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

On September 10, according to official sources, Bank of America (U.S. Bank) issued its own U.S. dollar stablecin USBDC on the Stellar blockchain and used the stablecin to complete a real cross-border payment between North American and European entities. The pilot transaction was completed on the Stellar network while maintaining connectivity to the bank's existing financial, risk, compliance and operations systems. The test also verified the USBDC's casting, payment redemption, freezing and clawback functions. U.S. Bank said the pilot also verified its internally developed digital asset platform, which is used to issue, manage and transfer tokenized assets and connect traditional banking infrastructure with blockchain networks.