Member credit unions of the Cornerstone League have a new opportunity to learn the ins and outs of stablecoin ahead of rolling out their own programs offering the digital asset to their members.
Earlier this month, the League announced a partnership with Metallicus, a provider of blockchain technology for financial institutions, to open up participation in the Metallicus Stablecoin Pilot to the more than 600 credit unions it represents across Arkansas, Kansas, Missouri, Oklahoma and Texas.
The Metallicus Stablecoin Pilot is a controlled sandbox that lets institutions explore, test and deploy custom branded stablecoins in a secure, compliance forward environment, according to the company. Metallicus added that the pilot is designed for credit unions that want to understand stablecoin issuance, operations and risk before moving to production, noting that participants will use a crypto free test environment with simulated reserves and controls that mirror a production rollout. It also pointed out that no member funds or live crypto assets are required to participate.
“At Cornerstone Resources, we’re committed to helping credit unions stay ahead of emerging technologies while protecting their members and their mission,” said Ryan Dold, EVP, chief revenue officer at Cornerstone Resources, the Cornerstone League’s service corporation. “Partnering with Metallicus Stablecoin Pilot Program allows our member credit unions to safely explore stablecoin use cases and other blockchain innovations at no cost as a member benefit. This program puts them at the forefront of compliant, practical solutions that can drive real operational efficiencies and deliver new value to members.”
Metallicus Director of Blockchain for Institutions & Fintechs Frank Mazza added, “Credit unions are uniquely positioned to lead in stablecoin adoption. With Cornerstone League’s leadership, we’re empowering credit unions to test and deploy stablecoins in a way that is both compliant and practical, bringing real innovation to their members.”
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