U.S. Bank, the fifth-largest commercial bank in the U.S., has started testing the issuance of custom stablecoins on the Stellar network, according to a Tuesday announcement. Teaming up with PwC and the Stellar Development Foundation (SDF) for the initiative, the bank aims to explore whether a traditional bank can safely issue programmable money on a public blockchain, according to the blog post.
U.S. Bank’s digital asset head, Mike Villano, highlighted in the blog post Stellar’s built-in ability to freeze or unwind transactions as a key feature that aligns with regulatory and compliance requirements, such as Know-Your-Customer (KYC) and transaction reversibility, critical features if banks are to adopt blockchain rails for mainstream use.
Stablecoins, which are cryptocurrencies with prices anchored to a fiat cy like the U.S. dollar, are gaining traction as potential tools for faster, cheaper payments across borders. Financial institution
Elon Musk's artificial intelligence company xAI has filed a federal lawsuit challenging Minnesota's landmark law banning AI-powered "nudification" technology, arguing…
Bitcoin climbed toward $65,000 as an unusual shift in traditional financial markets created one of the rarest conditions…
Hyperscale Data has sold 100 Bitcoin to accelerate development of its planned artificial intelligence campus in Michigan, sending shares…
A newly launched memecoin called PIPEDOG ($PIPEDOG) became the latest breakout token on Robinhood Chain, surging more than 140x within…
BNY, the world's largest custodian bank, is bringing one of its core financial businesses onto…
A bipartisan group of U.S. senators has reportedly reached a new compromise on the ethics provisions of…