U.S. Bank Completes Cross-Border Payment on Stellar Using USBDC

U.S. Bank said it completed a cross-border payment between entities in North America and Europe on September 9 using its self-issued dollar stablecoin, USBDC, on the public blockchain Stellar. According to Odaily, the transfer did not use a closed private ledger, and USBDC moved on an open network while remaining connected to U.S. Bank's existing systems. U.S. Bank Chief Executive Gunjan Kedia said the pilot showed the bank's ability to speed up global cash management and fund transfers. The bank said its digital asset platform can evaluate stablecoin minting, payment redemption, freezing, and rollback functions. Jamie Walker, who leads digital assets and money movement at U.S. Bank, said the pilot was another step in the bank's digital asset strategy.