Several major US financial institutions are collaborating to test the advantages of using shared ledger technology for joint settlement of tokenized assets, such as commercial bank funds and various securities. This initiative, known as the "regulatory settlement network," is a proof of concept aimed at accelerating and securing cross-border transactions through the use of a single tokenized asset system.
The experiment is a continuation of a 12-week early trial conducted at the end of 2022, which focused mainly on interbank and cross-border US dollar transactions. New participants in this phase include Mastercard, Citigroup, JPMorgan Chase, Bank of America, Wells Fargo, Visa, Swift, TD Bank, and Zions Bancorp, among other well-known financial institutions. The project is overseen by the New York Fed's Innovation Center to ensure a comprehensive review of the technology's potential. (Bitcoin.com)
