Blockchain
USDF Consortium™ Members Demonstrate Interoperability of Bank-Minted Stablecoin
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.
The European Union’s landmark MiCA regulation is set to transform the crypto industry, establishing stringent standards that many current Virtual Asset Service Providers may find challenging to meet. As MiCA compliance becomes the standard for operating within the European Economic Area, crypto exchanges and asset companies must take prompt action to align their operations with these comprehensive regulations.
To support businesses in navigating this significant transition, an exclusive webinar “Adapt or Die: The Urgent Shift from VASP to MiCA” will be held on Tuesday, November 19th, 2024, at 5:00 PM (CET) time.
This session is designed to provide industry professionals with practical insights and strategies to ensure their software and operations comply with MiCA standards.
Key highlights of the webinar include:
● Detailed analysis of MiCA regulations and their implications for the crypto sector.
● Actionable steps for software adaptation to achieve MiCA compliance.
● Case study feature: How Kyrrex achieved MiCA readiness using solutions from Simplify Labs.
● Practical tools for Anti-Money Laundering, Know Your Customer processes, cybersecurity, and transaction monitoring.
The webinar will be useful for CEOs, COOs, Compliance Officers, Regulatory and Legal Professionals, Tech Managers, and Investors looking to enter or expand within the EEA market. Attendees will gain the knowledge and tools necessary to adapt and thrive under the new MiCA regulatory framework.
Featured speakers:
Vadim Rozov, CEO at Simplify Labs, brings over 20 years of management and software development experience. Under his leadership, the company is dedicated to simplifying crypto and blockchain technology, making it accessible for non-technical founders and management teams.
Kevin Plumpton, CEO at Kyrrex, is a warranted advocate with extensive expertise in finance, business, property, and international law. He specializes in corporate governance, risk, and compliance legislation, and is a prominent figure in the Anti-Money Laundering and Counter Financing of Terrorism fields. He is recognized for developing innovative KYC and due diligence platforms utilized by leading organizations.
“The crypto industry is at a critical juncture where understanding and adhering to MiCA regulations is essential for continued growth and market access,” said Kevin Plumpton, CEO at Kyrrex. “Events like these are vital for bringing together industry leaders to share knowledge and best practices, ensuring businesses can adapt effectively and sustain their operations.”
Franklin Cachia, Executive Director at CSB Group, is an accomplished professional who advises clients on taxation, financial services, AML compliance, and corporate law, among other areas. His broad expertise also encompasses gaming, GDPR, and property law.
The post Adapt or Die: The Urgent Shift from VASP to MiCA appeared first on .
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