US Bank Completes First Live Cross-Border Payment with Its Stablecoin
US Bank has successfully completed its first live cross-border payment using its dollar-backed stablecoin, USBDC. The pilot was conducted on the public Stellar blockchain and involved transferring funds between US Bank's banking entities in North America and Europe.
The bank integrated the blockchain payment with its finance, risk, compliance, and operations systems to enable seamless transfer of funds while maintaining traditional banking controls.
US Bank also tested minting, redemption, freezing, and clawback capabilities for the USBDC stablecoin as part of the pilot. The institution is considering using USBDC for treasury payments, liquidity management, and collateral-related transactions.
The test marks a significant milestone in US Bank's development of blockchain-based payment systems, which are gaining traction among major financial institutions.