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St. Cloud Financial Credit Union (SCFCU) from Minnesota is going to release its own version of the stablecoin, a digital asset pegged to the US dollar. According to the representatives of the organization, this will be the first such case in the United States when a stablecoin is issued by a credit union.

Interestingly, the initiator is a small organization with assets of about $ 400 million. This, in turn, highlights that blockchain technologies are becoming more accessible to different players in the financial market. The token will be called Cloud Dollar (CLDUSD), and it is being developed in collaboration with Metallicus, a company specializing in blockchain solutions for banks, and DaLand CUSO, a technology provider.

It is planned that this stablecoin will become part of the digital asset service, which is scheduled to be launched in the last quarter of this year. As Chase Larson, Executive Vice president of SCFCU, noted, thanks to CLDUSD, it will be possible to make transfers between platform participants, settle with sellers and carry out interbank transactions faster and cheaper than using conventional card systems.

The decision was made after there was more clarity in the regulation of digital assets in the United States, especially after President Trump signed the GENIUS Act, which created the basis for the use of cryptocurrencies.

Unlike stablecoins like USDT or USDC, which are issued by specialized companies, Cloud Dollar will be directly linked to the credit union's banking system. This will ensure its integration with the existing infrastructure and allow customers to work with digital assets in a familiar and regulated environment.

This initiative from St. Cloud Financial Credit Union shows that stablecoins are becoming increasingly popular not only among cryptocurrency companies, but also among traditional financial organizations. This could lead to the further spread of digital assets in everyday financial transactions and increase competition in the payments market.