US Bancorp is running a stablecoin pilot on the Stellar blockchain, joining an increasing number of banks experimenting with the technology.
The bank is collaborating with consulting firm PwC and the Stellar Development Foundation on the pilot.
The Stellar Development Foundation stated on Tuesday: "The bottom line is that institutions have arrived. A new financial infrastructure is forming, and US Bank, PwC, and SDF are working to unlock the next wave of digital banking."
According to the bank's data, US Bancorp is the publicly traded parent company of US Bank, managing assets of over $664 billion and annual revenue exceeding $27.5 billion.
Kurt Fields, a partner at PwC and head of blockchain, mentioned in an episode of the US Banks podcast Money 20/20 on Tuesday that the main goal of the pilot is to demonstrate the potential of blockchain in a trusted bank-grade environment.
He said, "We have been talking about blockchain for many years, and now we have reached a stage where it is no longer about innovation."
The Stellar network, launched in 2014, is an open-source, decentralized blockchain designed for cross-border payments and asset tokenization.
Mike Villano, head of digital asset products at US Bank, stated that his organization chose Stellar for the pilot because it allows for transaction reversals and recoveries.
Villano noted that the Stellar platform "has the ability to freeze assets and reverse transactions at its foundational operational layer," which is a key consideration for customer protection.
He added, "Typically, you might write that into the business logic itself, but in this case, you can accomplish it at the core blockchain layer. So that is very interesting for us."
Villano also mentioned that US Bank is exploring tokenized assets, currently in the research phase.
He said, "We are also doing some additional research around tokenized assets, and if you can leverage the value proposition of fast-moving, always-on, and efficient movement, you can apply it to a variety of other asset classes that follow."
Related: Polymarket receives CFTC regulatory approval to operate an intermediary trading platform in the U.S.
Original: “Institutions have arrived” — US Bancorp launches stablecoin pilot on the Stellar network
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