A Minnesota credit union to launch stablecoin, claiming it is the first U.S.

PANews September 10th news, according to CoinDesk, St. Cloud Financial Credit Union (SCFCU) is a financial institution headquartered in Minnesota with an asset size of over $400 million. It plans to launch its own stablecoin and claims that it will be the first stablecoin issued by credit unions in the United States. The token, called Cloud Dollar (CLDUSD), was jointly developed by SCFCU, blockchain enterprise Metallicus and fintech service provider DaLand CUSO. It is expected to be officially launched as part of the credit union's digital asset custody service in the fourth quarter of 2025. This move by SCFCU highlights how small financial institutions can compete with fintech companies with blockchain tools. Cloud Dollar is different from mainstream stablecoins such as USDT or USDC, which directly connects with the credit union's banking system. The token will be issued on Metallicus’ blockchain banking solution Metal Blockchain and integrates it through DaLand CUSO’s Coin2Core software, which connects blockchain services to the existing infrastructure of the credit union. The design aims to keep deposits on the platform while providing members with a compliant way to transfer money instantly at a lower cost.