PANews reported on November 26th that, according to The Block, US Bancorp stated it is testing its self-developed stablecoin on the Stellar blockchain. The bank's choice of the Stellar blockchain appears to be based on considerations of transaction security and control. Mike Villano, Senior Vice President of Corporate Innovation at the bank, stated, "For our customers, we must consider other safeguards around the 'Know Your Customer (KYC)' principle, such as the ability to reverse transactions. After further development on the Stellar platform, we found a significant advantage in its underlying operational layer, which can freeze assets and suspend online transactions."

According to data from the Federal Reserve, as of September 30, U.S. Bancorp was the fifth largest bank in the United States, with assets under management of $671 billion.