Several leading US Financial Institutions Groups are working together to test the benefits of shared ledger technology for the joint settlement of tokenised assets such as commercial bank funds and securities. The initiative, dubbed the Regulated Settlement Network, is a proof-of-concept to speed up and secure cross-border transactions through the use of a single tokenised asset system.
The trial is a continuation of an earlier 12-week experiment in late 2022 that focused on US interbank and cross-border dollar transactions. Participants in the new phase include prominent Financial Institution Group such as MasterCard, Citigroup, JPMorgan Chase, United Bank of America, Wells Fargo, Visa, Swift, TD Bank and Zions Bancorp. The project is overseen by the New York Federal Reserve Bank's New York Innovation Center to ensure a comprehensive review of the technology's potential.
MasterCard, Visa, JPMorgan Chase and Other Major US Financial Institution Groups Explore Tokenized Asset Settlement
2024-05-10 05:25:43
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