|
Briefing
|
- Utility Settlement Coin – Swiss bank UBS AG signed up six of world’s largest banks to create Utility Settlement Coin, new digital currency for transacting exchange of equities, bonds and payments between member banks, set for release by end-2018
- Growing Membership – Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, and Mitsubishi UFJ Financial Group joined three other big banks, State Street BNY Mellon, Deutsche Bank, and Santander that joined UBS in 2016
- Expected Benefits – Reduces risk and improves capital efficiency, enhancing overall bank-to-bank payment experience
- Central Banks Adoption – Discussions in place among central banks and regulators over next 12 months following announcement to adopt new digital currency
- Existing Similar Initiatives – Singapore’s central bank announced digital dollar trial over Ethereum blockchain in June 2017, while Chinese central bank's digital currency trial was completed in 2017
|
|
Accelerator
|
|
|
Market Disruption
|
|
|
Sector
|
Financial Services
|
|
Organization
|
Bank of New York Mellon Corp., Barclays Bank Plc, Canadian Imperial Bank of Commerce, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings plc, Mitsubishi UFJ Financial Group Inc., Santander UK plc, UBS
|
|
Source
|
|
|
Original Publication Date
|
September 1, 2017
|
