Former American Bankers Association Executive to Focus on Membership, Growth, Regulations
The USDF Consortium, founded to build a network of banks to further the adoption and interoperability of a bank-minted tokenized deposit (USDF™), announced that Rob Morgan has joined as chief executive officer.
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The Consortium launched in January and is currently developing its first phase, where it will operate as a payment rail or an interbank messaging mechanism. Over time, USDF will expand into a platform that will allow banks to bring an expansive set of traditional financial services onto modern blockchain infrastructure.
Morgan, who had been the senior vice president of innovation and strategy at the American Bankers Association, the 147-year-old organization that represents the $24 trillion banking industry, said USDF will be well-positioned in the future as its member banks are experienced with navigating regulations at a time when lawmakers and regulators are focused on stablecoins.
“Banks have a strong history of bringing responsible innovations to market,” said Morgan. “I believe USDF is the single most important opportunity for banks to build on this success, providing their customers with the latest digital asset innovations from a well-regulated partner that they already trust. This is the perfect time to be part of USDF, which is on the cutting edge of where banking is headed.”
Recent volatility among digital assets has brought new focus to the industry, highlighting how USDF is prepared to provide a highly regulated alternative to existing stablecoins. Morgan said he looks forward to working with regulators as USDF grows.
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“For those who want to unlock the potential of stablecoins but think there are risks, USDF is ideally-situated to navigate customer, bank, and regulator needs,” he added.
Morgan was with the American Bankers Association for more than 11 years, where he built and led the Office of Innovation, designed to help banks define their innovation strategy, identify promising startups, as well as work with policymakers to help regulation adapt to new technology and business models.
As a bank-minted alternative to existing stablecoins, USDF digital markers represent deposits of an individual depositor at U.S.-insured depository institutions and are redeemable on a 1:1 basis from a Consortium member bank. USDF addresses the consumer protection and regulatory concerns of non-bank-issued stablecoins and offers a more secure option for transacting on blockchain.
Since its launch, USDF has been in lockstep with the recommendations of the President’s Working Group Report on Stablecoins as well as President Biden’s executive order focused on digital assets.
“The USDF Consortium’s members are at the leading edge of creating a highly-regulated, bank-centric alternative to existing stablecoins, and we are thrilled to have Rob Morgan lead the next phase of the Consortium’s growth,” said Ashley Harris, the chair of the board of directors for the USDF Consortium. “Rob brings extensive regulatory, government and banking expertise to the Consortium.”
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