BNY Mellon, Deutsche Bank, ICAP and Santander have joined UBS and Clearmatics to develop the Utility Settlement Coin (USC), a cryptocurrency model which aims to facilitate payment and settlement for institutional financial markets. The companies will collectively build on the successful outcome of initial explorations of the Utility Settlement Coin concept, which were performed by UBS and Clearmatics. BNY Mellon, Deutsche Bank, Santander and UBS are also members of the R3 consortium.
An asset-backed cryptocurrency instrument, Utility Settlement Coin is implemented on blockchain technology for use within global institutional financial markets. It is a series of cash assets, with a version for each of the major currencies (USD, EUR, GBP, CHF, etc.) and is convertible at parity with a bank deposit in the corresponding currency. USC is fully backed by cash assets held at a central bank.