⚠️ US Banks and Mastercard Lead the Way in Tokenized Asset Settlements🚨🚨🚨
📌 In a move towards smoother cross-border transactions, Mastercard has teamed up with major US banks, including JPMorgan and Citibank, to test a Regulated Settlement Network (RSN) powered by distributed ledger technology.
🚀🚀 The RSN proof-of-concept will focus on settling tokenized assets such as commercial bank money, central bank money, and securities like US treasuries. By leveraging shared ledgers, the aim is to enhance the efficiency of multi-asset settlements denominated in US dollars.
🔥This initiative builds on Mastercard's previous project, which explored tokenized US dollar transfers. Joining the trial are notable players like Visa, Swift, TD Bank N.A., U.S. Bank, USDF, and Wells Fargo.
🏦 The Federal Reserve Bank of New York will be closely observing this experiment, recognizing the potential of distributed ledger infrastructure for regulated financial transfers.
👉 As the world embraces real-world asset tokenization, even skeptics like JPMorgan's Jamie Dimon acknowledge that blockchain is the "real deal." BlackRock's recent foray into tokenized assets with its BUIDL fund further underscores this trend.
👉 Debopama Sen from Citi Services highlights the broader implications of tokenization, emphasizing the need for more versatile platforms for financial settlements. With this RSN launch, Citi eagerly joins the exploration of these opportunities.
Follow for more.❤️
Thanks
