UBS Heads Up Group of Four Banks Creating New Digital Currency
UBS, Deutsche Bank, Santander and BNY Mellon come together to create an industry standard for clearing and settlement over blockchain.
Deutsche Bank, Santander and BNY Mellon, along with interdealer broker Icap, have partnered with UBS, according to the FT story, which says the firms are pitching the idea to central banks and hoping to launch by early 2018.
UBS initially began working on the idea in September 2015, according to a Reuters report. The Swiss bank created a utility settlement coin (USC) that is a digital currency backed by cash assets at a central bank, according to the report.
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