U.S. Bank Moves Real Dollars on a Public Chain, But With a Kill Switch
On Wednesday, U.S. Bank sent dollars from North America to Europe on a public blockchain. However, while anyone can watch that network, only the bank can undo the payment. The bank calls it a launch, but its own announcement describes it as a test. U.S. Bank paid itself, using a token, USBDC, that no customer can buy. Sponsored Sponsored The Kill Switch for U.S. Bank Cryptos founding promise was that nobody could pull your money back. USBDC breaks that promise deliberately. The bank chose Stellar, whose token XLM ranks 19th by market value. Stellar lets whoever issues a token cut off an account, while at the same time allowing that issuer to destroy coins sitting in someone elses wallet. U.S. Bank tried creating the token, cashing it out, freezing it, and taking it back. All four worked. So this is not a rival to the dollar coins traders already use. It is a wire transfer with an undo button. “This live pilot demonstrates our ability to accelerate global cash management and money movement capabilities,” read an excerpt in the banks statement, citing Gunjan Kedia, chairman and chief executive officer at U.S. Bank. Follow us on X to get the latest news as it happens Sponsored Sponsored Wall Street Split, and the U.S. Bank
