A Minnesota credit union is launching a stablecoin, claiming it's the first in the US.

PANews reported on September 10th that St. Cloud Financial Credit Union (SCFCU), a Minnesota-based financial institution with over $400 million in assets, plans to launch its own stablecoin, claiming it will be the first stablecoin issued by a U.S. credit union. The token, called Cloud Dollar (CLDUSD), was jointly developed by SCFCU, blockchain company Metallicus, and financial technology service provider DaLand CUSO. It is expected to officially launch in the fourth quarter of 2025 as part of the credit union's digital asset custody service.

SCFCU's move highlights how smaller financial institutions are leveraging blockchain tools to compete with fintech companies. Unlike mainstream stablecoins like USDT or USDC, the Cloud Dollar is directly connected to the credit union's banking system. The token will be issued on Metallicus's blockchain banking solution, Metal Blockchain, and integrated through DaLand CUSO's Coin2Core software, which connects blockchain services to the credit union's existing infrastructure. This design aims to keep deposits within the platform while providing members with a compliant way to transfer funds instantly and at a lower cost.