Sterling National Bank Announces Its Participation in the USDF Consortium™

PEARL RIVER, N.Y., Jan. 13, 2022 (GLOBE NEWSWIRE) -- Sterling National Bank (“Sterling”), the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL) announced today its participation in the USDF Consortium^TM, an association of FDIC-insured financial institutions, whose objective is to advance the adoption and interoperability of a bank-minted stablecoin, USDF^TM. USDF will be established on the Provenance Network, a public blockchain that supports real-time payment capabilities and will facilitate faster, cheaper, more secure money movement. USDF seeks to address many of the regulatory concerns raised related to non-bank minted stablecoins.