ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Newsbytes

U.S. Banks Form Consortium to Support Bank-Minted Stablecoin

January 12, 2022
Reading Time: 1 min read

Five FDIC-insured banks today announced the launch of the USDF Consortium, a group that was formed with the goal of building a network of banks to facilitate the adoption of USDF, a bank-minted stablecoin. The consortium’s founding members include New York Community Bank, Denver-based NBH Bank, Nashville-based First Bank, Montebello, New York-headquartered Sterling National Bank and Columbus, Georgia-based Synovus Bank, and the group said it intends to “significantly grow its membership of FDIC-insured banks through 2022 and beyond.” Figure Technologies and JAM Fintop are also founding members.

USDF will operate on the public Provenance Blockchain, will be minted exclusively by U.S. bank and will be redeemable on a one-to-one basis for cash from a consortium member bank.

The announcement follows a report issued by President Biden’s Working Group on Financial Markets last year, which recommended that stablecoins—which are typically backed by fiat currencies and carry the expectation that they can be redeemed upon request—only be issued by insured depository institutions.

ADVERTISEMENT
Tags: CryptocurrencyDigital assetsFintech
ShareTweetPin

Related Posts

Culture eats code for breakfast: Rethinking AI strategy for banks

Survey: Majority of financial institutions deploying generative AI

Newsbytes
May 22, 2025

While banks have long employed artificial intelligence tools, a new survey shows that a majority of banks globally have either deployed or are in the process of deploying generative AI tools.

#PracticeSafeChecks campaign wins two Telly Awards

#PracticeSafeChecks campaign wins two Telly Awards

Compliance and Risk
May 21, 2025

An ABA public education campaign warning consumers about the risks of check fraud has received two awards for video and television excellence.

ABA, associations urge Congress to overturn CFPB credit card late fees rule

Proposed amendment would add credit card rate cap to Senate stablecoin bill

Newsbytes
May 21, 2025

A proposed amendment would add language capping credit card interest rates at 10% to the GENIUS Act, an unrelated bill establishing a regulatory framework for payment stablecoins.

Bank, credit union groups unite against Welch-Gooden bill

ABA, associations urge senators to reject adding credit card routing mandates to stablecoin bill

Newsbytes
May 21, 2025

ABA joined state and national associations in voicing strong opposition to adding credit card routing mandates to an unrelated bill on stablecoins.

Future-forward compliance

Harnessing AI for smarter, stronger compliance

Technology
May 21, 2025

Banks that successfully integrate AI into their compliance operations tend to follow the mantra: Automate the process, not the principle.

ABA urges ‘same risk, same regulation’ for digital assets

Proposed amendment would add Credit Card Competition Act to Senate stablecoin bill

Newsbytes
May 20, 2025

Sen. Roger Marshall (R-Kan.) has filed an amendment to add credit card network routing mandates to an unrelated bill establishing a regulatory framework for payment stablecoins.

NEWSBYTES

Survey: Majority of financial institutions deploying generative AI

May 22, 2025

#PracticeSafeChecks campaign wins two Telly Awards

May 21, 2025

Proposed amendment would add credit card rate cap to Senate stablecoin bill

May 21, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.