOBO Finance, Dun & Bradstreet, and Polygon Labs. The goal is to test cross-border trade-finance with stablecoins and digital pound settlement.

In this experiment, exporters receive an advance through stablecoin technology while UK importers make final settlement in digital pounds. However, the lab uses no real customers or money.

Polygon Labs CEO Marc Boiron stated that for digital money to truly move global trade, different forms must work together, public and private, central bank money, and stablecoins.