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Minnesota Credit Union to Launch Stablecoin; Claims to Be First in U.S.
St. Cloud Financial Credit Union's upcoming token highlights how smaller financial institutions may tap stablecoins to be competitive following U.S. regulatory clarity.
Sep 10, 2025, 3:00 p.m.
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What to know:
- St. Cloud Financial Credit Union plans to launch Cloud Dollar, what it says is the first stablecoin from a U.S. credit union, by late 2025.
- The stablecoin, developed with Metallicus and DaLandCUSO, will be integrated into the credit union's banking system, offering members instant, low-cost transactions.
- This initiative reflects smaller financial institutions' efforts to leverage blockchain technology to compete with fintech companies after the GENIUS Act brought federal regulation for stablecoins.
St. Cloud Financial Credit Union (SCFCU), a Minnesota-based institution with over $400 million in assets, plans to roll out a proprietary stablecoin what it claims to be the first from a U.S. credit union.
The token, dubbed Cloud Dollar (CLDUSD) and developed with blockchain firm Metallicus and financial technology provider DaLand CUSO, is slated to debut as part of the credit union’s digital asset vault service in the last quarter of 2025.
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"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," said Chase Larson, EVP/CLO for St. Cloud Financial Credit Union.
Stablecoins are a fast-growing, $270 billion segment of cryptocurrencies, predominantly pegged to the U.S. dollar. They are widely used as trading pairs on exchanges and are increasingly popular as a cheaper, faster option for payments. Earlier this year, they received a boost in the U.S. when President Donald Trump signed the GENIUS Act, the country’s first major crypto law, into effect.
SCFCU's initiative highlights how smaller financial institutions are experimenting with blockchain tools to compete with fintechs. CLDUSD differs from mainstream stablecoin offerings like USDT or USDC as it connects directly to the credit union’s banking system.
The token will be issued on Metallicus' blockchain banking stack the Metal Blockchain and integrated through DaLand CUSO’s Coin2Core software, which ties blockchain services to existing credit union infrastructure. The design aims to keep deposits on-platform while giving members a way to move money instantly and at lower cost in a regulated manner.
"Credit unions can't afford to watch digital assets evolve without them members need trusted institutions to navigate this space safely," Jeff Levesque, CEO of DaLand CUSO, said in a statement.
Read more: Washington’s Crypto Pivot Isn’t About Silicon Valley. It’s About Treasuries
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