Crypto
Bank of England Trials Stablecoin and Digital Pound Infrastructure
The Bank of England has partnered with Polygon Labs to trial stablecoin and digital pound infrastructure. This initiative aims to accelerate international payment settlement for small and medium enterprises.
Polygon Labs will deliver blockchain infrastructure supporting stablecoin transactions and smart contract execution, while NOBO Finance partners with Dun & Bradstreet to create portable SME credit verification systems.
The trial explores dual-currency settlement where exporters accept stablecoins and UK importers use digital pounds. This could eliminate financing barriers affecting smaller enterprises by accelerating settlement processes and providing authenticated business credentials.