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A group of U.S. banks teamed up to issue the USDF stablecoin

A group of U.S. banks teamed up to issue the USDF stablecoin

Financial institutions are going to create a whole network for banks to conduct various financial and trade transactions. The main means of payment will be the USDF stablecoin. There is a belief that banks' clients who are outside the U.S. or want to pay for overseas shipments of goods will need this. 

Why is it important? 

  • New stablecoin will be backed by a group of U.S. banks, which makes it a fairly reliable digital coin for exchange trading

According to The USDF Consortium press service, only U.S. banks will be able to issue new USDF coins, and they can be exchanged for U.S. dollars at a ratio of 1:1 at any bank involved in the project. Today, the group includes Synovus Bank, New York Community Bank (NYCB), FirstBank, NBH Bank, and Sterling National Bank. All banks are FDIC-insured, which provides them with extra protection against financial market turmoil. The plan for 2022 is to expand the membership significantly. 

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