US Bank Sends Own Stablecoin Across Europe on Public Blockchain

The 163-year-old US bank U.S. Bank has taken its own stablecoin USBDC onto a public blockchain, completing a cross-border payment between its entities in North America and Europe.

This move marks another step towards utilizing the Digital Asset Platform, which evaluates minting, payment redemption, freezing, and clawback capabilities.

The bank's chairman and CEO Gunjan Kedia stated that the live pilot demonstrates their ability to accelerate global cash management and money movement capabilities.

This is a rare move for a large financial institution, with few banks having done something similar in the past. U.S. Bank has been working closely with the Stellar Development Foundation on this project.