Proof of concept showcases how platforms running on different DLTs can be linked, alongside paving the way for the settlement of intraday transactions.
The Utility Settlement Coin initiative will tokenise fiat currencies on an Ethereum-based blockchain addressing the ‘cash on a ledger’ problem and potentially transforming the post-trade process, and, most importantly, banks are throwing their money behind it.
Company founded to lead the Utility Coin Settlement project has made three senior hires as it moves forward with initiative.
State Street, BNY Mellon and MUFG among those backing the tokenisation project aimed at transforming clearing and settlement.