Around a dozen banks are said to be spending $50 million to build a blockchain-based digital cash settlement system, according to Reuters.
Blockchain tech provider R3 tried to take over one of the most well-known bank blockchain projects this June. The only problem? It didn't work.
Both new and founding members of the Utility Settlement Coin project think its work could lead central banks to adopt blockchain-based fiat currency.
Utility Settlement Coin is moving into its third phase – building a kind of blockchain-based fiat testnet – with six new partners.
The secretive firm behind the Utility Settlement Coin project has told CoinDesk of plans to roll-out new open-source offerings.
ICAP is working to show central banks how they may be able to one day adopt a market infrastructure based on distributed ledger tech.