A Group of US Banks Offer Their Own Stablecoin USDF

A few years ago banks were against the idea of cryptocurrency and blockchains. But because crypto has been growing globally at an astounding rate, they can’t help but change their views. And right now something truly surprising has happened as a group of US banks have banded together to form their own stablecoin.

US Banks Band and Form the USDF Stablecoin

A group of US banks has decided to form a group and make their own stable coin called the USDF Consortium. Some of the founding members of this bank include The New York Community Bank, Synovus, Sterling National Bank, FirstBank, and many more!

The group itself is backed op the Federal Deposit Insurance Corp (FDIC) and creates the stable coin known as the USDF. The USDF will help address the regulatory concerns of stable coins and offer more protection for the consumers. 

The new stablecoin will be a good alternative to the USDT and USDC which already account for a large part of the stable coin market. USDF will be redeemable for 1:1 ration from any of the banks that are part of the USDF Consortium.

Conclusion

The USDF is a great addition to the stablecoin market giving more secure options to a lot of consumers. And since this consortium of banks includes a lot of notable members like Firstbank, redeeming the coin will be move convenient for the masses. It’s definitely good news for stablecoin users since it gives more options and freedom to a lot of people. 

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.