Moreover, the issuer retains freeze and clawback authority over every unit in circulation. Bank, PwC, and the Stellar Development Foundation announced a joint test of custom stablecoin issuance on the network. However, the bank demonstrated 24/7 settlement capability, which traditional correspondent banking cannot offer. That’s where the market starts looking familiar to payment veterans.”
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Its founding members include Visa, Mastercard, Stripe, BlackRock, BNY, Standard Chartered. Another consortium of more than 140 companies is developing Open USD, a stablecoin project backed by companies across the payments, financial and technology sectors. Bank said combining the network with its expertise in payments, treasury and banking services could create new opportunities for clients to move and manage value globally. Despite the launch announcement, USBDC is not yet a stablecoin available to external customers.
