U.S. Bank Tests USBDC Stablecoin for Cross-Border Payments on Stellar Blockchain
U.S. Bank, the fifth-largest bank in America, has successfully tested its proprietary USBDC stablecoin on the Stellar blockchain for cross-border payments between North America and Europe.
The test, which marked one of the first bank-issued stablecoins deployed on a public chain, was conducted using U.S. Bank's Digital Asset Platform, which supports minting, payment redemption, freezing, and clawback capabilities.
U.S. Bank's chairman and CEO, Gunjan Kedia, stated that this is a step towards accelerating global cash management, with the bank wanting to integrate new technology directly into its existing framework rather than around it.
The pilot transaction tested minting, payment redemption, freezing, and clawback capabilities while maintaining integration with U.S. Bank's core finance, risk, and compliance infrastructure.