U.S. Bank Completes Live Transaction with Its Own Stablecoin

U.S. Bank has successfully completed a live pilot transaction using its proprietary US dollar-backed stablecoin, USBDC. The test involved a cross-border transfer between U.S. Bank entities in North America and Europe on the public Stellar blockchain.

The bank used its internally developed Digital Asset Platform to test the stablecoin's minting, redemption, freezing, and clawback functions.

Chairman and CEO Gunjan Kedia said the pilot demonstrated the bank's ability to accelerate global cash management and money movement.