Wednesday, June 19, 2024

American Banks Made The First Transaction With The Stablecoin USDF

A stable digital coin was issued by NBH Bank and sent to one of New York Community Bank clients

A consortium of five US banks has completed the first USDF stablecoin transaction on the Provenance blockchain, Coindesk reports .

The consortium includes New York Community Bank, NBH Bank, FirstBank, Sterling National Bank and Synovus Bank. The first USDF stablecoin was issued by NBH Bank and sent to a client of New York Community Bank.

The creation of a consortium of five US banks to issue a stablecoin USDF became known last week. Figure Technologies and JAM FINTOP are partners in the consortium to create a Stablecoin. In the future, the consortium will continue to involve other banking organizations in cooperation.

USDF should become an alternative to non-bank stablecoins. At the moment, the largest stablecoins by capitalization are USDT from Tether and USDC, issued by Circle.

Provenance is a public blockchain for the financial services industry developed by the Provenance Blockchain Foundation. It is also used by the Figure Company and businessman Mike Cagney.

Last November, the U.S. Presidential Financial Markets Task Force called for speedy regulation of stablecoins. Members of the working group are concerned about the possible under-collateralization of stablecoins and the opacity of reserves.

In this regard, the US authorities plan to limit the list of companies that have the right to issue their own stablecoins. The group proposes that only insured depository institutions be allowed to issue stablecoins.

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