Crypto
Polygon Joins Bank of England's Digital Pound Lab to Test Stablecoin & Cross-Border Payments
The Bank of England's Digital Pound Lab Phase 2 is testing the use of stablecoins and digital pounds in cross-border payments. NOBO Finance Limited, Dun & Bradstreet, and Polygon Labs are part of this experiment.
The consortium aims to develop an electronic bill of lading-backed invoice factoring flow with multi-rail settlement. In this process, an exporter receives a stablecoin advance while a UK importer settles in digital pounds.
Polygon Labs provides the smart contract infrastructure behind the stablecoin settlement leg using the Open Money Stack orchestration layer built on the Polygon network.