- US Bank, Stellar Development Foundation and PricewaterhouseCoopers are working together on a stablecoin.
- The new legal clarity created by the GENIUS law apparently tipped the scales in favor of the project.
Stellar announced on Tuesday that publicly traded bank US Bank is testing a stablecoin on the Stellar blockchain. According to the announcement The Minneapolis-based bank is working with the consulting firm PwC and the Stellar Development Foundation.
Mike Villano, senior vice president and head of digital asset products at US Bank, said the project will help the bank “discover a new way to move money on a blockchain.”
US Bank joins the growing list of banks and other financial institutions following the signing of the GENIUS Act am 18 July 2025 explore the stablecoin opportunities. The GENIUS Act allows licensed and regulated companies to issue stablecoins.
Bank of America, Deutsche Bank, Goldman Sachs and UBS gave their approval early last month. In addition to Citi, MUFG, Barclays, TD Bank, Santander and BNP Paribas announced that they are exploring blockchain-based assets pegged to G7 currencies.
Previously, both Citi and Bank of America had individually expressed interest in stablecoins earlier this year.
Deutsche Börse and Société Générale are cooperating on stablecoins
As CNF reported, Deutsche Börse last week announced its partnership with France’s Société Générale, which plans to integrate the bank’s euro- and dollar-backed stablecoins into its operations through its crypto division SG-FORGE.
In addition, Deutsche Börse wants to include the stablecoins in its Clearstream custody service and possibly use them for trading and collateral management in the future.
XLM, which ranks 16th by market cap, is currently listed for 0,2530 $traded and recorded an increase of 2.1% in the last 24 hours and in the last week respectively.1 .12% with a market cap of $8.17 billion.
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