Stablecoins Make Headway in Payments with US Bancorp and Marqeta Deals

US Bancorp has successfully tested its stablecoin, USBDC, for cross-border payments using the Stellar blockchain. The pilot test included minting, payment redemption, freezing, and clawback features, confirming the quality of the bank's digital asset platform.

The transaction was live on the Stellar blockchain while still integrated with the bank's core finance, risk, compliance, and operational systems. U.S. Bank said that USD Coin (USDC) was one of the first stablecoins issued by a bank to be used on a public blockchain.

Separately, Marqeta and BVNK have partnered to provide stablecoin-backed card capabilities to fintech and non-crypto companies. The integration will let Marqeta customers add stablecoin features to all their cards, allowing users to spend digital dollars at stores that already accept standard credit cards.