USDF Consortium launches to enable wider use of bank-minted stablecoin

USDF Consortium, a new association of financial institutions insured by the Federal Deposit Insurance Corp., launched Jan. 12 with the aim of building a network of banks to further the adoption and interoperability of a bank-minted stablecoin, called USDF.

The founding bank members of the consortium include New York Community Bank, NBH Bank, FirstBank, Sterling National Bank and Synovus Bank. Figure Technologies Inc. and JAM FINTOP are also founding members.

The stablecoin will be minted exclusively by U.S. banks and will be redeemable on a 1:1 basis for cash from a consortium member bank.

USDF operates on the public Provenance Blockchain.