Financial institutions working on a Utility Settlement Coin
Deutsche Bank, Santander, ICAP, and BNY Mellon, joined the Swiss UBS in her plans to test ‘Utility Settlement Coin (USC)’. USC would be an asset-backed digital cash instrument implemented on distributed ledger technology (blokchain) for use within global institutional financial markets. USC is fully backed by cash assets held at a central bank. Spending a USC will be spending its paired real-world currency.
“As today’s settlement and clearing is a process involving many institutions, it’s vital that we collaborate with our peers to develop viable alternatives to current models, creating new digital capabilities for the financial services industry,” states Paul Maley, Deutsche Bank Institutional Client Group Managing Director.