Five U.S. banks will create their own Stablecoin

The consortium will create its own cryptocurrency USDF, which should become an alternative to non-bank stablecoins.

Five U.S. banks - NBH Bank, New York Community Bank, FirstBank, National Bank and Synovus Bank with the support of Figure Technologies and JAM FINTOP have formed a consortium to issue a new USDF stablecoin. The cryptocurrency will be issued exclusively by the banks of the consortium. The USDF will be pegged to the USD at a one-to-one ratio.

USDF cryptocurrency will be an alternative to known existing stablecoins such as Tether and USDC. In the future, the consortium will offer cooperation to other banks. Article from community CryptoDeFix.