TMCnet News
USDF Consortium™ Members Demonstrate Interoperability of Bank-Minted StablecoinSAN FRANCISCO, Jan. 19, 2022 /PRNewswire/ -- Two USDF Consortium™ members completed a first of its kind transaction over the Provenance Blockchain. NBH Bank, a subsidiary of National Bank Holdings Corporation (NYSE: NBHC) minted USDF and sent it to a customer of New York Community Bank, the banking subsidiary of New York Community Bancorp, Inc. (NYSE:NYCB), as a test to demonstrate bank-to-bank interoperability on a public blockchain. NBH Bank's minted USDF represented the capital contribution for its founding membership in the USDF Consortium, an association of FDIC-insured financial institutions with a mission to build a network of banks to further the adoption and interoperability of a bank-minted stablecoin (USDF™). USDF is minted exclusively by banks. "We believe that this transaction not only demonstrates the bank interoperability of USDF, but also demonstrates the ability for banks to offer their clients new and safe payment applications with real time settlement at a low cost," said Valerie Kramer, Chief Digital Officer at NBH Bank. "USDF facilitates the compliant transfer of US Dollar value on the blockchain, removing friction in the financial system and expanding digital access to financial opportunities." As previously announced, New York Community Bank and NBH Bank, along with First Bank, Sterling National Bank, Synovus Bank, Figure Technologies, Inc., and JAM FINTOP are the founding members of the newly launched USDF Consortium. "This first-of-its-kind transaction is only the beginning as the Consortium will continue doing the foundational work to allow banks to leverage the breakthrough technology of blockchain for responsible innovation and growth," said Ashley Harris, Chair of the USDF Consortium. "We expect our membership to increase rapidly through 2022 as member banks demonstrate that USDF is a valuable, compliant component of their digital asset strategy." The USDF Consortium is accepting new members as it looks to grow. Interested banks can visit www.usdfconsortium.com to learn more about the Consortium, USDF, membership requirements, and how to apply to become a member. ABOUT USDF CONSORTIUM ABOUT NBH BANK ABOUT NEW YORK COMMUNITY BANCORP, INC. On April 26, 2021, the Company announced that it entered into a definitive merger agreement to acquire Flagstar Bancorp, Inc. The transaction was approved by both sets of shareholders on August 4, 2021 and is expected to close during the fourth quarter, subject to the satisfaction of certain closing conditions and the receipt of all necessary regulatory approvals. Upon closing, the combined company will have $85 billion in total assets, operate nearly 400 traditional branches across nine states, and 86 retail lending offices across a 28 state footprint. It will also have significant scale in several lines of business, including residential lending, mortgage servicing, mortgage warehouse, and multi-family lending. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION: Forward-looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward-looking statements speak only as of the date they are made and none of the Referenced Entities assumes any duty, and does not undertake, to update such forward-looking statements. Furthermore, because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of the Referenced Entity. Factors that could cause actual results to differ materially include the following: the occurrence of any event, change or other circumstances that could give rise to the right of any party to terminate a transaction; the outcome of any legal proceedings that may be instituted against a Referenced Entity, including those with respect to a transaction; the possibility that the subject of the forward-looking statement, will not occur when expected or at all because required regulatory or other approvals are not received or other conditions to the occurrence are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; the possibility that the anticipated benefits of the subject of the forward-looking statement will not be realized when expected or at all; and the other factors discussed in the "Risk Factors" section of a Referenced Entity's latest Annual Report on Form 10-K and in the "Risk Factors" section in a Referenced Entity's subsequent Quarterly Reports on Form 10-Q , and in other reports the Referenced Entity files with the U.S. Securities and Exchange Commission (the "SEC"), which are available at http://www.sec.gov and in the applicable SEC filings section of the Referenced Entity's website. Media Contact: View original content to download multimedia:https://www.prnewswire.com/news-releases/usdf-consortium-members-demonstrate-interoperability-of-bank-minted-stablecoin-301463430.html SOURCE USDF Consortium |