Today the USDF Consortium formally launched to offer a bank-backed stablecoin that is interoperable between a network of FDIC-insured banks. Every dollar of the blockchain-based USDF is redeemable one for one by any of the consortium banks. And transfers can only be made to wallets that have been through KYC by one of the banks.
The five founding community bank members are New York Community Bank (NYCB), NBH Bank, FirstBank, Sterling National Bank, and Synovus Bank. Figure Technologies, which founded the Provenance Blockchain, and community bank group JAM FINTOP are also consortium founders promoting the adoption of the stablecoin that uses Provenance.
The key advantages of the solution are enabling low-cost, real-time interbank payments, which can also use the programmability of blockchain.
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