U.S. Bank Moves Real Money With USBDC Stablecoin in Live Stellar Cross-Border Pilot

U.S. Bank constructed a live cross-border payment utilizing USBDC, a proprietary dollar-backed stablecoin, as part of their continuing exploration of blockchain technology. It would move value between U.S.

Bank entities in North America and Europe over the public Stellar network and would integrate with the bank’s existing financial and compliance systems. The September 9 pilot tested U.S.

Bank’s internally developed Digital Asset Platform, initially launching as a test and not as a public stablecoin branded USBDC. The bank has also not disclosed the transfer value, the transaction hash, when the transaction was settled, or the reserves backing the token.

The bank has not disclosed whether, at this time, customers or outside institutions may buy, hold, or redeem USBDC. U.S. Bank successfully executed a live pilot transaction using USBDC, our proprietary U.S. dollar-backed stablecoin, to enable a cross-border payment between U.S.