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U.S. Bank is Testing Custom Stablecoin Issuance on the Stellar Network
U.S. Bank, PwC, and the Stellar Development Foundation (SDF) unveiled a major step forward in making programmable money bank-grade: U.S. Bank is testing custom stablecoin issuance on the Stellar network.
The announcement was made on the U.S. Bank Money 20/20 podcast “The Tokenized Future of Banking.” Hear from leaders at U.S. Bank, Stellar Development Foundation, and PwC on what’s next for digital assets here.
“For bank customers, we have to think about other protections around know your customers, the ability to unwind transactions, the ability to clawback transactions, and one of the great things about the Stellar platform as we did some more research and development on it was learning that they have the ability at their base operating layer to freeze assets and unwind transactions” – Mike Villano, Senior Vice President, Head of Digital Asset Products, US Bank
Stellar was designed from day one for moving money and issuing assets. With 99.99% uptime over a decade, billions in annual payment volume, powerful built-in asset controls, and settlement in 3–5 seconds at a fraction of a U.S. cent, Stellar provides regulated institutions with the reliability, configurability, and global reach they need.
“When you are doing mission critical systems, when you are doing financial services, and you are moving consumers’ money, you need to make sure that your blockchain is going to be there. So we are very honored to have the confidence of US Bank and our partners at PWC. We take that confidence and that trust very very seriously.” – José Fernández da Ponte, President and Chief Growth Officer, SDF
The collaboration reflects SDF’s mission: helping to unlock equitable access to the global financial system by making the rails beneath everyday financial services more inclusive, interoperable, and efficient.
The bottom line is institutions have arrived. New financial infrastructure is taking shape now and U.S. Bank, PwC, and SDF are working to unlock the next wave of digital banking.
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