US Bank Completes Live Pilot of USBDC Stablecoin for Cross-Border Payments

US Bank has completed a live pilot of its proprietary USBDC stablecoin, facilitating real-time cross-border payments between its North American and European divisions on the Stellar blockchain. This pilot, conducted on September 9, positions US Bank as one of the first major American financial institutions to utilize a bank-issued, dollar-backed stablecoin in a live operational context.

The pilot tested the full lifecycle of the USBDC stablecoin, including minting, payment execution, redemption, freezing, and clawback functionalities. Designed to integrate with the bank’s existing systems for risk management and compliance, the pilot reflects US Bank's ongoing collaboration with the Stellar Development Foundation and PwC, which began in November 2025.

CEO Gunjan Kedia emphasized the pilot's role in enhancing global cash management, while Jamie Walker, Head of Digital Assets and Money Movement, noted the focus on addressing real client challenges through advanced bank-grade controls. The groundwork for this initiative was laid in October 2025 when US Bank established a dedicated Digital Assets and Money Movement organization.

Beyond this pilot, US Bank has identified several future applications for its stablecoin, including 24/7 payments, liquidity management, and enhanced collateral mobility. By choosing to issue a stablecoin on a public blockchain rather than a private ledger, US Bank sets a new precedent for regulated institutions operating on open infrastructure.

New Developments on USBDC Stablecoin

• US Bancorp successfully executed a live pilot of its proprietary stablecoin, USBDC, for cross-border payments between North America and Europe using the Stellar blockchain.
• The pilot tested the full lifecycle of a stablecoin transaction, including minting, redemption, and payment execution, while integrating with the bank’s existing digital infrastructure.
• USBDC is one of the first bank-issued stablecoins deployed on a public blockchain, distinguishing it from many banks that have only experimented with private networks.
• The stablecoin includes mechanisms for freezing tokens and executing clawbacks, essential for compliance with regulatory standards.
• US Bank collaborated with the Stellar Development Foundation and PwC to establish the technical architecture and compliance framework for USBDC.
• US Bank was selected as custodian for reserves backing payment stablecoins issued by Anchorage Digital Bank, providing operational experience with stablecoin reserves.
• USBDC's entry into the market brings a federally regulated balance sheet, enhancing trust in its reserves compared to non-bank issuers like Tether and Circle.
• The successful pilot validates the Stellar network as institutional-grade infrastructure, marking a significant endorsement for the blockchain.
• US Bank is exploring broader applications for stablecoins beyond cross-border payments, including liquidity management and 24/7 payment systems.
• There is currently no timeline for the commercial rollout of USBDC, as US Bank prioritizes compliance and operational readiness.

Latest Developments in Stablecoin Technology

Date: September 9th, 2026

The PYUSDx stablecoin platform has successfully processed over $100 million in volume, marking a significant milestone in the stablecoin ecosystem.

Stablecoin circulation has exceeded $300 billion, maintaining this level since October of last year. Additionally, global monthly transfer volume has surpassed $7.2 trillion, outpacing the US ACH network for the first time.

Three stablecoins, Saturn, Concrete, and Cap, have launched on the PYUSDx platform, demonstrating diverse applications across credit, investments, and DeFi.

Saturn's stablecoin, USDat, has approximately $65 million in circulation, while Concrete's flagship stable vault holds over $800 million in stablecoin strategies. Cap's native stablecoin, cUSD, has about $92 million in circulating supply.

PYUSDx aims to streamline the process for businesses to create custom stablecoins, allowing them to focus on product development rather than underlying technology.