IBM utilizes the Stellar network which uses XLM as bridge currency for cross-border payments

The following excerpt from the article, https://www.ibm.com/blogs/blockchain/2021/10/fueling-the-financial-industry-with-open-source-cross-border-payments/

We designed the original IBM World Wire to reduce the cost and friction in cross-border payment. We are happy to share it with the open source community. Here’s a look:

Utilizes the Stellar network which uses Lumens as bridge currency — essentially a unit of value for transfer of value and transaction costs calculations

All money transactions in the Stellar network (except lumens) occur in the form of credit issued by anchors, so anchors act as a bridge between existing currencies and the Stellar network Anchors are entities the network participants trust to hold their deposits and issue credits into the Stellar network for those deposits

The credit issuance implies digital obligates which need to be settled out of band via traditional rails, for example. The idea is to provide a choice in the network for anchors to issue credits or stablecoin for instant settlement — addressing various business cases and cost points to the ecosystem and network operator.