What is utility settlement coin?
What is PvP in cryptography?
What does the U stand for in USC?
What is AAX trading?
Is USC commercial money?
Is Fnality a parallel project?
Who is the founder of Clearmatics?
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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 is PvP in cryptography?
PvP is the simultaneous exchange of two currencies against each other. Today that is near impossible to achieve in a risk-controlled manner. “Secondly there is the use case of exchanging any asset that lives on a blockchain on a DvP basis against fiat currency.
What does the U stand for in USC?
By Jon Watkins. The ‘U’ in USC may stand for utility, but it has been the word ‘unique’ that has been thrown around far more than the official component of the acronym when describing this new highly-touted, blockchain-driven payments initiative. Whether the word gets overused as a superlative for innovation or not is up for debate, ...
What is AAX trading?
Cryptocurrency exchange AAX has become the first digital asset trading venue to join the London Stock Exchange Group’s (LSEG) partner platform. Founded in 2018, AAX recently launched its crypto trading platform for over the counter (OTC), spot and futures trading, servicing both retail and institutional investors.
Is USC commercial money?
By taking a collaborative route, USC could enable instantaneous settlement, along with removing counterparty risk. Despite the USC being commercial money, it will have the characteristics of central bank money. The central bank element is interesting and crucial to the project as is the interoperability element, servicing different types of business, plugging into any form of exchange.
Is Fnality a parallel project?
Fnality took the approach of moving forward with all five with progress occurring in parallel. He added that the firm was prepared to put some small use cases across the platform that are currency agnostic, such as a margin payment. The project may also go beyond the initial five currencies its working on, while more stakeholders could also potentially enter the fray.
Who is the founder of Clearmatics?
The likes of Hyder Jaffrey of UBS, Tim Swanson formerly of R3 (he has now joined Clearmatics) and Robert Sams, the founder and CEO of Clearmatics, were charged with steering the project and have been publicly affiliated with USC from the outset. Allegedly, the co-founder of Ethereum, Vitalik Buterin, and State Street’s Pinar Emirdag, were also advisors.
The Settlement problem
When it comes to international and inter-bank transactions, the time of settlement is high which holds up the transactions. Even the slow settlement times of credit card transactions fall under this category. Slow settlement times amount to loss of value of transactions due to holding up of the money.
Settlement Coin
UBS’ Blockchain based “Utility Settlement Coin” is all set to be the next interbank cryptocurrency for quick settlements. BNY Mellon, Deutsche Bank, ICAP and Santander have backed the setup. These banks are more likely to implement it upon a shared common protocol agreed upon.
The advantages
The advantages are centered not only around the quick transfers but also quick conversions to local fiat currencies. The banks’ cryptocurrency or tokens could be linked to established national fiat currencies (EUR,GBP, USD, YEN…) to facilitate easy conversion.
What is UBS coin?
"UBS, Deutsche Bank, Santander and BNY Mellon announced their “utility settlement coin,” a new digital asset they hope will become the industry standard for blockchain settlements. They expect banks will initially use the coin for post-trade settlement and clearing by early 2018, after they secure blessing from regulators and central banks.
Is Swift a threat to Ripple?
They are signing more banks to their consortium all the time and it already includes many of the world's largest banks. Like it or not, these things are more of a threat to Ripple than other solutions like Worldwire. SWIFT is made by banks as well and they managed to dominate for decades.
Does every bank want their own logo on a coin?
Exactly what Brad says:#N#Every bank wants their own logo on a coin, but no bank wants to use that other banks coin. They are competitors. So when there is an indepent asset available, with it's own value instead of backed by fiat, and an allready pretty build up growing network of banks, it eventually becomes a no brainer to connect and participate in that network to move your customers money freely around the world. Those customers will demand that kind of service sooner or later, or they'll go to another bank.#N#The momentum to being that no-brainer is being build, and once the size of the Ripple network is big enough, it will flip that momentum and not participating in it would be signing a banks demise.#N#This is why I believe in the end Ripple will have to hand over the majority of XRP to a central, but independent authority like IMF or some sort of world bank.
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 is PvP in cryptography?
PvP is the simultaneous exchange of two currencies against each other. Today that is near impossible to achieve in a risk-controlled manner. “Secondly there is the use case of exchanging any asset that lives on a blockchain on a DvP basis against fiat currency.
What does the U stand for in USC?
By Jon Watkins. The ‘U’ in USC may stand for utility, but it has been the word ‘unique’ that has been thrown around far more than the official component of the acronym when describing this new highly-touted, blockchain-driven payments initiative. Whether the word gets overused as a superlative for innovation or not is up for debate, ...
What is AAX trading?
Cryptocurrency exchange AAX has become the first digital asset trading venue to join the London Stock Exchange Group’s (LSEG) partner platform. Founded in 2018, AAX recently launched its crypto trading platform for over the counter (OTC), spot and futures trading, servicing both retail and institutional investors.
Is USC commercial money?
By taking a collaborative route, USC could enable instantaneous settlement, along with removing counterparty risk. Despite the USC being commercial money, it will have the characteristics of central bank money. The central bank element is interesting and crucial to the project as is the interoperability element, servicing different types of business, plugging into any form of exchange.
Is Fnality a parallel project?
Fnality took the approach of moving forward with all five with progress occurring in parallel. He added that the firm was prepared to put some small use cases across the platform that are currency agnostic, such as a margin payment. The project may also go beyond the initial five currencies its working on, while more stakeholders could also potentially enter the fray.
Who is the founder of Clearmatics?
The likes of Hyder Jaffrey of UBS, Tim Swanson formerly of R3 (he has now joined Clearmatics) and Robert Sams, the founder and CEO of Clearmatics, were charged with steering the project and have been publicly affiliated with USC from the outset. Allegedly, the co-founder of Ethereum, Vitalik Buterin, and State Street’s Pinar Emirdag, were also advisors.
