Bank of America forms group to launch USDF stablecoin

Bank of America plans to launch its own stablecoin, dubbed USDF, according to an announcement Wednesday. The group, which is backed by the Federal Deposit Insurance Corporation (FDIC), one of the industry’s leading regulators, said the token will “address consumer protection and regulatory concerns for non-bank-issued stablecoins.” Founding members of the USDF consortium include New York Community Bank, FirstBank and Sterling National Bank. The consortium wants more financial institutions to join.