Major global banks look to digital currency to speed cross-currency settlement

Late in 2015, UBS announced it was working on a blockchain-based digital currency for capital markets, called the utility settlement coin (USC). The USC would be used to facilitate settlement of global cash obligations between banks across several major currencies, with the hope that it could eliminate the lags and risks inherent in the incumbent infrastructure. The effort is gaining new traction, as several major financial institutions have signed on the project.
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