U.S. Bank completed a cross-border transaction using its USBDC stablecoin on the public Stellar blockchain, moving dollars between its North American and European entities on Sept. 9.
The stablecoin remained integrated with the bank's existing systems while traveling on a permissionless network. Gunjan Kedia, chairman and chief executive officer at U.S. Bank, said the pilot demonstrates the bank's ability to accelerate global cash management and money movement. The Minneapolis-based institution, established in 1863 and managing $445.4 billion in assets as of June 2026, built USBDC on its Digital Asset Platform infrastructure.
The platform supports minting, payment redemption, freezing and clawback capabilities. The pilot validated these controls for the bank's operations. The move places bank-issued money on the same public rails as widely used stablecoins like USDT and USDC—a rare step for federally regulated U.S. banks, which typically do not issue tokens directly on permissionless chains.
Other regulated institutions have issued stablecoins or deposit tokens on public networks. Société Générale operates EURCV and USDCV via SG-FORGE. SoFi Bank issues SoFiUSD. Custodia Bank and Vantage Bank jointly offer Avit. JPMorgan runs JPMD on Coinbase's Base network, though it classifies JPMD as a deposit token rather than a stablecoin.
Earlier this week, Citi and DBS sent tokenized USD using the Swift blockchain network. U.S. Bank's pilot continues its collaboration with the Stellar Development Foundation.
Jamie Walker, head of Digital Assets and Money Movement at U.S. Bank, said the pilot represents another step in the bank's broader digital asset strategy, focusing on solutions that address client challenges while maintaining safety, security and reliability.
