U.S. Bank, PwC, and the Stellar Development Foundation (SDF) have recently unveiled a significant step forward in making programmable money bank-grade: U.S. Bank is testing custom stablecoin issuance on the Stellar network.
This latest announcement was reportedly made on the recently U.S. Bank Money 20/20 podcast “The Tokenized Future of Banking.”
Mike Villano, Senior Vice President, Head of Digital Asset Products, US Bank has said that for bank customers, they have to think about other protections around know your customers, “the ability to unwind transactions, the ability to clawback transactions, and one of the great things about the Stellar platform as they did research and development on it was learning that they have the ability at their base operating layer to freeze assets and unwind transactions.”
Stellar was reportedly designed from day one for “moving money and issuing assets.”
With 99.99% uptime over a (reported) 10-year period, along with “billions” in annual payment volume, built-in asset controls, and settlement “in 3–5 seconds at a fraction of a U.S. cent,” Stellar provides regulated institutions “with the reliability, configurability, and global reach they need.”
José Fernández da Ponte, President and Chief Growth Officer, SDF said that when you are doing mission critical systems, “when you are doing financial services, and you are moving consumers’ money, you need to make sure that your blockchain is going to be there.”
They added that they are very honored “to have the confidence of US Bank and their partners at PWC.”
They take that confidence and “that trust very very seriously.”
The collab reflects SDF’s mission: helping to unlock “access to the global financial system by making the rails beneath everyday financial services more inclusive, interoperable, and efficient.”
As noted in a blog post, the bottom line is institutions have now finally arrived.
And new financial infrastructure is taking shape now and U.S. Bank, PwC, and SDF are working to “unlock the next wave of digital banking.”
