Crypto
Top US Bank Tests Near-Instant Global Payments on Stellar
US Bank has successfully completed a live cross-border payment using its proprietary dollar-backed stablecoin, USBDC, on the Stellar blockchain.
The experiment demonstrates an alternative model for cross-border payments, allowing US Bank to issue a dollar-denominated token directly on Stellar and transfer that token across borders without requiring a separate volatile bridge asset like XRP.
Stellar's settlement time of seconds and transaction costs of less than one cent make it an attractive option for institutional cross-border payments, potentially putting it in direct competition with SWIFT for this market.