The Swiss financial holding UBS, together with several large companies, announced the launch of a token for cross-border payments settlements. This is reported by the WSJ.
It is reported that the development of a “bitcoin-like token” USC (utility settlement coin) has been underway for several years, and the WSJ has already called the project one of the largest initiatives in the blockchain sector.
In particular, 14 companies joined the project, including the British financial conglomerate Barclays, the American stock exchange Nasdaq, the Swiss bank Credit Suisse, the American holding company BNY Mellon and the German banking concern Commerzbank.
Participants in the initiative, led by UBS, founded Fnality International and invested £50 million in the development of a new token.
USC is designed to reduce the time and cost of cross-border payments, providing a payment mechanism and a means of transmitting information about transactions.
As noted by Fnality International, the company is already negotiating with regulators from different countries to obtain the appropriate permits. It is expected that the token will begin to fully use within the next year.
It became known in 2017 that UBS began the development of USC.
In addition, UBS, together with IBM, founded the Batavia trading blockchain platform, on which it carried out the first cross-border transactions last year.