A group of U.S. banks plans to offer its own stablecoin — called $USDF. It’s a move to tackle concerns about the reserves behind nonbank-issued equivalents.
earlier this month seeking access to documents received by the New York attorney general's office from Tether.
USDF will be a bank-minted alternative to USDT and Circle's USD coin , which account for the lion's share of the $170 billion stablecoin market. USDT has a market cap of $79 billion and a 24-hour trading volume of $56.5 billion,. USDC has a market cap of $44.5 billion with a trading volume of just under $3 billion.
USDF will operate on the Provenance blockchain and will be redeemable 1:1 for cash from any of the group's members. The consortium sees the stablecoin being used for applications such aswhen Figure Technologies met with U.S. regulators to discuss issuing such a stablecoin.
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