USDF vaults
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About USDF Consortium
The USDF Consortium is a network of FDIC-insured banks creating a bank-minted stablecoin. USDF is designed for interbank settlement and compliant digital transactions. The consortium includes multiple US banking institutions.
The USDF Consortium is an association of FDIC-insured US financial institutions that launched in January 2022 with the goal of developing and promoting a bank-minted tokenised deposit stablecoin. Unlike privately issued stablecoins, USDF is minted exclusively by regulated member banks and is redeemable 1:1 for cash from any Consortium member bank.
Mechanism
USDF operates on a permissioned blockchain based on the Provenance Blockchain codebase. Although the Consortium initially used the public Provenance chain, it subsequently migrated to a private, permissioned fork ("USDF Private Chain") following regulatory feedback from US bank supervisors that participation in public, permissionless chains posed elevated risk.
Each member bank mints USDF directly when a customer wishes to transact on-chain; the corresponding cash is held as a deposit at that bank. Redemptions are honoured at par by any Consortium member. Use cases under development include interbank settlement, loan securitisation, and cross-border payments.
Status
As of early 2024, the technology infrastructure was built and members were awaiting full regulatory approval before going live at scale. The Consortium had grown to nine bank members, including New York Community Bank, FirstBank, NBH Bank, Synovus, Webster Bank, ConnectOne Bank, Amerant Bank, Primis Bank, and Atlantic Union Bank.
Key properties
- Bank-minted tokenised deposit; only FDIC-insured banks may issue
- Redeemable 1:1 for cash at any member bank
- Private permissioned Provenance-based blockchain
- Regulatory compliance focus; no public issuance
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