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Crypto

Bank of England tests trade finance payments using stablecoins and digital pound

The Bank of England is testing a payments structure that uses stablecoins and a simulated digital pound in cross-border trade finance. The trial, run at its Digital Pound Lab, is designed to check whether stablecoin payments and digital pound settlement can work in a single flow. It uses no real customer funds. The central bank said the exercise does not signal future policy direction or endorse any company or product, and it has not decided whether to issue a digital pound.

Crypto

Polygon CEO announces more layoffs as it seeks to finalise Coinme acquisition

Polygon Labs has announced additional layoffs as it works to finalise its acquisition of cryptocurrency exchange Coinme. Cointelegraph reported the move is part of a shift from a blockchain foundation to a blockchain-based payments company. CEO Marc Boiron said on X that the cuts reflect a restructuring tied to the transition, not the capabilities of departing staff. Polygon disclosed plans in January to acquire Coinme and wallet infrastructure platform Sequence in a $250 million deal.

Crypto

PayPal to issue PYUSD natively on Polygon to expand supply

PayPal is expanding cooperation with the Polygon network to increase adoption of its stablecoin, PYUSD. The Block reported that PayPal will issue PYUSD natively on Polygon and make it available through Polygon\'s Open Money Stack, aiming to help companies use PYUSD more easily for global payment settlement. Polygon Labs CEO Marc Boiron said the setup can enable firms to receive funds, move them across borders and cash out through a single compliance-enabled integration.