Bank of America Completes USDC Stablecoin Cross-Border Payment Test, Exploring Broader Commercial Applications

According to CoinDesk, U.S. Bank, the fifth-largest commercial bank in the United States, announced that it has completed a cross-border real-time payment using its self-developed US dollar stablecoin, USBDC. The transaction was executed between entities in North America and Europe via the Stellar blockchain. This test covered USBDC’s minting, redemption, freezing, and recall functions, while also verifying the compatibility of the bank's internally developed Digital Asset Platform with its financial, compliance, and risk control systems. U.S. Bank stated that it is exploring the application of USBDC in scenarios such as cross-border financial operations, liquidity management, and collateral transfers, though it has not yet disclosed a timeline for customer rollout. Previously, 21 financial institutions including Bank of America, Citigroup, and Goldman Sachs announced plans to jointly issue a stablecoin, while several European banks have formed the Qivalis alliance to issue a euro stablecoin, indicating an increasingly clear trend of banks entering the stablecoin sector.