According to PANews, several major US financial institutions are collaborating to test the advantages of shared ledger technology for the tokenization of joint settlement assets such as commercial bank funds and various securities. This initiative, known as the 'Regulatory Settlement Network', is a proof of concept aimed at accelerating and securing cross-border transactions through the use of a single tokenized asset system.
The trial is a continuation of a 12-week early experiment conducted at the end of 2022, which primarily focused on interbank and cross-border dollar transactions in the US. Participants in the new phase include well-known financial institutions such as Mastercard, Citigroup, JPMorgan, US Bancorp, Wells Fargo, Visa, Swift, TD Bank, and Zions Bancorp. The project is overseen by the New York Innovation Center of the Federal Reserve Bank of New York to ensure a comprehensive review of the potential of this technology.
