USDF Consortium

The USDF Consortium is a membership-based association of FDIC-insured banks, aiming to build a network to promote the adoption and interoperability of a bank-minted tokenized deposit (USDF™). This initiative seeks to facilitate compliant value transfers on the blockchain, reducing friction in the financial system and expanding financial opportunities for a broader user base. The consortium is focused on enhancing market safety, affordability, and reliability for blockchain transactions, with a commitment to supporting the continued pivotal role of banks in the evolving financial ecosystem. The founding bank members of the Consortium include New York Community Bank, NBH Bank, FirstBank, Webster Bank, and Synovus Bank. Additionally, Figure Technologies, Inc. and JAM FINTOP are also founding members and will contribute to promoting the adoption of USDF. Looking ahead to 2022 and beyond, the Consortium aims to significantly expand its membership of FDIC-insured banks. The USDF Consortium's focus on leveraging blockchain technology to enhance banking operations and foster financial inclusion demonstrates its potential to drive significant change within the finance, financial services, and banking industries. Founded in 2021, the consortium's strategic approach to promoting responsible innovation aligns with the evolving landscape of financial technology and blockchain.