US Bancorp executes first live transaction using dollar-backed USBDC stablecoin

U.S. Bancorp said on Wednesday it completed a live pilot transaction using its proprietary U.S. dollar-backed stablecoin, USBDC as lenders race to develop blockchain-based payment networks with stablecoins gaining wider adoption.Here are some more details:The pilot involved a cross-border transfer between U.S. bank entities in North America and Europe on the Stellar blockchain.The bank said it tested capabilities including minting, redemption, freezing and clawbacks through its digital asset platform.Stablecoins are used to move ​money around the world in the form of cryptocurrency, and are mostly used in crypto trading.The move follows broader industry efforts to embrace stablecoins, with Goldman Sachs , Bank of America , Citigroup and Wells Fargo among the banks planning to create a company this year to issue a cryptocurrency pegged to the ​dollar in the first half of 2027.