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

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), is being developed in partnership with blockchain firm Metallicus and fintech provider DaLand CUSO. It is expected to launch in the fourth quarter of 2025 as part of the credit union's digital asset custody service.