Bank of England Expands Digital Pound Pilot with Polygon and Stablecoin Support

The Bank of England has expanded its pilot for a digital pound by partnering with Polygon and introducing stablecoins.

The central bank's Digital Pound Project (DPP) aims to explore the potential use cases and benefits of a retail-focused CBDC, or central bank-issued digital currency. The project is now working with Polygon, a blockchain development platform that will help facilitate transactions on the DPP testnet.

Additionally, stablecoins such as USDT (Tether) and BUSD (Binance USD) have been added to the pilot's list of supported assets. This move allows users to participate in the trial with more familiar and widely used digital currencies.