A group of five US banks has made the first transaction with the stablecoin USDF on the Provenance blockchain, CoinDesk has reported. The consortium includes New York Community Bank, NBH Bank, FirstBank, Sterling National Bank and Synovus Bank. The first unit of the stablecoin USDF has been issued by NBH Bank and shipped to a customer of New York Community Bank.
Last week, it was reported a consortium of five US banks has been formed to issue the stablecoin USDF. Figure Technologies and JAM FINTOP are partners in the consortium to create the digital stablecoin. In the future, the consortium will continue to involve other banking organizations.
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The USDF should become an alternative to non-bank stablecoins. At the moment, the largest stablecoins by market capitalization are USDT from Tether and USDC, issued by Circle.
Provenance is a public blockchain for the financial services sector developed by the Provenance Blockchain Foundation. It is also used by Figure Company and entrepreneur Mike Cagney.
The US President's Working Group on Financial Markets has previously called for rapid regulation of stablecoins.