Four American banks have formed a consortium the main purpose of which is to launch bank-minted stablecoin. This stablecoin will be named USDF while the consortium itself will be named, you guessed it, USDF Consortium. The banks apparently intend to challenge all non-bank issue stablecoins.
The banks participating in the consortium are NBH Bank, New York Community Bank (NYCB), Synovus Bank, FirstBank, and Sterling National Bank. Two more companies will be involved in the process: Figure Technologies and JAM Fintop.
The banks revealed that the stablecoin can only be minted by them and it will be redeemable for cash on 1:1. They will be using he public Provenance Blockchain to issue USDFs to enable peer-to-peer transfers.
Banks issuing their own stablecoins was always a matter of time, I believe. I'm just surprised it took them that long.