U.S. Bank has completed its first cross-border transaction with its new USBDC stablecoin, the institution announced Wednesday. The bank completed a live pilot transaction to enable a cross-border payment between U.S. Bank entities in North America and Europe.
The pilot transaction was completed on the Stellar blockchain, demonstrating the ability for U.S. Bank to transfer value on-chain while maintaining integration with the bank’s core finance, risk, compliance and operations infrastructure. Per U.S. Bank, the pilot represents an important milestone in the continued development of U.S. Bank’s digital asset and money movement capabilities.
“This live pilot demonstrates our ability to accelerate global cash management and money movement capabilities,” said Gunjan Kedia, chairman and chief executive officer at U.S. Bank. “We are excited to create value for our clients and harness the power of a new technology within the banking system.”
Throughout the past year, the digital asset industry has become far more popular amongst banks in America. Let by the introduction of stablecoins to traditional finance, several top banks have begun stablecoin projects, including U.S. Bank. In late August, a consortium of state bankers’ associations plans to launch BankChain Alliance, a blockchain platform supporting stablecoins, in the first half of 2027.