FedNow Service to Launch in July, Challenge Crypto Payments

The U.S. Federal Reserve is set to launch its long-awaited real-time payments system in July, a move that some see as a challenge to the crypto sector's instant-transaction advantages.

The FedNow Service is meant to solve the existing delays for clearing financial transactions between institutions. It will begin certifying its first participants at the beginning of next month.

Some in the crypto industry have argued that the FedNow Service could make cryptocurrencies less attractive as a payments option. However, others believe that the two systems could coexist and even complement each other.