Polygon Puts Stablecoins Through Their Paces in BoE Digital Pound Test
Polygon Labs has successfully settled a stablecoin payment against a simulated digital pound in the Bank of England's Digital Pound Lab, eight weeks after the central bank capped systemic sterling stablecoin issuance at £40 billion.
The test, which ran for eight weeks, demonstrated that an orchestration layer can move a stablecoin leg and a simulated central bank leg without either waiting on the other. The consortium behind the test, NOBO Finance with Dun and Bradstreet and Polygon, used electronic bills of lading to facilitate the payment.
Marc Boiron, CEO of Polygon Labs, stated that the exercise was a test of fungibility across money types, highlighting the need for different forms of digital money to work together in order to move value across borders.