Yesterday the USDF Consortium announced the addition of three more banks, Amerant Bank, ConnectOne Bank, and Primis Bank, that will use the blockchain network to tokenize bank deposits. The interoperable tokens enable 24/7 interbank transfers. While the stablecoin label has been adopted, these tokens are all issued by FDIC-insured banks.
USDF’s goal is to enable faster, lower cost transactions in a compliant fashion. In January, the consortium was founded by New York Community Bank (NYCB), NBH Bank, FirstBank, Sterling National Bank, and Synovus Bank. The co-founders and driving forces behind the consortium’s creation are community bank group JAM FINTOP and Figure Technologies, the founder of the Provenance blockchain, which is used by the network.
Following the addition of the new bank members, total assets managed by consortium member banks surpassed $200 billion.
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