America’s fifth-largest bank US Bancorp tests stablecoin on Stellar

U.S. Bancorp, which ranks as the fifth-largest bank in the U.S. with $671 billion in assets, is actively testing its proprietary stablecoin utilizing the Stellar blockchain. This move aligns it with other major financial institutions exploring digital assets backed by U.S. dollars and Treasuries. U.S. Bank selected Stellar partly due to its base layer capabilities that allow for asset freezing and transaction clawbacks, features deemed crucial for customer protection and regulatory compliance, according to Senior Vice President Mike Villano. The bank recently established a dedicated digital assets division to focus on services like stablecoin issuance and custody. Stellar's network, known for its high uptime and use by firms like Circle and Franklin Templeton, was chosen over other platforms for these security and control features.

(Source：The Block)