U.S. banks formed the “USDF Consortium,” an association of members of the Federal Deposit Insurance Corporation (FDIC), to address consumer protection and regulator concerns regarding non-bank stablecoins.
According to the press release of the USDF Consortium on January 12, he was among the founding members of the consortium.a New York Community Bank (NYCB), NBH Bank, FirstBank, Sterling National Bank and Synovus Bank as well as banks Figure Technologies Inc. and JAM FINTOP is located. It was also stated that the main purpose of the founding members is to facilitate and promote the adoption of USDF.
USDF, which will only be issued by US banks and can be exchanged for one-to-one cash by consortium member banks, will provide an alternative to non-bank stablecoins.
Banks and customers, publicly traded Provencal blockchainUSDF to work on peer-to-peer (P2P) and business-to-business (B2B) money transfers, call-to-capital financing, invoice and supply chain financing can be used for many applications, including
The USDF Consortium will also undertake groundwork to enable banks to leverage blockchain technology for their commitment to innovation and growth.