According to The Block, the Federal Reserve Bank of New York and several large US banks including Wells Fargo and Citigroup reported that an experiment using distributed ledger technology to conduct domestic and international payments between different financial institutions has been successful. The payment system, called the "Regulated Accountability Network", has achieved success in five aspects: programmability, privacy, interoperability with other wholesale payment systems, availability throughout the day and week, and settlement speed.
Participants include Citibank, Bank of New York Mellon, HSBC, PNC Bank, TD Bank, Truist, U.S. Bancorp, Wells Fargo, Mastercard, the Federal Reserve Bank of New York and Swift, an international payments messaging system. The project uses only a private distributed ledger for the U.S. dollar, and no external digital assets, including stablecoins, are used in the proof-of-concept program.