US Bancorp Completes Live Transaction with Dollar-Backed Stablecoin

US Bancorp has successfully executed its first live transaction using the dollar-backed USBDC stablecoin, marking another step towards the adoption of blockchain-based payment networks.

The pilot transaction involved a cross-border transfer between US bank entities in North America and Europe on the Stellar blockchain. This tested various capabilities including minting, redemption, freezing, and clawbacks through the digital asset platform.

This move follows broader industry efforts to embrace stablecoins, with several major banks planning to create their own cryptocurrency pegged to the dollar in 2027.