US Bancorp, the fifth-largest US financial institution by belongings, has began testing a stablecoin on the Stellar
$0.2549
blockchain.
The trial is being carried out with help from PricewaterhouseCoopers (PwC) and the Stellar Growth Basis (SDF).
US Bancorp, the dad or mum firm of US Financial institution, manages over $664 billion in belongings and stories annual income of over $27.5 billion. In response to the financial institution, the pilot is designed to check how blockchain know-how can work in a safe, regulated atmosphere.
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Kurt Fields, blockchain lead at PwC, described the initiative throughout a Cash 20/20 episode of the US Banks podcast. He acknowledged that the main focus has shifted from experimenting with blockchain to demonstrating its software in actual monetary methods.
Mike Villano, who oversees digital asset merchandise at US Financial institution, mentioned Stellar’s means to freeze belongings and reverse transactions was an vital issue.
He defined that these safeguards are usually written into enterprise methods, however Stellar permits them to be dealt with straight on the blockchain degree.
Villano additionally shared that the financial institution is researching tokenized belongings. It explores how blockchain may allow environment friendly cross-asset transfers.
Stellar, launched in 2014, is an open-source blockchain constructed to help cross-border transfers and digital asset issuance. The platform’s options had been key in US Bancorp’s resolution to make use of it for this pilot.
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