U.S. Bank completed a live cross-border payment using USBDC, its proprietary U.S. dollar-backed stablecoin, between its North American and European entities on the Stellar public blockchain. The Sept. 9, 2026 institutional pilot used the bank's Digital Asset Platform to connect token activity with finance, risk, compliance and operational systems. The bank tested minting, redemption, freezing and clawback functions and is exploring USBDC for liquidity management, collateral mobility and cross-border treasury operations. USBDC remains an intercompany pilot rather than a publicly circulating token, with no announced retail access, exchange listing, customer eligibility or commercial launch date. The transaction comes as banks step up stablecoin initiatives. A group of 21 financial institutions, including Goldman Sachs, Bank of America, Citi and Deutsche Bank, has announced plans for a jointly issued dollar-pegged stablecoin in the first half of 2027. The 2025 GENIUS Act established a U.S. federal framework for payment stablecoins, while USDT and USDC continue to dominate the roughly $305 billion stablecoin market.