The USDF consortium, a membership-based group of banks, is launching the primary bank-minted stablecoin, additionally referred to as USDF. According to a press launch issued on January 12, the target behind this launch is to take away friction by addressing “the buyer safety and regulatory considerations of non-bank issued stablecoins and provide a safer choice for transacting on blockchain.”
The USDF consortium is the entity that can authorize these banks to mint the stablecoin, which will probably be redeemable 1:1 in money from any of the banks of the aforementioned consortium. The founding members of this consortium embrace establishments just like the New York Community Bank (NYCB), NBH Bank, Firstbank, Sterling National Bank, and Synovus Bank. Figure Technologies, Inc. and Jam Fintop are founding members as nicely.
Targeting Defi, Payments, and Settlements
Stablecoins are a giant half of what decentralized finance is about at this second, and the USDF consortium is focusing on this space with the event. Figure CEO Mike Cagney said:
USDF opens up limitless potentialities for the increasing world of deFi transactions.
Figure’s programs have already used USDF to settle securities transactions involving the New York Community Bank. Andrew Kaplan, NYCB’s chief digital and banking as a service officer, remarked in regards to the significance of this launch for transferring compliant funds utilizing fashionable blockchain providers. According to the manager, the objective is to do issues in a “method that may scale, adheres to regulatory requirements, and is appropriate to all customers from giant institutional buyers to retail prospects.”
This is one of the primary makes an attempt of a block of banks to suggest an alternate answer to the stablecoins which can be already in the marketplace, making an allowance for the suggestions on the use of stablecoins by the president’s working group. Stablecoins have turn into one of the sectors within the crypto trade with notable progress, surpassing the $100 billion market cap. USDT, the token issued by Tether, dominates nearly half of the market cap on this class.
The New York Community Bank will probably be minting the stablecoin on-demand within the subsequent weeks, in accordance to Cagney.
Tags on this story bancks, banks, Figure, New York Community Bank, usdf, usdf consortium
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