The Bank of England's digital pound project has entered the second phase, which will test co-payments between stablecoins and central bank currencies

Comparatively, the Bank of England (BOE) digital pound project has entered the second phase to test whether publicly issued stablecoins and central bank currencies can work together in a single payment process for trade finance.

BOE will partner with NOBO Finance, Dun & Bradstreet, and Polygon Labs at the Digital Pound Lab to explore the establishment of reusable credit profiles for small businesses and explore the use of stablecoins and potential digital pounds in invoice factoring. The experiment involved no real customers or funding, and was intended to provide a reference for BOE and the UK Treasury to evaluate the interoperability of different forms of digital currencies.

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