A number of American banks have formed a group in order to offer their own fully regulated stablecoin in an effort to address consumer protection and regulatory concerns regarding nonbank-issued stablecoins.
The USDF Consortium is an association of Federal Deposit Insurance Corporation insured financial institutions that launched on January 12th.
. A couple of fintech firms are also part of the group as they will facilitate the promotion and adoption of the new stablecoin, it added.The USDF is a bank-minted stablecoin that aims to compete with or dominate over existing privately issued stablecoins such asThe new stablecoin will be minted exclusively by U.S. banks and will be redeemable on a 1:1 basis for cash from member banks, it added.
The announcement did not state how many stablecoins would be minted in the initial batch or when they would be made available to users who will need to comply with KYC/AML procedures before they can open a wallet.stablecoins claiming that they pose a risk to the U.S. economy.There is currently $170 billion in stablecoins in circulation with a 24-hour trading volume of around $60 billion, according to CoinGecko. This represents around 7.8% of the total crypto market capitalization at the moment.
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