US Bank's successful cross-border stablecoin pilot on Stellar signals a shift toward public blockchain adoption for institutional payments, challenging the market dominance of XRP and SWIFT.
US Bank's successful cross-border pilot on Stellar showcases its speed and cost efficiency, boosting adoption prospects for XLM.
The Stellar-based pilot challenges XRP's niche as a bridge currency by using a bank-issued stablecoin, potentially reducing demand for XRP.
US Bank has successfully completed a live cross-border payment between North American and European entities using its proprietary USBDC stablecoin on the Stellar blockchain. The pilot demonstrates the potential for public blockchain infrastructure to facilitate near-instant settlement at a fraction of traditional costs, intensifying the competitive landscape for institutional payment rails currently dominated by SWIFT and XRP.
US Bank uses a dollar-backed stablecoin (USBDC) issued directly on the Stellar network, whereas XRP is often utilized as a bridge asset to facilitate transfers between different fiat currencies.