NYCB and Group of Banks join together to start USDF StableCoin - -

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USDF

A group of banks based in the USA is launching its own StableCoin, USDF. The StableCoin is issued by the USDF consortium, which enables its members (financial and banking institutes) to issue USDF. The proposed stable coin will be the first currency of its kind, which is shaped by FDIC insured institutions and corresponds to the recommendations of the President's working group to use stable coins.

USDF consortium for the introduction of stablecoin

The USDF consortium, a group of banks based on membership, launches the first stablecoin, also called USDF, on the market. According to a January Published, the goal behind this publication is to eliminate friction by "approaching consumer protection and the regulatory concerns of stable coins not issued by banks and offering a safer option for transactions on the blockchain".

The USDF consortium is the unit that these banks authorize to shape the stablecoin, which can be redeemed 1: 1 in cash by each of the banks of the above consortium. The founding members of this consortium include institutions such as New York Community Bank (NYCB), NBH Bank, First Bank, the Sterling National Bank and Synovus Bank. Figure Technologies, Inc. and Jam Fintop are also founding members.

Orientation on defi, payments and billing

StableCoins currently make up a large part of what decentralized financing is all about, and the USDF consortium aims to develop into this area. Illustration CEO Mike Cagney explained:

USDF opens endless possibilities for the expanding world of defi transactions.

The systems from Figure have already done this Used for processing of Securities transactions with the participation of the New York Community Bank. Andrew Kaplan, Chief Digital and Banking as a Service Officer from NYCB, noticed the importance of this introduction to the movement of compliant funds using modern blockchain services. According to the executive, the aim of doing things in a way that is scalable, complies with regulatory standards and is acceptable for all users, from large institutional investors to private customers ".

This is one of the first attempts at a block of banks to suggest an alternative solution to the stable coins already on the market, taking into account the recommendations for the use of stable coins by the President's working group. Stable coins have become one of the sectors in the crypto industry with remarkable growth, exceed the 100-milliard-dollar market capitalization. usdt The token issued by Tether almost half of the market capitalization in this category.

According to Cagney, the New York Community Bank will shape the StableCoin on call in the next few weeks.

What do you think about the introduction of USDF? Tell us in the comment area below.

sergio@bitcoin.com '

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

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