FREQUENTLY ASKED QUESTIONS
What is USDF?
USDF is a bank-minted alternative to non-bank-issued stablecoins. USDF will be minted exclusively by U.S. banks and will be redeemable on a 1:1 basis for cash from a Consortium member bank. USDF addresses the consumer protection and regulatory concerns of non-bank issued stablecoins and offers a more secure option for transacting on blockchain.
Who is behind the USDF Consortium?
The Consortium’s founding bank members include New York Community Bank, NBH Bank, FirstBank, Webster Bank, and Synovus Bank. Figure Technologies, Inc. and JAM FINTOP are also founding members and will facilitate and promote the adoption of USDF. Click here to learn more about the founding members. The Consortium looks to significantly grow its membership of FDIC-insured banks through 2022 and beyond.
How can I learn more about USDF?
I'm a bank and would like to join the USDF Consortium, what should I do?
Where and how is USDF being used?
USDF is used on the Provenance Blockchain to facilitate the real-time, bilateral settlement of transactions. We anticipate that multiple banks will be minting USDF for a variety of use cases in early 2022.
How is USDF different from non-bank issued stablecoin?
USDF differentiates itself from non-bank issued stablecoins as it:
Is minted exclusively by banks
Is redeemable on a 1:1 basis for cash from a Consortium member bank
Is programmed to prevent transfers to wallets that haven't undergone a bank-compliant KYC/AML review process
Is consistent with the recommendations of the President’s Working Group Report on Stablecoins
Addresses the consumer protection and regulatory concerns of non-bank issued stablecoins and offers a more secure option for transacting on blockchain