U.S. Bank Pilots Blockchain-Based Cross-Border Payment Using Proprietary Stablecoin

U.S. Bank has successfully conducted a live cross-border payment using its proprietary dollar-backed stablecoin, USBDC. The transaction utilized the Stellar network and was executed between U.S. Bank entities in North America and Europe.

The bank's Digital Asset Platform issued, moved, and redeemed tokens as part of the pilot, demonstrating its ability to issue digital dollars on a public blockchain while maintaining control over traditional finance and risk, compliance, and operational controls.

U.S. Bank emphasized that this project is an institutional pilot and has not yet been tested with external clients or parties. The bank also explored capabilities for freezing and clawback tokens, which could be useful in certain circumstances.