XDC Network Takes Over Contour to Boost Trade Finance with Stablecoins

XDC Network, a blockchain platform, has taken over Contour, a digital trade finance platform. Contour, once supported by big banks like HSBC and Citi, faced challenges and closed down in late 2023. Now, under XDC's leadership, it's getting a fresh start with new funds and a plan to use stablecoins in real-world trade. The move comes as banks worldwide are looking into blockchain for real-world asset tokenization and stablecoin settlements. This could save a lot of money by automating processes with smart contracts and digital payments. XDC Network, which is compatible with Ethereum and has fast settlement times, is aiming to be a key player in this area. XDC Network is already working with big names like Circle and Deutsche Telekom. It supports frameworks for cross-border finance and is now focusing on digitizing Letters of Credit. These are financial tools that banks use to guarantee trade deals. Contour's system has already shown it can speed up processing times from days to hours. With this takeover, XDC Ventures has also launched a Stablecoin Lab. This lab will run tests to see how regulated stablecoins, like Circle’s USDC, can be used to settle trade transactions more efficiently than traditional methods. The project will start testing with regulators in the U. S. , EU, and Asia. The goal is to offer end-to-end digital trade finance, from documentation to real-time settlement. This could make trade finance faster, cheaper, and more secure. The acquisition is a big step for XDC Network in its mission to revolutionize trade finance with blockchain technology.