Overview
St. Cloud Financial Credit Union (SCFCU), based in Minnesota and managing assets exceeding $400 million, is set to introduce the Cloud Dollar (CLDUSD). This initiative signifies the first stablecoin from a credit union in the U.S., anticipated to launch by late 2025.
Key Details:
- The Cloud Dollar is designed to enhance the credit union’s operational efficiency by enabling instant, low-cost transactions for members.
- This token is developed in collaboration with Metallicus and DaLandCUSO, and will be integrated within the credit union’s existing banking framework.
- The launch is a response to the GENIUS Act, which has provided a clearer regulatory landscape for stablecoins, aiding smaller institutions in competing with larger fintech firms.
“With CLDUSD, we’re readying our shop for on-chain money movement — merchant payouts, member-to-member, institution-to-institution — at a fraction of card-network fees and with full transparency,” - Chase Larson, EVP/CLO for SCFCU.
Stablecoins, which are increasingly gaining traction, represent a $270 billion segment of the cryptocurrency market particularly popular due to U.S. regulations that have emerged recently. SCFCU’s move highlights how smaller banks are leveraging blockchain technology to remain competitive in a rapidly evolving financial landscape.
The Cloud Dollar, distinct from mainstream stablecoins like USDT or USDC, will connect directly to the credit union’s banking system, allowing members to manage their funds efficiently.
As emphasized by Jeff Levesque, the CEO of DaLand CUSO, “Credit unions can’t afford to watch digital assets evolve without them; members need trusted institutions to navigate this space safely.”
