What is utility settlement coin?
The Utility Settlement Coin initiative will tokenise fiat currencies on an Ethereum-based blockchain addressing the 'cash on a ledger' problem and potentially transforming the post-trade process, and, most importantly, banks are throwing their money behind it.
What Blockchain does Fnality use?
the Ethereum blockchainMeanwhile, Fnality uses a private version of the Ethereum blockchain. It's main blockchain technology partner is Adhara, and UBS and Clearmatics initially developed the concept.
What is Fnality coin?
In each currency the Fnality Payments System is an independent distributed financial market infrastructure (dFMI) which will operate a private, permissioned distributed ledger to support the creation of a settlement asset for use as an on-chain, digital payment instrument.
What are the currencies in FNality?
Initially, five currencies are in scope: CAD, EUR, GBP, JPY & USD. Further currencies will likely be added in due course.
Is USC 100% backed by fiat?
USC envisages being 100% backed by fiat currency held at the respective central bank with convertibility into fiat currency at par guaranteed at all times. In each jurisdiction, the Fnality solution will ensure that settlement is achieved under the local settlement finality laws and regulations.
