U.S. Bank Initiates Stablecoin Testing on Stellar Blockchain
- U.S. Bank is testing its own stablecoin on the Stellar blockchain.
- The bank collaborates with the Stellar Development Foundation and PwC for this project.
- Stellar’s blockchain architecture allows freezing and undoing transactions at the core level.
- Stellar ranks as the nineteenth largest stablecoin network by market cap, with $212 million in circulation.
- U.S. Bank will also provide custody services for Anchorage Digital’s stablecoins reserves.
U.S. Bank joins other major banks like Citi and Goldman Sachs in exploring stablecoins, highlighting a growing institutional interest following regulatory developments such as the GENIUS Act.
The collaboration with Stellar leverages its unique blockchain features to enhance transaction security and flexibility, aligning with U.S. Bank’s strategy to explore alternative payment rails using blockchain technology.(Source)
