Bank of America issues its own stablecoin USBDC on Stellar and completes cross-border payment testing.

BlockBeats news, September 10, according to official sources, U.S. Bank has issued its own USD stablecoin USBDC on the Stellar blockchain and used the stablecoin to complete a real cross-border payment between entities in North America and Europe. This pilot transaction was completed on the Stellar network while maintaining connectivity with the bank's existing treasury, risk, compliance, and operational systems.

The test also validated functions of USBDC including minting, payment redemption, freezing, and clawback. U.S. Bank stated that the pilot also validated its internally developed digital asset platform, which is used for issuing, managing, and transferring tokenized assets and connecting traditional banking infrastructure with blockchain networks.