US Bank Taps Stablecoins for Cross-Border Transfers
U.S. Bank, the sixth-largest bank in the US, has launched a live pilot of its dollar-backed stablecoin on the Stellar network. The pilot aims to facilitate cross-border transfers between the bank's North American and European entities. According to Gunjan Kedia, chairman and CEO at U.S. Bank, this move demonstrates the bank's ability to accelerate global cash management and money movement capabilities.
The Digital Asset Platform, which supports minting, redemption, freezing, and clawback functions, remains linked to existing finance, risk, and compliance systems. Jamie Walker, head of Digital Assets and Money Movement at U.S. Bank, highlighted the bank's focus on delivering solutions that solve real client challenges while maintaining safety, security, and reliability.
Future use cases for the stablecoin include liquidity management, collateral mobility, and cross-border treasury operations. The pilot is a significant step forward in U.S. Bank's broader digital asset strategy.