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Utility Settlement Coin, a digital cash model aimed at facilitating payment and settlement for institutional financial markets, has gained interest from a selection of larger institutions including BNY Mellon, Deutsche Bank, ICAP and Santader. The group will collectively build on the successful outcome of initial explorations of the Utility Settlement Coin (USC) concept, performed by UBS and Clearmatics.
Additionally, Clearmatics is tasked with delivering early releases of the technology platform to underpin the concept. Active dialogue with central banks and regulators will continue to ensure a regulation compliant, robust and efficient structure within which the USC can be deployed. "Digital cash is a core component of a future financial market fabric based on blockchain technologies," said Hyder Jaffrey, Head of Strategic Investment & FinTech Innovation at UBS Investment Bank. "There are several digital cash models being explored across the Street. The Utility Settlement Coin is focussed on facilitating a new model for digital central bank cash." The USC concept will be developed through a series of short iterative phases and platform deployments. At each stage the aim is to increase the number of market participants, broadening engagement, connectivity and network effect.
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