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BNY Mellon, Deutsche Bank, ICAP and Santander join UBS and Clearmatics to advance the Utility Settlement Coin concept, and plan tests in a real-market environment.
USC is a digital cash model aimed at facilitating payment and settlement for institutional financial markets. The group will collectively build on the successful outcome of initial explorations of the Utility Settlement Coin (USC) concept, performed by UBS and Clearmatics.
The focus of the work will consist of financial structuring of the USC and wider market structure implications; as well as market integration points for a fully operational utility settlement coin for future use by institutions. 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...