USDF Consortium adds three member banks

Three more banks have joined a group dedicated to blockchain initiatives. 

Amerant Bancorp in Coral Gables, Fla.; ConnectOne Bancorp in Englewood Cliffs, N.J.; and Primis Financial in McLean, Va., have joined the USDF Consortium in San Francisco. 

The consortium said it will move to a tier-based participation model while eliminating the minimum $1 billion-asset threshold for joining. The group also hired Piper Sandler to help it develop a pipeline of interested banks. 

The group provides banks and their clients a way to leverage blockchain technology, including providing faster, less-expensive digital transactions. The initiative involves USDF, a bank-minted tokenized deposit.

The consortium’s founding members are New York Community Bancorp, Synovus Financial, National Bank, First Bank and Webster Financial. 

“The increase in membership is a testament to the consortium’s ability to provide in-depth guidance and connect banks with turn-key technology solutions as well as the transformative role that blockchain payment rails can play in financial services,” Ashley Harris, the group’s chair, said in a Wednesday press release.