Polygon Joins BofE's Digital Pound Lab for Cross-Border Settlement Testing
Polygon Labs has joined the Bank of England's Digital Pound Lab in phase two testing to explore near-instant cross-border settlement. Alongside Nobo Finance and Dun & Bradstreet, Polygon will test the feasibility of using a stablecoin and digital pound for simultaneous payment. The experiment aims to settle the same cross-border payment without either side waiting on the other.
The project focuses on integrating public and private money systems, enabling different forms of digital currency to work together seamlessly. This includes connecting the Open Money Stack's orchestration layer built on the Polygon network with the Bank of England's simulated test rails.
Nobo Finance is leading the development of a portable credit identity for small businesses, while Dun & Bradstreet contributes verified business identity and credit data. Polygon provides the on-chain infrastructure that allows this information to travel alongside payments.