Six additional major banks have joined the Utility Settlement Coin project.
USC is a new digital cash instrument implemented on distributed ledger technology for use within global institutional financial markets.
The Utility Settlement Coin project began as a joint enterprise between UBS and Clearmatics Technologies in late 2015. During Phase II, which kicked off in late 2016, we had four new members joining the project led by Clearmatics: Banco Santander, Bank of New York Mellon, Deutsche Bank and NEX, and this phase was completed earlier this year. We are currently in Phase III and have just welcomed Barclays, CIBC, Credit Suisse, HSBC, MUFG and State Street on board.
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