The USDF consortium, a membership-based group of banks, is launching a bank-minted stablecoin, also called USDF.
A group of U.S.-based banks is launching their own stablecoin, USDF. The stablecoin will be issued by the USDF Consortium, which will allow its members to issue USDF. The proposed stablecoin will be the first currency of its kind to be minted by FDIC-insured institutions and compliant with the recommendations on the use of stablecoins made by the president’s working group.The USDF consortium, a membership-based group of banks, is launching the first bank-minted stablecoin, also called USDF.
issued on January 12, the objective behind this release is to remove friction by addressing “the consumer protection and regulatory concerns of non-bank issued stablecoins and offer a more secure option for transacting on blockchain.”The USDF consortium is the entity that will authorize these banks to mint the stablecoin, which will be redeemable 1:1 in cash from any of the banks of the aforementioned consortium.
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