U.S. Bank completes pilot cross-border transfer using USBDC stablecoin

U.S. Bank said it completed a pilot cross-border transfer between its North American and European entities using its dollar-pegged stablecoin, USBDC. The transaction was carried out on the Stellar (XLM) blockchain, and the bank tested USBDC issuance and redemption, as well as freeze and clawback functions. U.S. Bank is also reviewing ways to expand its use of blockchain for institutional operations, including liquidity management, collateral transfers and cross-border treasury management.