Forex
Bank of England Tests CBDCs and Stablecoins in Cross-Border Payments
The Bank of England has moved its Digital Pound Lab into Phase 2, testing the interoperability between Central Bank Digital Currencies (CBDCs) and private stablecoins in cross-border payments.
The trial will partner with Polygon Labs, Dun & Bradstreet, and NOBO Finance to test the exchange of stablecoins for digital pounds in international trade.
The project aims to improve the efficiency of cross-border transactions by allowing exporters to receive stablecoins and UK importers to pay in digital pounds.