US Bank Executes Live Intra-Group Cross-Border Transfer Using USBDC Stablecoin on Stellar

US Bank has completed a live cross-border payment using USBDC, its proprietary dollar-backed stablecoin, settled on the Stellar public blockchain. The transaction moved funds between US Bank entities in North America and Europe, making it an intra-group transfer rather than a commercial client payment. The bank had disclosed its stablecoin programme with the Stellar Development Foundation and PwC in November of the previous year, at which point the work was still focused on building issuance infrastructure rather than executing live settlements.

The framing from US Bank’s chairman and chief executive Gunjan Kedia, who described the pilot as demonstrating the ability to accelerate global cash management and money movement, points clearly toward corporate treasury rather than retail or consumer channels. The bank has named liquidity management, collateral mobility, and cross-border treasury operations as the forward use cases for USBDC, which suggests the instrument is being positioned as an internal plumbing layer rather than a payments product.

The announcement sits alongside a separate stablecoin initiative at Zelle, in which US Bank holds a partial ownership stake. Zelle is reported to be planning its own stablecoin and intends to enable in-app remittances to India by year end. The two efforts appear to occupy different market positions: USBDC aimed at institutional and intra-bank treasury flows, with Zelle’s product targeting consumer remittance corridors. Whether the two rails eventually converge, or remain distinct, is a question worth tracking as both initiatives mature.