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The Utility Settlement Coin (USC) project, led by some of the world's largest banks, announced the creation of a new business and the closing of a £ 50 million Series A financing round ($ 63.2 million ). The news was revealed in a press release communicated to Cointelegraph on 3 June.
As Cointelegraph has already pointed out, the USC platform aims to facilitate the issuance of block-based currencies in the commercial and central banking sector around the world. According to today's press release, USC project partners are now the founding shareholders of a new company representing the commercial execution of the project, named Fnality International.
Among the main global banking players are Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation and UBS.
During its four years of development, USC's research and development project has focused on developing effective solutions for global cross-border payments in the future context of token wholesale markets. The project also aims to find ways to reduce settlement, counterparty and – ultimately – systemic risk in post-trade settlement processes.
The press release states that USC aspires to be a fully guaranteed and guaranteed symbol at all times by the national fiduciary money of a given central bank. For each jurisdiction, Fnality's solution would ensure that the settlement is carried out in accordance with the laws and regulations in force regarding the finality of the settlement.
The R & D work has led to the creation and the forthcoming deployment of a new solution addressing legal, regulatory, operational and technical issues, and will establish a distributed network of distributed financial market infrastructures (dFMI) supporting international exchange of transactions in value.
Originally, five national fiduciary currencies are to be managed – CAD, EUR, GBP, JPY and USD – and other currencies should be added in the future.
The USC project also aims to innovate clearing and settlement processes, facilitate delivery versus payment on marked securities markets and enable instant payment by payment on the secure finance market, the press release adds.
In an interview with The Wall Street Journal published today, Rhomaios Ram, managing director of Fnality, said he expects the USC token to be fully operational within 12 months once the 39, regulatory approval obtained.
As reported, the largest US bank, JPMorgan Chase (JPM), has unveiled this year its own stable block chain-based journal called JPMCoin.
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