Forex
US Bancorp Conducts First Live Transaction Using USD-Backed Stablecoin
US Bancorp has successfully completed a live pilot transaction using its proprietary dollar-backed stablecoin, USBDC. The transaction was conducted on the Stellar blockchain and involved a cross-border transfer between US bank entities in North America and Europe.
The pilot tested various capabilities of the digital asset platform, including minting, redemption, freezing, and clawbacks. This move follows broader industry efforts to adopt stablecoins, with several major banks planning to issue their own cryptocurrency pegged to the dollar by 2027.