U.S. Bank, the fifth largest bank in America, is testing its own stablecoin on the Stellar Blockchain.

Source: DigitalToday Original Title: US Bank, the 5th largest bank in the US, tests its own stablecoin based on the Stellar blockchain Original Link: U.S. Bancorp, the fifth largest bank in the United States, is testing its self-issued stablecoin on the Stellar blockchain.

The main reason banks choose Stellar is its technological advantages in customer protection and regulatory compliance. The asset freezing and transaction reversal features provided by the Stellar core operating layer are key considerations.

Mike Biran, Vice President of US Bank, stated: “When considering additional protective measures such as customer identity verification (KYC) and transaction reversals, Stellar's operational foundation has significant advantages.”

This stablecoin test is one of the tasks of the newly established digital asset department of US Bank last month. The department is not only focused on stablecoin issuance, but also promotes business diversification in several areas including cryptocurrency custody, asset tokenization, and digital remittances.

Dominic Venturo, head of the digital department, stated: “Customers are increasingly interested in understanding the role that digital assets can play in areas such as capital flow, deposit custody, and tokenized asset applications.”