Blockchain technology facilities multi-party applications that do not require the parties to trust each other, that are failure-resistant due to their decentralized nature, and that provide a consistent view on the transaction history. These properties make blockchains attractive for decentralized finance (DeFi), and in particular for trade finance, where parties do not necessarily trust each other and aim at reducing their financial risks.Traditionally, intermediaries like banks or fiduciaries provide such services – along with several inconveniences like the increased risk of fraud due to antiquated systems and processes, considerable settlement delays, and high costs.In this work, we focus on the financial instrument Letter of Credit (L/C), which is used to secure payments in international trade. We propose a method for evaluating blockchains for DeFi based on this use case. We adapt existing catalogues of criteria for platform evaluation to fit the development and operation of DeFi applications. After discussing and designing a prototype of a typical L/C workflow, we implement it on selected blockchain platforms. The evaluation rates the feasibility and usability of the development process.