Banks are working together on a new currency for instant payments, including large transactions in securities.
Britain’s Barclays and HSBC, Switzerland’s Credit Suisse, Canada’s Imperial Bank of Commerce, Japan’s MUFG and the U.S. State Street plan to launch a cryptocurrency called utility settlement coin (USC, “practical settlement unit”).
The development began last year under the leadership of the Swiss bank UBS and Clearmatics Technologies. Later, BNY Mellon (New York), Deutsche Bank and Spanish bank Santander took part in the creation.
Now, according to the Financial Times, the banks are discussing the currency with market participants and working to protect the new currency from hacking attacks. The launch of the utility settlement coin is scheduled for 2018.