US Bancorp Completes First Live Transaction with Dollar-Backed Stablecoin on Stellar Blockchain
US Bancorp has successfully completed its first live transaction using the dollar-backed USBDC stablecoin on the Stellar blockchain. This milestone marks a significant step forward in the development of blockchain-based payment networks.
The pilot transaction involved a cross-border transfer between US bank entities in North America and Europe, testing capabilities such as minting, redemption, freezing, and clawbacks through the bank's digital asset platform.
The use of stablecoins is gaining wider adoption, particularly in crypto trading, where they are used to move money around the world in the form of cryptocurrency. Major banks including Goldman Sachs, Bank of America, Citigroup, and Wells Fargo plan to issue a dollar-pegged cryptocurrency by 2027.