FDIC Still Unclear if USDF Stablecoin Is FDIC-Insurable

FDIC Still Unclear if USDF Stablecoin Is FDIC-Insurable
Several FDIC-insured banks uniting to put out a stablecoin may seem to address lingering worries about this critical part of the cryptocurrency ecosystem. However, the details – including whether the agency can insure the stablecoin’s owners’ deposits – remain to be flushed out.On Wednesday, a group of U.S. banks, including FirstBank of Nashville, Synovus, New York Community Bank (NYCB), and Sterling National Bank, announced plans to offer its own stablecoin, called USDF, in an effort to bring stablecoins to the everyday banking client.All the banks are institutions backed by the Federal Deposit Insurance Corp. (FDIC), a key regulator in the…