XDC Network Acquires Contour to Integrate Stablecoins in Trade Finance
XDC Ventures has acquired Contour Network, a blockchain-based trade finance platform previously backed by major banks including HSBC, Citi, and Standard Chartered. The MOVE aims to modernize global trade finance by leveraging blockchain technology and stablecoins.
Contour, which shuttered in late 2023 due to scalability challenges, will be restructured with fresh capital. The revamped platform will focus on digitizing Letters of Credit and integrating stablecoins for seamless cross-border transactions.
XDC has launched a Stablecoin Lab to pilot USDC in trade settlements. Regulatory testing is set to commence across the U.S., EU, and Asia to ensure compliance. This acquisition underscores the growing institutional adoption of blockchain for efficient trade processes.
