US Bank has executed a live cross border payment using USBDC, its own dollar backed stablecoin, on the Stellar public blockchain. The transaction moved funds between US Bank entities in North America and Europe, making it an intra group transfer rather than a client payment. The bank outlined its stablecoin work with the Stellar Development Foundation and PwC last November, but at that stage it was building issuance capability rather than running live transactions.
“This live pilot demonstrates our ability to accelerate global cash management and money movement capabilities,” said Gunjan Kedia, chairman and CEO of US Bank.
That language points to corporate treasury and the bank’s own liquidity rather than consumer payments. US Bank is a part owner of Zelle, which plans to launch its own stablecoin and enable in app remittances to India by year end. USBDC appears to sit on other corporate side, with the bank citing liquidity management, collateral mobility and cross border treasury operations as future use cases.
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