Banks Must Go Public: Stellar CEO’s Bold Blockchain Demand

Stellar CEO Denelle Dixon urges banks to adopt public blockchains for true interoperability, as USDCx launches on Cardano mainnet, reshaping cross-chain liquidity.

Denelle Dixon is not holding back. The Stellar Development Foundation CEO has a clear message for the banking sector: private blockchains are a dead end, and public networks are the only path to real interoperability. Her position lands at a moment when the broader crypto space is already moving in that direction, quietly but fast.

The push from Dixon comes as institutions sit on the fence. Some are building closed-off blockchain systems internally. Others are watching the open network space with growing interest but no commitment. She says that hesitation is costing them.

USDCx Just Proved the Point

Cardano’s mainnet just got a significant upgrade. USDCx, a USDC-backed stablecoin issued through Circle’s xReserve model, went live on the network. The Cardano Foundation announced on X that the launch is “a game changer for cross-chain liquidity.” Giorgio Zinetti, CTO of the Cardano Foundation, broke down the full implications in a post on the foundation’s blog.

The mechanics are clean. USDC is deposited and locked inside Circle’s reserve infrastructure. A matching amount of USDCx gets minted on the target chain. Redemptions run through the same reserve-backed setup. No algorithmic stablecoin risk. No separate collateral design. Just an extension of existing USDC liquidity through a standardized reserve model, according to the Cardano Foundation blog.

Worth a read: Stablecoins Hit $260B as Barclays Eyes Blockchain Payments

What it actually opens up is a direct channel between Cardano and networks like Ethereum and Solana. Through Circle’s Cross-Chain Transfer Protocol, USDC moves natively across supported chains using a burn-and-mint model. No synthetic wrapping. No middleman bridge taking a cut. Cardano users can now shift dollar-denominated liquidity without converting into a volatile intermediary asset first.

That reduction in currency hops matters. Every conversion step carries market risk. Temporary exposure to a volatile asset, even for seconds, can mean slippage. USDCx cuts that out of the equation for Cardano users moving between chains.

Banks Are Still on the Wrong Side of This

The Cardano Foundation noted in its announcement that USDCx integrates into a coordinated infrastructure build already underway. Pyth Network handles oracle data. Dune covers analytics. LayerZero brings cross-chain messaging. USDCx fills in the liquidity layer. The Pentad grouping of Cardano Foundation, IOG, Emurgo, Intersect, and the Midnight Foundation has been aligning on exactly this type of foundational build-out.

Must read: Cardano’s Comeback? ADA Eyes Major Exchanges and Google Links

That is exactly the kind of open-network coordination Dixon argues banks are missing. Private chains cannot replicate this. They don’t talk to each other. They don’t share liquidity pools. A bank building its own closed ledger in 2026 is essentially building a fax machine in a world that already has email.

The implication for centralized exchanges is also notable. Any exchange supporting USDC becomes, by extension, accessible to Cardano users once USDCx is fully integrated. The network reach expands without any direct exchange integration required.

You might also like: Wall Street Goes All-In on Bitcoin: Custody, ETFs, Trading

The Infrastructure Gap Is Closing Fast

Dixon’s argument gains weight when you look at what is already being built. The Cardano Foundation made no pretense of novelty with this announcement. As Zinetti stated, USDCx integration strengthens Cardano’s financial rails “not through novelty, but through integration.” That framing is deliberate. This is not a speculative product launch. It is infrastructure.

Ripple is pushing into US banking access as the OCC expands trust powers. Canton Network just added its first Bitcoin-backed token. The trend across the space points to a convergence between public blockchain networks and institutional financial infrastructure. Ripple’s recent OCC moves tell a similar story about how public-chain adoption is no longer a fringe position.

Also see: Canton Network Adds First Bitcoin-Backed Token With Chainlink Integration

Banks that wait are not being cautious. They are falling behind. Dixon’s call to embrace public blockchains is not new. What is new is how much evidence now backs it up.