U.S. Bank, the fifth-largest commercial bank in the United States, successfully completed a live cross-border payment pilot using its proprietary dollar-backed USBDC stablecoin on the Stellar blockchain. The transaction moved funds between the bank's North American and European entities while remaining integrated with existing risk and compliance management systems.
As Bitcoin's price has plummeted from $126,000 to around $60,000, erasing over $1.2 trillion in market value, Citi analysts and industry experts are raising alarms about quantum computing vulnerabilities, with Stellar unveiling a three-stage migration plan to quantum-safe cryptography while debate intensifies over whether Bitcoin or traditional banks face greater risk.
MoneyGram launched MGUSD, a U.S. dollar-backed stablecoin on the Stellar blockchain, issued by Stripe-owned Bridge. The stablecoin will power services across MoneyGram's global network of 60 million customers and 500,000 retail locations.
The U.S. Senate is moving forward with the Clarity Act, which blocks CBDCs while providing regulatory framework for stablecoins, as DTCC simultaneously announces integration of its tokenized securities platform with the Stellar blockchain, marking institutional adoption of public blockchains.
