In the process of global economic integration, cross-border e-commerce has developed vigorously and become an important part of international trade. However, small and medium-sized enterprises (SMEs) face severe credit challenges in cross-border e-commerce activities. Traditional credit reporting systems suffer from information asymmetry, and transnational data transmission faces many difficulties, making it difficult for SMEs to obtain accurate credit evaluations and restricting their financing channels, thus hindering their expansion in the international market. The emergence of blockchain technology provides new ideas for solving these problems. Its core functions, such as distributed ledgers and smart contracts, can achieve transparent and tamper-proof credit data and automatic execution, effectively reconstructing the credit ecosystem of cross-border e-commerce. Taking the Trusple platform as an example, the platform uses blockchain technology to accumulate transaction data and reshape corporate credit profiles, providing SMEs with fairer credit evaluations and financing opportunities, thereby reshaping the international credit reporting competition landscape. This paper uses grounded theory to systematically analyze the Trusple case and proposes a “technology empowerment-credit reconstruction-ecological balance” model. Through a dynamic analysis framework involving multiple stakeholders, this model reveals the mechanisms and paths of blockchain reconstructing the cross-border e-commerce credit system, providing policy insights for developing countries to cope with changes in the international credit reporting ecosystem. Specifically, this model can be used not only to analyze the evolutionary mechanism of the cross-border e-commerce credit ecosystem but also to provide an empirical basis for formulating policies related to cross-border payments and the credit reporting industry.