U.S. Bank Becomes First Top-5 Bank to Use Stablecoins for Cross-Border Payments
U.S. Bank has become the first top-5 federally chartered bank to settle a live cross-border payment using USDC on the Stellar blockchain, moving corporate funds without SWIFT.
The transaction used Stellar for sub-cent fees and seconds-long settlement, replacing legacy correspondent banking for corporate treasury moves.
Marqeta and BVNK have also launched a stablecoin card that lets businesses spend USDC anywhere cards are accepted, converting to fiat at the point of sale via Marqeta's card-issuing platform.
The Marqeta BVNK stablecoin card dissolves the old separation between accepting crypto and spending it, allowing businesses to receive client payments in USDC, hold them in a stablecoin business account, and pay suppliers or SaaS bills via card, all in one liquidity stream.