U.S. Bank Calls Ability to Freeze Stablecoins ‘Appealing’ as Crypto Has Completely Lost the Plot
U.S. Bancorp, which does business as (and is better known as) U.S. Bank, has begun testing its own stablecoin on the Stellar blockchain. The pilot, detailed in a recent Bloomberg report, focuses on using the token for faster and cheaper cross-border payments while incorporating safeguards like customer verification and transaction reversals. Mike Villano, the bank’s senior vice president for digital asset products, pointed to Stellar’s suitability for traditional financial services as a key selling point for the bank.
While U.S. Bancorp CEO Gunjan Kedia noted demand for stablecoin payments from customers remains muted, these dollar-backed digital assets have emerged as crypto’s primary pitch in recent years,…
