What is Utility Settlement Coin (USC)?
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 the Universal Settlement Coin (TUSC)?
TUSC, The Universal Settlement Coin, is a cryptocurrency-based payment system with ultra-low fees for retailers, featuring accounts that can never be shut down due to politics. TUSC is a decentralized, open-source, non-ICO, and community run project.
Could Utility Settlement Coin lead central banks to adopt blockchain-based fiat currency?
Both new and founding members of the Utility Settlement Coin project think its work could lead central banks to adopt blockchain-based fiat currency. Utility Settlement Coin is moving into its third phase – building a kind of blockchain-based fiat testnet – with six new partners.
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.
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.
Can you do this enterprise stuff without having cash on the ledger?
As one source added: “You can’t do this enterprise stuff without having cash on the ledger.”
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.
